peak performance: how the best get better dfk north american annual conference 2015 the...
TRANSCRIPT
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Peak Performance: How the Best Get Better
DFK North American Annual Conference 2015
The Ritz-Carlton, Grand Cayman
Thursday, October 22, 2015
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OBJECTIVES
To share with delegates how a culture of Accountability is crucial to becoming a World Class Firm.
To ensure that delegates actively participate and share openly.
To have each delegate leave the meeting with some action items for implementation .
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A little about Phil Whitman CPA
Chicken Man
18 years running professional service firms
Started Whitman Business Advisors in 2008
Recently Named 2015 -10 Most Recommended Consultants by Inside Public Accounting
Married to Mia
Three sons, Charlie, Jake and Alex
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The Four Pillars of a World Class Firm
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Definition of “World-Class”ADJECTIVE
ranked among best in world: ranked among the best or most prominent in the world
Thesaurus Synonyms:
first-rate, first class, superlative, topnotch, outstanding
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INDUSTRY ISSUE
Bringing in new clients
Top 5 issue for firms with 21+,11-20, and Sole Practitioners
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Developing a Succession Plan
INDUSTRY ISSUE
Top 5 Issue for firms of all sizes
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Finding & Retaining Quality Staff
INDUSTRY ISSUE
Top 5 issue for all but sole practitioners
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Seasonality/Workload Compression
INDUSTRY ISSUE
Top 5 Issue for firms of all sizes
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Partner Accountability/Unity
INDUSTRY ISSUE
Top 5 Issue for firms of 21+ professionals
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Changing Regulation
INDUSTRY ISSUE
Top 5 issue for 2-5 professionals & sole practitioners
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Retention of current clients
INDUSTRY ISSUE
Surprised? Not a top 5 issue!
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Fee Pressure/Pricing of Services
2011 PCPS CPA Firm Top Issues Survey
INDUSTRY ISSUE
Surprised? Not a top 5 issue!
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What issues are you hearing from your staff?
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What I typically hear from your staff…
•Too many things are not followed through on and there are little or no consequences set forth.
•Bonuses/raises are not tied to performance.
•There is little feedback on performance except once a year at my annual review.
•We don’t always do what we say we are going to do.
•Firm is divided between audit and tax, the teams have poor communication and should mesh better for such a small firm.
•There is too much finger pointing and negativity when an error occurs.
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Staff comments continued…•Communication can be improved at all levels of the firm.
•Sometimes the entire staff knows something before the partners decide to talk about it.
•There are instances when people are not direct when they have something that needs to be communicated.
•Firm does a poor job of communicating…partners come across as “bothered” when employees drop in to ask them questions.
•Tasks & goals are not laid out clearly for staff.
•With the exception of this survey, opportunities to talk about the firm were never given.
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Staff comments continued…•I feel the firm would be more motivated and exciting to work for if they had goals and incentives to work towards.
•We use metrics to measure realization and utilization however bonuses or raises are never tied to these.
•I have no idea how raises or bonuses are derived.
•It seems that there is not much differentiation between good performers and bad performers.
•Constructive criticism comes only once a year in my evaluation.
•Career development is weak. We need more training.
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The Iceberg of Ignorance
Partner Awareness
4%
Manager Awareness
9%
Supervisor Awareness
74%Staff
Awareness100%
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What issues do you hear from your partners?
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What your partners are saying…
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What your partners are saying…
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What your partners are saying…
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What your partners are saying…
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Best partner comment I heard…
It is vital that the firm develop a strategic
vision for the firm, align its partners and
staff with the vision and develop an
action plan to implement. Further, we
must monitor and hold individuals
accountable.
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The 1st Pillar of a World Class Firm
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Exercise
In your own words…definition of trust
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TRUST IN LEADERSHIP
A crucial requirement of leadership is the ability to earn the trust of others.
To trust a leader does not mean that one always agrees with him or her.
Trust is the conviction that the leader means what he says and cares.
Managing the Professional Service Firm: David H. Maister
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TRUST
Trust Grows
The Trusted Advisor: David H. Maister
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TRUST
Trust is both Rational & Emotional
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TRUST
Trust is a Two-Way Relationship
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TRUST
Trust Entails Risk
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TRUST
Trust is Personal
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Quote about creating Trust“The leaders who work most effectively… never say "I". And that's not because they have trained themselves not to say "I". They don't think "I". They think "we"; they think "team". They understand their job to be to make the team function. They accept responsibility and don't sidestep it, but "we" gets the credit. This is what creates trust…”
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TRUST
The degree of confidence you have that another party can be relied on to fulfill commitments, be fair, be transparent, and not take advantage of your vulnerability.
Robert F. Hurley, The Decision to Trust
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The Distrust – Trust Continuum
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Quote about Distrust
"Our distrust is very expensive."
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What happens?
In important matters, when we decide to distrust, a relationship usually ends or continues under duress unless it can be repaired.
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Fortune Magazine
The primary measure used to select its annual list of Fortune 100 Best Companies to Work For is Trust.
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How do you measure trust in your firm?
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How do you measure trust in your firm?Is there a high degree of trust in the firm?
Do people in your firm follow-through with what they commit to?
Do people in your organization freely share quality information between each other?
Is the behavior of your managers and leaders predictable and positive?
Is performance feedback a regular and on-going part of your reward and recognition process?
Are gossip and the grapevine the primary way people know what is going on in your organization?
Do people discuss disappointments in an open and responsible way?
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Center for Creative Leadership
A world leadership survey indicates that only 30 percent of employees ages 25 to 35 trust the people they work with “a lot,” versus 45 percent for employees ages 36 – 65.
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Tips to Building
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The 2nd Pillar of a World Class Firm
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Communication
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COMMUNICATION
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Effective Communication
Effective communication is a two-way process - sending the right message, that is also being correctly received and understood by the other person(s).
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Different ways we communicate
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2 QuestionsIs communication excellent at your firm?
Do the owners communicate with each other?
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Quote about Communication
“The single biggest problem in communication is the illusion that it has taken place.”
Typically when excellent communication takes place it is very easy to be a “one firm” firm!
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WHAT KIND OF FIRM IS YOURS?
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The 3rd Pillar of a World Class Firm
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Alignment of Goals
Goal alignment is critical for business success. It ensures that each person within your organization can see the direction for the business and knows how their job fits in with the “Big Picture”.
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Alignment of Goals
To achieve goal alignment at your organization, you must first clearly
communicate strategic business objectives across your entire company
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ALIGNMENT OF GOALS
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How do you ensure Alignment of Goals in your firm?
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Quote about Alignment
“When you are in alignment with the people around you, you are much more likely to travel in the same direction and avoid hidden agendas.”
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The 4th Pillar of a World Class Firm
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Culture of Trust
Excellent Communications
Alignment of Goals
High Accountability
The Four Pillars of a World Class Firm
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DEEP DIVE into…
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Culture of Trust
Excellent Communications
Alignment of Goals
High Accountability
The Four Pillars of a World Class Firm
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Accountability
One of the most Critical Keys to Peak Performance and Success
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Accountability
In your own words…definition of accountability
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Some things I’ve heard…
Accountability is an obligation or willingness to accept responsibility
Accountability is nothing more than following through with your commitments and responsibilities
Accountability is simply doing what you know you should do
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ACCOUNTABILITY
Roger Connors and Tom Smith
Webster’s definition of accountability: “subject to having to report, explain, or justify; being answerable, responsible.”
“A personal choice to rise above one’s circumstances and demonstrate the ownership necessary for achieving desired results – to see it, own it, solve it, and do it.”
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Everybody, Somebody, Anybody & Nobody
This is a little story about four people named Everybody, Somebody, Anybody, and Nobody.
There was an important job to be done and Everybody was sure that Somebody would do it.
Anybody could have done it, but Nobody did it.
Everybody thought that Anybody could do it, but Nobody realized that Everybody wouldn't do it.
It ended up that Everybody blamed Somebody when Nobody did what Anybody could have done
Somebody got angry about that because it was Everybody's job.
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What is the impact of greater accountability? Why bother?
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Commitment + Accountability =
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Greater Accountability =
Increase in Top Line
Increase in Per Partner Net Income
Ability to give larger raises
Ability to hire faster
Ability to fire faster
Ability to …
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Who has tried to implement a policy of accountability? What’s worked? What hasn’t?
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How Accountable are you?
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It Starts at the Top! Managing Partner Accountability
Leadership
Opportunities
Vision/Mission
Partner Productivity
Client Service
Growth – organic/acquisition
- people
– revenues
– net income
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How do you measure Accountability ?
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Steps & Milestones
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A thin line separates failure and success, greatness and mediocrity.
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Accountability Continuum
Victim AccountableWhere do you stand?
Blame othersMake excusesWait, and hope things change
AcknowledgeLook in mirrorFind solutions
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Above the line…See it !
See It, means acknowledging the problem
The Oz Principle : Getting Results Through Individual and Organizational Accountability By Roger Connors, Tom Smith, and Craig Hickman
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Above the line…Own it !
Own It is to assume responsibility for the problem and the results
The Oz Principle : Getting Results Through Individual and Organizational Accountability By Roger Connors, Tom Smith, and Craig Hickman
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Above the line…Solve it !
Solve It means to formulate solutions to remedy the situation
The Oz Principle : Getting Results Through Individual and Organizational Accountability By Roger Connors, Tom Smith, and Craig Hickman
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Above the line…Do it!
Do It commands the practical application of the solutions identified
The Oz Principle : Getting Results Through Individual and Organizational Accountability By Roger Connors, Tom Smith, and Craig Hickman
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Below the line…
Playing The Blame Game and crippling attitudes such as:
• Wait and See• Confusion• Tell Me What To Do • It's Not My Job • Ignore/Deny• Finger Pointing • Cover Your Tail
The Oz Principle : Getting Results Through Individual and Organizational Accountability By Roger Connors, Tom Smith, and Craig Hickman
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How do you know when people are not being accountable?What are the behaviors you see?
Why?
What have you been talking about for five years?
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CREATING A CULTURE OF ACCOUNTABILITY IS SIMPLE…
S = Set Expectations
M = Measure Progress
P = Provide Feedback - coachingL = Link to Consequences – Carrot v Stick
E = Evaluate Effectiveness & Adjust
I = Invite Commitment
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MEASUR
E
REFINE COACH
SIMPLE - ACCOUNTABILITY SUCCESS Model
Individual
Firm
Set
Expectations
GOAL SETTIN
GPERFORMANC
E
rovide FEEDBACK
ACHIEVE
© Whitman Business Advisors LLC
nvite CommitmentI
P
LInk to results
VALUATE
RESULTS
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EXERCISEHow many hours/minutes do you spend?
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HOW MUCH CAN YOU SQUEEZE INTO A DAY?Exercise 30 minutes
Personal grooming 45 minutes
Time with children 4 hours
Reading newspapers 45 minutes
Pets 50 minutes
Housekeeping/chores 1-2 hours
Work 7-10+ hours
Commuting 1.5 hours
Errands Up to 2 hours
Grocery shopping 20 minutes
Cooking/eating dinner 1 hour
Entertaining 1 hour
Dental care 18 minutes
Sex/Intimacy 50 minutes
General time with spouse 6 hours
Volunteering 30 minutes
Time for you 1 hour
Reading a book 15 minutes
Spiritual development 15 minutes
Sleep 7.5 hours
41.3 hours
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I don’t have time for this!!! If you can recapture 10 minutes of wasted time per
hour… Assume a 10 hour day = 100 minutes/day Times 5 days/week = 500 minutes/week Times 48 weeks = 24,000 minutes/year 24,000/60 = 400 hours Assume you earn $80,000 annually and your total
hours are 2,000; so, you earn $40/hour. Now that you have 400 extra hours, you only have
to work 1,600 hours; so, your effective hourly rate is $50/hour ( $80,000/1,600).
A $10/hour increase over your original rate of $40/hour is the equivalence of a 25% raise!
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What would you do with an extra 400 hours each year?
That’s almost 17 days of time you gain… Family time Exercise Sleep
The choice is yours!
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EXERCISE
Set one goal on how you are going to use this extra time I just found you…
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If Goals are SO important, why don’t more people set them?
1. They don’t know the importance of goal setting.
2. Most people don’t know how to set goals.
3. Sometimes people don’t set goals because they are afraid of failure.
4. Goals require people to leave their comfort zones.
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GOAL SETTING
Start with the end in mind Major goals Mini goals Deadlines
Pad projected completion datesUnder-promise/over-perform
Make it visible Delegate & follow up
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GOAL SETTING
SMART GOALSSpecificMeasurableAttainableRelevant & RealisticTimely
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Exercise:
Geography
Upgrade Staff
Increase realization
Develop new business
Identify Future Leaders
Succession Planning
Goal/Accountability Setting: Identify one area in your firm that needs attention
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EXERCISE ExampleThree things I would do if I had more time…
One year from now I will run the NYC Marathon and complete it in under 3 ½ hours. I will do this by following a regimented training schedule each week.
I will originate $250,000 of new tax work that is represented by at least 6 new clients by 6/30/15. To do this I will meet with one new prospective client every week.
I will hire 3 consultants with CPA firm experience by 12/31/15. I will do this by meeting with 1 COI each week and will ask for referrals of the best and brightest they have worked with.
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Framework of Partner Accountability
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Partner Accountability Partner to Firm
Profitability
Practice development
Partner to Partner
Good Citizenship
Partner to Client
Client satisfaction
Partner to Staff
Supervision
Training
Coaching
Contribution to success of others
Partner to Family & Self
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Partner Accountability
Business Development Client Service Team Development Leadership What are the Challenges What are the Benefits How do we Measure Rewards vs Consequences
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Resistance Factors & How to Overcome them
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The Ultimate
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Action Items
WHAT BY WHEN BY WHO Resources Needed?
Smart Goal Setting
Build Accountability Framework
Roll-out & Communicate
Partner Productivity Plans
Partner 360s
What more can I do?
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YOUR PRACTICE MANAGEMENT RESOURCE
Retreat Facilitation
Mergers & Acquisitions
Lead Generation Services
Talent Acquisition
Leadership Development Coaching
Practice Management Consulting
OUR SIX PACK+ of SERVICES for CPA FIRMS
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ARE YOU A SIX PACK CPA FIRM?A Practice Management Bootcamp!1. Recruitment &
Retention
2. Realization & Utilization
3. Training & Coaching4. Business Development
5. Leadership Development
6. Succession & Transition