The Change Your Mindset Podcast

Welcome to the Change Your Mindset podcast, hosted by Peter Margaritis, CPA, AKA The Accidental Accountant. Peter is a speaker, expert in applied improvisation and author of the book 'Improv Is No Joke, Using Improvization to Create Positive Results in Leadership and Life'. Peter's new book, Taking the Numb Our of Numbers: Explaining & Presenting Financial Information with Confidence and Clarity will be published in June 2018.

S5E12: IT Support is Critical For Your Business, especially for Solopreneurs with Chris Barber

“When it comes to cybersecurity, the effort level on the part of the bad guy is not any different, regardless of whether it is a large entity or small entity.” Chris Barber

My guest today is Chris Barber. Chris is the Chief Nerd at Cheaper Than A Geek IT service provider. They have demonstrated a history of providing award-winning support in the IT service industry. Cheaper Than A Geek helps small businesses save money with a smart managed IT service. As an industry leader Cheaper Than A Geek has pioneered providing cutting-edge information technology services for even the smallest companies. They have perfected the art of even one-person companies getting enterprise-grade IP support, like next-generation computer and network security, encrypted disaster recovery, and ensuring maximum uptime and efficiency. They are incredibly proud of the many customer service awards earned due to their commitment to client successes.

When it comes to cybersecurity, the effort level on the part of the bad guy is not any different, regardless of whether it is a large or small entity. There is a presumption among these bad guys that the smaller entities are less fortified, and therefore these small businesses are constantly under attack. Small companies need IT security, just as good and just as severely as big firms, but they don’t have the budget.

I have been advocating for over a decade before the pandemic that we should see more work-from-home behavior since the technology is undoubtedly present. Some of this work-from-home shift will be permanent and probably for the betterment of everybody. The security attacks are real, so we’re throwing most of our research and development behind it to stay ahead of these bad guys and keep everybody safe.

In IT and business, there are many ways to secure your environment, and a lot of it comes down to the IT provider’s philosophy. We’ve always subscribed to a school of thought that you should take security down to the computer level’s endpoint level. This turned out to be a good strategy because when everybody started working from home when the pandemic hit, they had their security in place.

Owning a business is not for the faint of heart, and I’ve always been very cautious and conservative. However, I think it was a little too careful, and if I could find a younger Chris, I’d tell him to take chances.

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S5E11: An Accounting Firm that YOU Should Hire with Courtney DeRonde

“It’s really about understanding what is your way that you uniquely contribute to your business, and most of the time, it’s not going to be where you’re spending most of your time.” Courtney DeRonde

Today, my guest is Courtney DeRonde, a CPA and managing partner of TDT CPAs and Advisors— the boutique advisory and accounting firm for small businesses and nonprofit organizations. The company helps overwhelmed, successful leaders, understand and maximize financial information to achieve better results and move the organizations to the next level.

As the owner of a firm and managing partner, she also has first-hand experience running and scaling a small business. Courtney understands the need to help and teach clients the importance of being more financially literate. When TDT takes on clients, they learn more about their business to become a better partner, not just for a transaction.

The first question that successful business owners ask is, “how does my business make money?” As businesses grow and scale, you get the increased activity that you’re not directly involved with anymore. Therefore, the mindset shift is looking at good information that tells you where your business is making money.

The second question is about cash flow, and it is a shift from how much I have to what is flowing in and out of business over the next few weeks. Continuously looking at that helps eliminate surprises because most financial surprises are not usually positive. This mind shift allows you to be prepared and take action if things don’t look good shortly and not just look at where you stand today.

Our approach with our clients is very much from an educational standpoint, and the goal is to empower them to understand and use the information that we give them to make decisions.

The third question is about determining the highest leverage of time and talents. It’s really about understanding how you uniquely contribute to your business is. Most of the time, it’s not going to be where you’re spending most of your time.

Your product needs to be profitable, but it doesn’t have to be the best. It would be best to focus on the mix of something that you can do profitably and something that people need. Once you get something out there, you can improve it and make it better.

Often, people don’t have accurate information in their heads about costs and overheads just because no one’s helping them understand how all of this information flows. Pricing is a big part of how we help clients with recognizing and getting information around margins.

There’re certain times when it might make sense to lower your margin on a particular bid because of the future opportunities that can come from it. The main thing is knowing your actual margin to avoid paying to do the job instead of getting paid to do it.

If the price is a very sensitive issue, you need to give clients a couple of options. This gives them the opportunity and the agency to decide what they want.

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S5 Ep10: A New Approach to Accounting Education

“Higher education needs to change how accounting is taught and align it with the critical power skills required to succeed in today’s business climate.” Peter Margaritis

As an accountant, understanding how to sell yourself, both in an educational setting and in the workplace can help you succeed professionally.

Technical accounting skills are the foundation of accounting education. However, in today’s accounting profession, technical skills are not enough to grow your career by themselves. You need to develop your power skills.

Power skills, aka soft skills, are helpful in just about any career and essential to communicate accounting complexities to those non-accounting business leaders. They include aspects like curiosity, self-awareness, empathy, and more.

According to the Josh Burson company blog, titled, ‘Let’s Stop Talking About Soft Skills, They’re Power Skills’, states that the skills of the future are not technical, they’re behavioral. The article goes on to state that IBM’s latest research lists the top five power skills that are most critical in the workforce today are;

1.     willing to be flexible, agile, and adaptable to change.

2.     Time management skills and the ability to prioritize

3.     Ability to work effectively in team environments.

4.     Ability to communicate effectively in business contexts.

5.     Analytical skills and business acumen.

Considering how important they are for success both in your professional and personal development, it makes sense to begin the process of learning these power skills in the university classroom.

Accountants speak the foreign language of business — accounting, which is no different from speaking Spanish, Greek or Chinese to someone who’s not fluent in the language. We need to be cognizant of this fact and become better translators of our technical accounting knowledge.

The college classroom allows us to experiment, fail, hone and gain confidence. Failure is a part of the process when we view learning any new skill. How do you eat an elephant‒one bite at a time. Higher education needs to change how accounting is taught and align it with the critical power skills required to succeed in today’s business climate.

Let us begin to embrace the term financial leadership.

S5E9: The Big Power of Tiny Connections with Jen Nash

“I truly believe that every person you meet has the power to change your life, and you have the power to change theirs.” Jen Nash

My guest today is Jen Nash, The Connector in Chief. Jen helps people add more meaning to their lives through connection. She’s a master facilitator, passionate about masterful storytelling, corporate training, and an author and sought-after executive coach. With over 20 years working as an entrepreneur building a multimillion-dollar real estate portfolio, and offering consulting services to Fortune 100 former tech, health, and finance giants, Jen Nash now regularly inspires and supports leaders to deepen their connections of all the good things in life.

 Born in Canada and raised around the world, Jen is an IFC certified executive coach and a graduate of the coach of the Life program. She studied communication design at Parsons and the New York School of Social Research in New York City. When not traveling the globe learning new ways to say thank you in finding bright souls with whom to foster lifelong friendships, Jen Nash can be seen biking around New York City, Los Angeles, or striding around El Centro, Mexico.

People have this innate fear of talking and connecting with strangers, and it is human. In chapter two of my book, I ask the reader to scan the top eight excuses that come up to avoid connecting with people. I then ask them to pick the one that resonates with them, and I jump into it.

Networking to some degree sounds hard because there’s a net underneath; you’re working. I genuinely believe that if you want to stay employed for the rest of your life, you want a net around your work. But connecting is so much more because it is about infusing that little moment with intangible fun.

We really get hard on ourselves, and it’s like from the outside to the inside, humans second guess themselves. One of the things that I suggest in the book is if you’re feeling awkward, be honest, lean into that vulnerability and share that because all of a sudden, it just makes you human.

I think that in life, we have this misconception that there is such a thing as good and evil. Sometimes we all need to accept that we don’t always get the final say. Unfortunately, I believe that humans only grow when they’re in pain. One of the exciting things about the big power of tiny connections is these little sparks with other people that are not always pleasant.

When you look into the answer to what more you want out of life, you can understand where you might want to consider leaning in and connecting. I truly believe that every person you meet has the power to change your life, and you have the ability to change theirs.

There are a lot of people who are held back by fear. Only a courageous person can realize that they will never get more if they keep living precisely how they have been living. It is hard but sometimes, when you hold a spotlight at something scary, all of a sudden; it’s not so frightening because the spotlight is illuminating all the dark crevices, and you’re seeing it.

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S5E8: Great Leaders are Active Listeners

“Learning how to listen effectively is a critical part of communication and building stronger connections.” Peter Margaritis

 Being an active listener creates many advantages in life and work. However, mastering the art of active listening is easier said than done. Active listeners pay attention to what others are saying without thinking about how they will respond or how the conversation might affect them. They listen to a big difference in what the other person is saying – not what they hear.

We can all become more active listeners. Here are three essential tips to consider as you work toward becoming a more active listener – and communicator!

Listening = Communication

Communication is an essential part of any relationship, whether personal or professional, so learning how to listen effectively is a critical part of communication and building stronger connections. Without communication, there would be no relationships.

Active listening skills are learned, not innate

The keys to becoming a great listener are awareness and practice. A common mistake in conversations is getting caught up in what we want to say – instead of listening to what the other person is saying. So instead of just waiting for your turn to speak, spend more time actively listening. Then respond when you’ve genuinely heard what’s being said.

There’s no easy shortcut to learning active listening skills. However, what you can do right away is to PAUSE in a conversation and consider what the other person is expressing with thoughts and ideas. Respond by asking questions. Let them talk. Make eye contact. Repeat what you think you heard and get their affirmation that you listened to what they said – not what you wanted to hear. The more you practice these skills professionally and personally during your conversations, the better you’ll get at them!

When you’re in conversation with someone, your natural tendency might be to formulate your response while they’re still talking. So instead of making any judgment or addition based on your assumptions, focus solely on listening and learning as much as possible from what they are saying. In other words, don’t give advice when someone hasn’t asked for it! Instead, show that you want to understand their perspective and feelings before proposing anything.

Seek Ways to Practice Every Day

Developing active listening skills is easier said than done, but as with most skills, constant practice will pay off greatly. One way to begin your daily routine is to jot down three things you heard that made sense and one thing you listened to that didn’t make sense—keep these notes in your phone or on a whiteboard at work. Then, as you go through your day, take note of what you hear that doesn’t seem to be making sense; then do some follow-up research. Wash – Rinse – Repeat!

Each day, take time out of your schedule to reflect on how you interacted with other people. In addition to building quality communication skills that will become practical tools for handling any situation, active listening can also help develop effective team dynamics at work and help create more meaningful professional relationships outside of work.

We all need to become more active listeners!