Being a memorable leader can be easy because people tell their “horror stories” fairly regularly. If you think back on the leaders who stand out in your mind, it’s probably the ones who made mistakes who are remembered.

You want to be a memorable leader for the right reasons, and here are some tips on how to do that.

Think about what the not-so-good leaders did and be different. If you remember a leader who never made eye contact before their second coffee, then aim to be a leader who greets their team every day.

When we caught up recently, someone I worked with over twenty years ago commented that they remembered how I would say good morning to them and their team every day—they weren’t my team, but they were colleagues.

There are invaluable lessons to be gleaned from the mistakes of others. By learning from these experiences, you can navigate your leadership journey with greater insight and understanding.

Franklin Roosevelt said it best: “People don’t care how much you know, until they know how much you care.”

Memorable leaders show that they care for their teams. No, we’re not talking about group hugs or anything like that! And not going to the extent of being best friends with your team. Some of the things that good leaders do to show that they care are:

• Have meaningful career and skill development conversations
• Hold regular feedback and check-in sessions with team members
• Give praise in ways that have meaning to the recipient
• Follow up and follow through with commitments made
• Maintain accountability and professional standards
• Be an appropriate role model

As you embark on your leadership journey, remember that your ultimate goal is to be a leader who is remembered for the right reasons. Let this aspiration inspire and guide your actions.

Pam Macdonald, Broadspring Consulting

Having made multiple successful career transitions, Pam Macdonald has turned her passion for people (along with her energy) into powerful and practical coaching and leadership development. Known and respected for her ability to cut to the chase, Pam is also highly effective at guiding people into new and effective levels of leadership performance. Pam is a speaker at our October Young Guns Workshop event. Earlybird pricing ends on 20 September.

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In this article, we will explore the importance of mentoring, the benefits it brings to both the team members and the firm, and best practices for implementing effective mentorship programs.

The Importance of Mentorship

Accounting is a complex and ever-evolving field that requires a deep understanding of regulations, standards, and best practices. Whether they are young accountants fresh from academic environments or professionals already working in the industry looking to advance their careers, many face significant challenges in their professional development. Mentorship is critical in bridging these gaps by providing guidance, support, and practical insights not always covered in textbooks or acquired through work experience alone.

Accelerating Skill Development

Mentors can help young accountants develop essential technical skills, such as financial analysis, auditing, tax planning, and compliance. Through hands-on training and real-world applications, mentees gain a deeper understanding of these concepts, enabling them to apply their knowledge more effectively and efficiently.

Enhancing Soft Skills

In addition to technical skills, mentors can also help develop crucial soft skills, such as communication, problem-solving, questioning skills, customer service and time management. These skills are vital for career advancement and professional success, as they enable young accountants to work effectively in teams, manage client relationships, and navigate complex projects.

Fostering Professional Growth

Mentorship provides a platform for young accountants to set career goals, receive constructive feedback, and build professional networks. Mentors can offer valuable advice on career progression, industry trends, and further education and certification opportunities. This guidance helps with decisions about career paths and develops a clear vision for the future.

Benefits for the Firm

Mentoring programs are not only beneficial for young accountants but also for accounting firms. Firms that invest in mentorship see numerous advantages, including:

Improved Employee Retention

Recruitment and retention of young team members is a constant challenge. By providing mentorship, firms can create a supportive and engaging work environment that encourages young accountants to stay and grow within the firm. This can lead to increased employee loyalty and reduced turnover.

Enhanced Firm Reputation

Firms known for their strong mentorship programs often attract top talent. Young professionals seek out firms that offer robust support systems and opportunities for growth. A reputation for excellent mentorship can give firms a competitive edge in the talent market.

Development of Future Leaders

Mentorship helps identify and nurture future leaders within the firm. By investing in the development of young accountants, firms can build a pipeline of skilled and motivated professionals who are prepared to take on leadership roles in the future.

Introducing FutureFocus Accounting Firm Mentoring

I am excited to introduce my innovative program, FutureFocus, to assist firms with the development of their young team members. With over 40 years of experience in the accounting industry, I have had the privilege of working with some of the best firms, partners, and managers.

FutureFocus is designed to share my insights, strategies, and knowledge to help young accountants excel in their chosen careers. This program will provide structured mentorship, personalised guidance, and valuable resources tailored to the unique needs of each young accountant, their firm and future industry leaders.

Mentoring young accountants is a vital investment in the future of the accounting profession. By providing guidance, support, and opportunities for growth, mentorship programs help young professionals develop the skills and confidence needed to succeed. For accounting firms, effective mentorship leads to improved retention, a stronger reputation, and the development of future leaders. With thoughtful planning and commitment, mentorship can be a transformative force, shaping the next generation of accounting professionals.

For more information on how FutureFocus can benefit you, feel free to reach out and discover how we can help build the future of the profession together.

I’m excited to share my insights, strategies, and knowledge to help young guns excel in their chosen careers.

Start a transformative journey with Mark’s one-year mentor program, tailored to guide your accounting career in the right direction. Unlock opportunities for growth and success with expert support.

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This complexity also brings some danger. Solutions can often be simpler than they appear, but dealing with the systems and processes can mean that the simple solutions are lost in a cloud of processes.

Perhaps I’m old school, but sometimes simplicity is much better, cheaper, and easier to manage, with more effective outcomes.

I wonder if people are losing faith in trusting their intuition. Have you read the book Blink: The Power of Thinking Without Thinking? It’s about mental processes that work rapidly and automatically from relatively little information. Spontaneous decisions being as good as carefully planned and considered ones.

How often have you interviewed someone for a role and known in the first minute whether you’ll employ them or not? I recall many occasions when it was obvious to me in the first 30 seconds that someone wasn’t the right fit, and I then had to spend the next 45 minutes talking to them so that they felt they had a fair hearing. Equally, I almost always knew straight away that someone was the right appointment. I never changed my initial impression. I was rarely wrong.

I wonder about the value of tests and surveys in helping identify the next emerging leaders. To me, it has always been obvious. Energy, enthusiasm, commitment, rapport, and talent can be obvious if you have regular cups of coffee with your team. I worry that surveys and tests will result in a blandness in leadership. There are many instances where left-field, out-of-the-norm appointments can bring a new vision and a new way of managing that can transform organisations. They may ruffle a few feathers, but they may also drive the organisation to new levels of success – think Jobs and even love him or hate him, Musk. I wonder if they would ever pass the leadership tests.

I get concerned about Net Promoter Scores, where management hides behind the apparent high scores of their business. I’ve seen instances of high scores where it is obvious to others in the organisation and customers that the business is failing to deliver. There are obvious examples related to the accounting profession. Over the years, I have conducted round table meetings with clients of many accounting firms. The qualitative feedback from these sessions has been invaluable in understanding what needs to be improved in customer service. As an aside, the top need communicated over and over again by clients was, “Please provide proactive advice that helps me manage my business better, sustain it for the future and/or build my family’s wealth”.

Do we really need surveys and complex assessments to help us identify what needs to be done to nurture a high-performing workforce? We’re overcomplicating it. What do the stars want? Over many years, my interviews with star team members have shown that they want interesting work, recognition, client contact, advancement, feedback, and opportunities to be challenged and developed. Few firms focus well enough on these basic things. Let’s get the basics right before we go further.

By now, I’ve probably offended half the business community, but I hope I might challenge you to take a step back and consider what you’re doing. Are we overcomplicating things? Can it be simplified? If it can be simplified, both your team and your clients will thank you.

Perhaps I’m getting old and grumpy. I think not. This blog has been growing slowly inside me for years. Like the boiling frog, one doesn’t notice the intrusion of complexity until it is too late. Now, say after me, “I’m as mad as hell, and I’m not going to take this anymore”.

David Smith conducts firm reviews and facilitates the development of strategic plans and business plans. Contact David at [email protected] to explore how he may be able to help your firm.

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Chances are these team members have invested a lot of time and effort to develop their soft skills. Accounting soft skills like effective leadership, strong verbal and written communication and critical thinking can take the average accountant and transform them into star performers.
Here’s an overview of the top five soft skills I believe are critical for accountants:

Effective Verbal, Written and Non-Verbal Communication

The effectiveness of words is not measured by volume in fact just like with so many other things less is more. This is especially true for busy work colleagues. Emails can be shorter and stronger, presentations more direct and engaging and questioning skills more thorough and exploring. When you get to the point in your writing you will find it can positively influence your speaking and presentation skills as well. Finally, do not forget to look for and understand non-verbal cues. Many things that were not actually said also have a powerful impact.

Thinking Critically and Focussing on Problem Solving

When you look at a problem like a spreadsheet what do you see? Just a series of columns, rows and numbers, or a totally different story inside? Analysing patterns, and trends or developing an appropriate strategy is critical thinking. Developing a long-term financial plan or a well thought and structured business advisory engagement for a client requires critical thinking.

Relationship Management and Persuasion Skills

Accountants need to develop relationships with their clients through reliability and expertise. Good leaders persuade team members to work together to achieve a goal. Persuasion here is critical. It is as much about your own self-confidence and your ability to analyse a situation and come up with a plan. Think about how you will unlock the needs of clients in order to offer them more exciting solutions like advisory services. How will you engage them, what questions will you ask? Are you a good listener? How will you close the opportunity into an engagement? All great soft skills to have or develop in your career.

Managing the Benefits and Future of Technology

Knowing the law and how to extract discerning data out of a profit and loss statement and balance sheet is critical to an accountant’s success. This requires using software and other key tools and processes necessary to do your job. Team members who are comfortable with technology, who embrace change and are constantly on the lookout for better tools and processes are very valuable to an accounting firm. Assisting other team members or championing the strategy around and implementation of new technology is a valuable skill to have on your resume.

Leadership and Managing Your Team

This quality is not just about being a good manager or a trusted supporter It is all about earning respect through effort, leading and displaying a good example. Good leaders communicate well. They think about their audience and how their words are interpreted. They are also big-picture strategic and concentrate on long-term strategies as well as more immediate issues. Think about a great leader you have admired either at work, in your family or even from history or alive today. What makes their leadership special? What do they do that ultimately works? Perhaps following their lead may help you!

As you progress in your career, one, three or even five to 10 years down the track, you will comprehend how valuable these soft skills are for your success. The investment in training and developing these skills is equally as important as your technical skills if not more important. Don’t look at this training as a cost. Look at it as an investment in the future of your career and life.

Mark is an expert in helping accounting firms optimise their strategic planning. If you would like to set up a complimentary 45-minute strategy assessment, please contact us.

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• Effectively leading a team leverages your time, expertise and impact
• The skills of leading people also apply to quality client relationships
• You don’t want to be doing it yourself forever

You already know that and will undoubtedly be looking forward to discovering more about this (and other insights) at the 2023 Young Guns Workshop.

There is one leadership skill that isn’t often mentioned that truly is a critical one. It’s like it’s a well-kept secret, although I believe it’s more that it is overlooked than intentionally kept quiet.

It’s the art and the skill of effective listening.

All too often focus is placed on the charismatic, dynamic and passionate speaker style of a leader. The public figures that come to mind when thinking about leadership. But that’s not what workplace leadership is about.

If you consider the leadership training that is all around you, much of it focuses on speaking and influencing by speaking. There doesn’t seem to be anything about the powerful skill of listening.

Think about the leaders who have had the most positive impact on you.

• The leader who was an effective mentor and coach to you because they understood your goals and objectives – because they listened to you.
• That leader with whom you had an open conversation about your next career move
• The leader who helped you through that tough situation

It’s most likely that they were able to create those environments because you felt heard – that the leader had listened to you, your concerns and your needs. A sense of trust had been created that encouraged you to speak about what matters most to you.

Your clients will most likely respond in similar ways. Going beyond the transactional nature of professional services happens when clients feel that they have been heard and valued by their advisor. It’s much more than your technical proficiency and certifications – clients want to know that the work being done for them is the right work for them – not just being done by the smartest person in the room.

In most cases the leaders who have had the most positive impact on others are not the great speakers – instead, they are the great listeners. Great listeners are people who:

• Listen for and respond to the meaning not only the words said
• Enable others to genuinely feel heard
• Are respectful and don’t talk over others

Here’s a challenge for you – please think about what you are thinking about the next time you are “listening” to someone. If you are thinking about what your response is going to be – or an unrelated issue: chances are that you need to work on developing your listening skills.

Pam Macdonald
Broadspring Consulting

Having made multiple successful career transitions, Pam Macdonald has turned her passion for people (along with her energy) into powerful and practical coaching and leadership development. Known and respected for her ability to cut to the chase, Pam is also highly effective at guiding people into new and effective levels of leadership performance. Pam is a speaker at our November Young Guns Workshop event for Smithink.

The post Unlocking the Secret of Being a Gun Leader appeared first on Smithink.

The hustle culture of the early 2000s has taken a back seat in recent years with flexibility, mental well-being and maintaining a healthy work/life balance coming to the forefront of business. While this concept may be difficult to implement in industries such as Accounting with firm deadlines and client demand, it is essential to produce the best results from your staff and keep up with future generations’ priorities.

With many workers opting for flexibility over financial compensation, it’s imperative to create a business plan with this factored in. Some companies exchange overtime for days off while others allow flexible working times so that their employees are able to begin and finish when suits them. It instills trust and boosts morale when staff feel as though they don’t need to be micromanaged to reach their goals.

Flexibility within the workplace extends all the way back home. Many companies have adopted hybrid working models allowing staff to work from home and the office if they choose either part- or full-time. After the 2020 lockdown period this became the norm with many workers discovering, they had found comfort and satisfaction working from home.

Businesses seamlessly pivoted into the digital realm by utilising collaborative software like Zoom, Slack or Workflow Max. Some companies have taken this model a step further, implementing a WFA or Work From Anywhere approach, allowing employees to take their work on holiday or an overseas sojourn.

Mental well-being is at the forefront of any healthy company’s practices. The importance of managing burn-out and stress can only benefit a business and its staff. Creating a safe space for which personal leave can be used for mental health days will allow your employees to feel supported by your management. This improves the work/life balance of your company and increases loyalty, motivation, and the overall wellbeing of your workplace across the board.

Some companies have been encouraging staff to seek treatment, offering access to pre-paid psychologists and mental health apps such as ‘Headspace’. This would be included in their health benefit schemes much like a fitness passport is offered. Another option is encouraging team bonding sessions which are centered around mental well-being activities like group yoga or hiking.

Maintaining a healthy work and life balance is a tricky feat for those in the Accounting industry. Being self-employed is an option which while there is a fair amount of hustle needed to get a small business off the ground, your sacrifices will pay off by setting your own hours and expectations to clients.

Accounting is great in that the option to work from home or hybrid working is usually an easy transition for an employer to take. With this industry being mostly in the digital and software space, clients are able to reach you from anywhere.

It’s been proven that given the option; many workers prefer this method of work with 66% of those surveyed by Flex Jobs preferring to work from home after the pandemic. 75% of participants agreed that work stress impacted their mental health leading to anxiety and depression which can be easily mitigated by creating a better work/life balance.

During peak season it can become chaotic and understandably, stress amongst staff can reach fever pitch. It’s important during this time to utilise the above methods to support your employees so that when faced with high density workloads, there is reprieve on the horizon. Prioritising mental health and the flexibility to create a strong work/life balance within your workplace and for your staff will only increase morale, productivity, and contribute to the overall well-being of your business.

Source: www.flexjobs.com/blog/post/flexjobs-mha-mental-health-workplace-pandemic

To chat further with Jess about the younger accountants in your firm and how to best manage them please email me at: [email protected] and I will put you in contact with her.

The post Finding The Right Balance appeared first on Smithink.

Why not consider adopting these business practices to refresh your routine and open new doors:

Assess Your Leadership Skills:
At Smithink, we believe and teach accounting professionals that everyone can be considered a leader regardless of their job position. So, take a moment at the beginning of each day to remember that you are a leader, and your actions should reflect your personal values, as well as those of your firm. Empower yourself to find new opportunities to further develop your leadership skills. Maybe volunteer to take on ownership of a new project, mentor a new employee, evaluate your personal career goals, and create new paths to achieve them.

Practice an Environment of Gratitude:
Take a positive attitude, and share it with your team. Providing genuine care for your people is one key to engage employees, and as we have seen, it can directly translate into employees providing a high level of care for your clients. Find new ways to appreciate the work that your employees, peers, and leaders are contributing to the organisation. This new level of care can result in a happier, more engaged workforce.

Be Curious About Your Surroundings:
Curiosity will lead you down new paths, so now is a great time to be more curious about your surroundings. Take the change in scenery as an opportunity to brainstorm and think outside of the box. Think about moving your weekly meetings to other venues. Innovation stems from new stimuli. Be curious about other firms and companies. What are their business challenges and how have they solved them? You just might be surprised to discover a solution that could apply to your firm.

Celebrate Success:
We all work hard and too often do not have the time to celebrate success. Maybe providing team incentives could be an option. I know of a firm that provides lunch at the local hotel if the team meets budget and if they exceed it by nominated percentages the quality of the lunch and restaurant moves upwards. It is a great way to get the team focussed on common goals and be rewarded for their efforts.

To learn more about leadership, innovation and management come to our Young Guns Workshop at the Hilton Hotel Surfers Paradise on 10-11 2022. For more information and to register you and your team click here. Earlybird pricing is available until 10 September.

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But there is an interesting undercurrent that is coming through from COVID-19 – one of caring. Caring more for clients, caring more for the team.

Probably one of the most immediate impacts of COVID-19 came from the government’s stimulus programs. Proactive firms got on their front foot and launched webinars, online groups and social media communications with their clients and the community to help them work out how to access the programs and manage their businesses. Clients were being called more often with advisers concerned about client’s welfare. 

This higher level of engagement has clearly improved client relationships. Helping clients get government money into their pockets has helped, but it also seems clear that it has deepened relationships. 

Firms need to acknowledge this learning and then consider how they will permanently institutionalise this increased engagement with clients. In a world where time is at a premium for professionals with significant deadline pressure, it is easy to fall back to old ways of being more reactive than proactive. 

What needs to be done is to implement systems and processes that ensure that proactive client engagement continues. Perhaps, finally, firms will see the benefits of CRM (Customer Relationship Management) systems that record these client engagements and will generate alerts to remind the team that a client should be contacted. 

We have advocated for what seems like decades that regular client needs review discussions are required. A discovery session that will ask clients key questions highlighting where they may be needing help. The interesting thing about these sessions is that by having discovery sessions clients feel that their adviser cares about them and is concerned about the client’s well being. The end result is a stronger relationship but also a greater understanding of the issues facing the client that will result in service opportunities. We have developed a list of questions to assist in conducting needs reviews. You can download a free copy of our Needs Review Checlist here. Note is it not meant to be a checklist to be completed. It is meant to be an aide to assist in creating a quality conversation between the adviser and the client. 

It’s not only relationships with clients that have seen a positive change from COVID-19. Firms have also had an increased focus on engaging with the team. When people are dispersed, remote team management can be more of a challenge. Proactive firms have responded by ensuring that there is at least daily engagement with individual team members. Attempts have been made to have online social engagement. Many firm leaders have moved from email updates to sending out weekly video updates to their team. 

More recently with the second lockdown in Victoria and ongoing working from home elsewhere, we have seen an increased focus on mental health of teams. Many firms have implemented an Employee Assistance Program (EAP) and have engaged professional service providers to provide confidential counselling services for team members who have been struggling. 

Where we end up with how people will work in the future is anyone’s guess. Many are predicting a hybrid approach of working partially at home and partially in the office. Clearly, there are big benefits organisationally to have the team together to create a social environment, facilitate training and mentor and coach individuals. 

If people do primarily return to the office. Leaders should remember the benefits they saw from the COVID-19 experience, from greater engagement with the team and from a more caring approach to a team member’s individual circumstances. 

So as we move to 2021 perhaps “caring” is the word that needs to factor into your plans. Do we care enough about our clients and our team? Do our clients and teams perceive that you do? I’m sure that firms that create this caring culture will be winners in the post COVID-19 world. 

Do you need help with your practice management or business advisory strategy? Reach out to us to set up a no-obligation meeting to discuss how we can help you. Email us at: [email protected] or call 1300 665 646.

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