Pete’s Blog

Bridging the Generational Gap

From the desk of Peter Margaritis

Business people teamHave you set a retirement date yet? Probably not. According to a Gallup survey baby boomers are working longer and that’s generally thought to be due to the loss of investment value during the recession and other money related factors. What that means is that for the first time in history, there may be five generations working in your firm. The upside is the diversity in experiences, education and points of view. Downside: how to motivate everyone to work well together.  Some ideas from a recent Harvard Business Review article may help you rethink how you bridge the generational gap.

1.  Build collaborative relationships:  Create partnerships among co-workers. Encourage the team to discuss projects openly, with each person’s point of view getting equal respect.

2. Study your employees: Whether formal or informal, touch base with employees to learn more about what they want from the jobs – each generation may have a different set of goals. Then use that information to enhance, maybe even revise, your approach to managing your staff.

3.  Create cross-generational mentoring opportunities: Pair younger workers with seasoned executives. A 25 year old may use technology much differently than a 60 year old who can help give perspective and background to other aspects of the work.

The benefits of multiple generations certainly outweigh any downside, so make a plan to bridge the gap and build a strong, diverse team.

 

 

 

Improvisation IS for Business

From the desk of Peter Margaritis

Businesspeople, or businessman and client, working at officeThere is some confusion – maybe even dismissal – among business leaders, including many accountants, about the value of improvisational skills in business. If your understanding of improvisation is from what you’ve watched on Who’s Line Is It, Anyway?, where “everything is made up and the points don’t count” you need to read on. This is about business improvisation…and the points do count!

Communication, collaboration and critical thinking skills separate leaders: those with the best skills build great teams, develop stronger client relationships, and reduce anxiety and confusion in the workplace. Improvisation helps you focus and tap into the business expertise (acumen) you already own but don’t always share. Business improvisational skills help you stay in the moment, listen more attentively and adapt more authentically in order to provide effective solutions.

More Opportunities

Let’s say you have a very important client meeting and you have a specific agenda you want to move forward. You get to the meeting and your client starts talking about their child’s scouting project – something about a fish hatchery, a topic you could not care less about. You tune them out because you have bigger fish to fry, or so you think. After a couple of minutes you say “Yes but we really do need to get back to the XYZ documents so we can complete them on time.” A lost opportunity.

What if you stay engaged in the conversation, even ask a couple of questions to learn more about the scouting project. Then you could say “Yes and I may know an expert in fish hatchery who can help your son. Would you like me to contact them and connect you two?”

Your client appreciates your interest, feels good about their decision to use your firm and is much more likely to refer you to others because you aren’t just a good accountant, your a good person.

Direction and Development

What about improvising with your staff? Have you ever dismissed younger staff members for their lack of experience, overwhelming commitment to electronic devices and belief that a personal life is important? As a staffer talks about being the social media manager for their alumni group you cut off the conversation with “Yes but don’t bring your personal life to the office.” Another lost opportunity.

What if you could learn more about them, things that could give them direction or even help support the organization. When the conversation steers toward off-duty hobbies, try “Yes, and I would like to see if there is a connection between the work our firm does and social media. Let’s plan a time to talk about that.”

It Isn’t Rocket Science

While not rocket science, improvisation is a bit like brain science. Learning new methods, practicing new skills and keeping your mind poised to accept new information is rather scientific. Improvisation is about moving things forward and gaining clarity in chaotic situations. If Same As Last Year is an issue for your organization, Business Improvisation is the solution to your challenges. Yes, and…

Stress Will Take Its Toll

From the desk of Peter Margaritis

Stress uomo in carrieraAs we head into the busy season for accountants, CPAs and tax preparers everywhere, take some time to remember that stress can be very dangerous to your health, your self-esteem and even your family. Some accountants talk about gaining weight because they eat fast food at their desk, long days that end with too little sleep and missing important times with their children and spouses. It’s not a matter of if stress will harm you but when it will.

I have written about stress and how to deal with it before, and from the conversations I have with colleagues in accounting, it is an ongoing concern for firms, businesses and sole practitioners.  So before crunch time really hits, here are some tips on easing the stress in your life:

10 Tips to Ease Stress

1.  Keep a positive, realistic attitude. Accept that although you can’t control certain things, you’re in charge of how you respond.

2.  If a client is rude or difficult, stand up for yourself in a polite way. Share your feelings, opinions, or beliefs, instead of becoming angry, defensive, or passive.

3.  Learn and practice relaxation techniques. Try breathing exercises, meditation, prayer, or yoga.

4.  Exercise regularly. You’ll feel better and be more prepared to handle problems. Step away from the desk for 15 minutes – walk around the building or better yet, outside.

5.  Eat healthy. When you’re stressed, you may want less-nutritious comfort foods, but they can add to your problems. Can’t leave the office for lunch? Bring a healthy lunch to work, or at least pack a few snacks like fruit or vegetables.

6.  Try to manage your time wisely.

7.  Get enough rest and sleep. Your body needs time to recover from stressful events. A 10 or 15 minute catnap can work wonders.

8.  Don’t rely on alcohol, drugs, or food to help against stress. Ease up on caffeine, too.

9.  Spend time with people you love. You may not have much “free time” but when you do, plan something special – meet your family or a friend for breakfast or lunch.

10. Find a reason to laugh every day.

Are You A Creative Accountant?

From the desk of Peter Margaritis

While the phrase “creative accounting” may conjure up images of two sets of books, devilish executives and pleading the fifth, should creativity be an aspiration in every profession?  A Harvard Business Review article says that “an idea, behavior, or product is creative if it is both novel and appropriate to some goal.” With that definition in mind I have to say yes, creativity in every profession – including accounting – can and should be pursued.  I don’t care if you can’t sing, dance or paint. Each of us can, and should, tap into our creative mind to find new approaches to reach our goals.

In my work with clients I present improvisational comedy as an opportunity to develop stronger teams. Improv is certainly a creative endeavor, and developing strong teams most definitely leads to building business, the goal of most firms. So this meets the definition of creative behavior. Taken one step further, I teach a course on creativity, How to Dump SALY and Find a New Creative Approach to Accounting, that helps accountants focus on finding new ways to approach existing problems.  (SALY stands for Same As Last Year, a decidedly non-creative way to do business.)

Too often accountants and other “white collar” professionals are told there is no place for creativity in the work place. The regimen and routine of doing the same thing every day can sap the life  out of our team members. Help your staff break free of SALY and embrace creativity. Let’s change the concept of accountants from bean counters to creative problem solvers.  No cooking the books here, just lots of innovative ideas that help businesses grow and succeed!

Plan to Keep Your Job

From the desk of Peter Margaritis

As with most good things, keeping a job you like takes planning. The economy is growing and the job outlook for accountants looks strong for 2015. That doesn’t mean, however, that you should assume your job is secure. As you evaluate your current job and plan your career, you may want to keep these thoughts in mind:

• Develop a Plan – Don’t wait for your annual review to tell you the direction your career is heading. Pay attention to all the levels within your own company…network internally to learn more about the what opportunities exist. Then set goals for yourself and a game plan to achieve those goals.

• Grow Your Skills – Pay attention to growing professional competency and interpersonal skills. How you work with others, your ability to present in front of groups and the manner in which you represent your firm all enhance your value to the company.

• Manage Up – Develop a relationship with your boss and firm partners. Let them know that you are committed to your clients and the firm, and that you want a career not just a job. If that isn’t how you feel about your current position, maybe it’s time to reconsider where you work.

Each of us owns our own career, so take charge of your future!