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Lynda Steffens

Join the revolution

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C’mon Join the Accounting Revolution

The recent Australian Open has inspired me to extend my biggest and loudest C’MON to join me in the accounting revolution. My name is Lynda Steffens, I’m an accountant, an introvert and author of the book Accounting Revolution – How To Instantly Connect With Your Clients In a Way That Makes You Money! Why would you want to join this so-called revolution, everything is fine isn’t it?

The Pain of Disconnect

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For too long now, I have watched my accounting friends, colleagues, staff members and clients be overworked and undervalued, struggling to communicate the value of what they do to clients. I’ve spoken with many accountants who are stressed out, overwhelmed and lack any and all motivation or passion to go to work every day.

The only solution they see to this painful existence is to focus on the day they will leave the accounting profession and if they can make that day come sooner then all the better. I see and consult with business owners every week in the same position. Business owners fighting and struggling to keep their heads above water desperately needing help and not knowing where to turn. They certainly are not turning to their accountants, why? Why is there such a disconnect between two groups of people that so desperately need each other?

The Value of Reconnection

The statistics show that profit margins across the accounting industry have been decreasing. The reliance on compliance is still strong and this once solid, robust and guaranteed income stream is slowly but surely being whittled away. Easier, alternative and more cost-effective ways to manage and meet business compliance obligations are popping up everywhere. You know and I know the incredible value accountants bring to a business relationship but no-one else seems to, business owners certainly don’t.

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Is this something you should be worried about? ABSOLUTELY!! The accounting industry is the No. 1, best and most qualified resource for business advice and support. The unrealised and literally immeasurable value in reconnecting with our clients sits and remains untapped. The value of doing more of the work you love, earning more money from clients who value what you do and will happily pay for it, engaged happy teams, business and life becoming less stressed and easier to manage cannot be measured in dollar terms. The value of reconnecting with clients will no doubt show on your bottom line but there is no price you can put on your personal wellbeing and that of your family, it’s priceless.

The Value of Reconnection

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Filled with passion and motivation, bolstered by the value of reconnection being priceless, I knew it was up to me to help, to do something about it, to take away the pain and to solve the problem. Accountants traditionally fill a functional role for businesses, to reconnect we need to be vital to business. The answer is NOT advisory services, well at least not on their own. The answer is changing your conversations and changing your conversations is exactly what The Small Business Project does.

Step by step, using models, scripts, tools and processes that support the structure you need to feel confident and comfortable. It shows you just how easy it is to deliver powerful, reconnecting and vital conversations to your clients.

Sharing TSBP with the world

The Small Business Project was born in 2018 and immediately I knew I needed to share it. I care deeply about the future success of the accounting industry, the industry that has shaped my career and those of countless other professionals. Sharing, The Small Business Project with the world and the accounting industry was a no brainer. I never thought I could write a book, I’m an accountant and an introvert at that, we don’t write books. Turns out I was wrong because Accounting Revolution the book was written, published and launched in just six (6) months. A feat I still don’t quite know how I achieved. The more I share and talk about Accounting Revolution the more people who engage with The Small Business Project the more confirmation I get that it was right to share. Accountants and business owners are telling me it’s changing their businesses and changing their lives, magic!

Let’s be GREAT!

As accountants you’ve been doing a good job of supporting business owners. For the most part business owners around the world are having their compliance and financial needs met. But what about their business and financial wants, are we meeting those? I’ll let you in on a little secret, business owners and our clients know that we know heaps of really cool stuff that could help them, they’re just waiting for us to step up to the plate. We do that and we’ll have their unwavering support. Deep down both you and I know that we have not truly connected with our clients because we’ve not known how too. We’ve failed to bridge the gap between providing a functional service and being a vital one. Because of this our efforts to help our clients and the business community in general have been limited. Join the Accounting Revolution take on The Small Business Project step outside your comfort zone, challenge norms, break down barriers and start doing a great job. Let’s be great together!!!

Click HERE to download the first chapter of Accounting Revolution for FREE!

Increasing Your Advisory Sales

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Business Failure Rates

Three (3) out five (5) businesses fail within the first five years is a very well-known business statistic. It’s liberally rolled out to business owners by well meaning folk attempting to bolster their confidence when things get tough. You’re doing a great job, you’re still in business, they say, you know 3 out 5 businesses fail in the first five years, right so you’re above the average!! Not the most awe-inspiring, confidence boosting, pep talk really is it, lol? It is however a very sobering fact that business failure rates are that high. As a trusted advisor to the business community you have no doubt been doing a good job of keeping compliance obligations under control for our clients. You most likely have a very successful compliance driven business. Then why are 3 out of 5 businesses still failing in the first 5 years? As accountants this should be our statistic to own and I say our because I’m an accountant too. But we don’t do we, own it that is, I think you’d like too but are not quite sure how to go about it so instead we brush it off as just something to be accepted. Well hang that I say, acceptance, shmeptance!! I know we can do better, I know you can do better, this is the key to increasing your advisory sales and breaking the reliance on compliance for good. It’s exactly the reason why I developed The Small Business Project and shared it with the world in my book Accounting Revolution.

Fear of Asking Questions

Not being able to answer client questions is, funnily enough, one of our greatest fears. This fear often stops us from venturing outside of our expert mindset. It keeps us well and truly grounded within our compliance domains, fuelling the limiting belief that we shouldn’t ask questions unless we know the answers.

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You’ve been led to believe that your value lies in the answers you provide, the information and detail you give, the technical accounting and taxation goobly gok that rolls off your tongues almost every single day, that you are the experts. I’m here to tell you that’s simply not true. Absolutely you are the expert in compliance, accounting and tax but when it comes to your client’s business, you are not the expert, they are. We can guide, facilitate, assist, recommend and reassure but we cannot and do not have the answers. If you shift your mindset to one where you are not the expert and you have no expectation of knowing the answer, then the fear goes away. Our clients are the experts in their business they have the answers, our job is to ask the right questions to help them find those answers.

Successfully Sell Advisory Services

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The crucial thing to understand about advisory services is that you cannot deliver them the same way you deliver compliance it simply does not work. I’m guessing you may have had some success selling advisory services to clients. I guarantee these successes have been because the client has required these services to fulfil another need for example the bank needed a cashflow for their finance application.

They purchased these services from you not because they wanted to but because they needed to. To successfully sell business advisory you need 3 things; skills, structure and process. You might not realise but you already have 95% of the skills you need to deliver advisory successfully, the remaining 5% can be found in my book Accounting Revolution. Click HERE to download the first chapter of Accounting Revolution for FREE!

The Small Business Project

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The Small Business Project is an advanced three-phrase program incorporating Business Metamorphosis, Leading Edge Business and Ready Set Coach. It details the structure and process you need to sell advisory services successfully to your clients. Each phase is set out in its entirety in my book Accounting Revolution. Read it for yourself, purchase a copy HERE.

Combining the power of accounting with the best bits of coaching into one powerful modality is the smartest and most effective way to deliver and sell advisory services to your clients. I’ve been an accountant and worked in the accounting industry for a long time, 25+ years of hanging around with accountants and business owners has most certainly had its benefits. My experience and inside perspective has allowed me to develop this unwavering belief that combining coaching and accounting is the smartest thing accountants will ever do. As I roll out The Small Business Project, talk to my clients and get feedback from followers this belief is regularly reinforced.

To find out more about increasing your advisory sales and breaking the reliance on compliance for good, join the revolution and receive regular info on all things revolutionary. Drop us a line at [email protected]

Creating An X Factor Leader

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Creating An X Factor Leader

Authentic leaders in all facets of life have that indescribable X factor. It’s something that you can’t quite put your finger on, but the right person will exude an illuminated presence. A charismatic leader will hold everyone’s attention and will keep them always engaged. However, it is paramount that a leader presents as authentic, and has the desired skills and techniques of true leadership and influence for the continued success of a business.

Often, we are asked to believe that anyone who stands up and proclaims that they are a leader, can actually deliver on these skills. Despite these proclamations it is not real unless you have been taught to be an authentic leader. Authentic leaders ooze confidence, are comfortable in their own skin, embrace their strength and weaknesses and when faced with insurmountable challenges, maintain optimism always. An Authentic leader is always recognisable because they are empathetic to all others. In this, it is relevant to state that you cannot have confidence without empathy.

So the question now is are you a great leader? Do you exude all the strengths of a leader and the empathy to connect you and your staff or clients? A good leader will instill loyalty and calmness and demonstrate confidence when presenting out of the box and unique ideas. The more your leadership skills are utilised the better the results will be for your business. As a leader you will be able to communicate your ideas clearly and concisely. Without these skills you could be the best in your particular business or field of work but could potentially fail if your staff or clientele do not trust your capabilities as an authentic leader.

The most powerful leadership tool is “your own example”.

We all know that our personal experiences add to the educated decisions that we use to lead with. Just as we continue to excel in our given business or field of work, we must also inspire our staff and clients to excel. By making the decisions to confidently change conversations that we wouldn’t have had the courage to do otherwise and give advice based on these changes, you give the client an alternate potential in the growth of their business. To gain their confidence you need to be able to relate to them on their level. In this respect they will be aware that you follow the same parameters and values in the knowledge that you impart to them.

Without being an authentic and skilled leader, you are undeniably going to lose business.

Engaging the client means that you must be familiar with the principles of their business and the direction the client is wanting to take it. The human aspect allows an authentic leader to relate to the client on any level, therefore making the client feel like they are being taken care of, by someone who has an invested and personal interest in their business. Former CEO of Qantas, James Strong made a good point when he expressed, “You have to be willing to put yourself at risk in the way you communicate and interact.” In this statement he reflects on the human and vulnerable aspects when connecting on a deeper level. When this is achieved, we build trust with one another and the clients are more likely to feel comfortable with decisions made by the authentic leader.

Ethics and moral standards are of huge importance to the running of any business. The leader leads by example. Ethics and morals increase the productivity of the business. Upholding these standards projects externally to current and future clients which means further engagement as an authentic leader is likely to be a reality.

Leadership approach must be authentic and incorporate honest behavior as the client will appreciate this most of all and are more likely to accept the advice of change, as I say “Through change comes freedom”

Lynda Steffens
B.Bus CPA JP (QUAL) and Qualified SMJ Speaker

A Shovel can't dig a Hole, tools are just tools!

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You want to dig a hole so the first thing you do is to run out and buy a shovel. You’re very proud of your new, top of the line and somewhat expensive shovel and are quite sure that your hole will be exactly what you need and where you need it. You remove the packaging, install the shovel, stand back and wait for the hole to be dug. But wait a minute……
a shovel can’t dig a hole by itself!

Wondering why the shovel is not doing the job and realising you’re going to have to get involved you start thinking……...

Why are you digging this hole? A hole to plant a tree is very different to a hole dug to lay water pipes. How wide and deep should your hole be, perhaps the sides need to be at a certain angle, how many holes do you need and where is the best place for these holes? You don’t want to dig a great big dirty hole right where your partner has had grand visions for the new outdoor area or the kids swing set. What’s your STRATEGY?

Wait up, are you the best person to dig the hole, you’ve never dug a hole before and you’ve missed a few gym sessions lately, are you fit enough for the job? What can it hurt, maybe you just start and dig one hole, but you need ten, who will dig the rest and when will they dig them? And come to think of it do you even have the time and capacity to dig these holes, what other things will you have to postpone or put off whilst you dig these holes? What PEOPLE do you really need?

Hmmm, what will be the quickest and easiest way to dig these holes? Should the earth be prepared in some way before digging, putting your foot on the top of the shovel whilst digging should make it easier and quicker, how should you dig so you don’t hurt your back, is there a U-tube video you could watch to learn how? What’s your PROCESS?

Whilst you’ve been pondering, time is slipping away and it’s getting hot in the sun. Maybe the shovel is not the right tool for the job after all, a mini-digger would be much better. So, you take the shovel, put it in the shed and leave it to find a dusty home sitting with your other tools never to see the light of day again.

Our industry, the accounting industry, has a plethora of software tools available to us. We often think by investing dollars in them will get our holes dug, but they are just like a shovel, they are simply tools. In the past, I have most certainly been guilty of doing and thinking just like this, by having the best tools (and the more the better) with all the bells and whistles will get the job done or so I thought. Only to find out again and again just like the shovel, some of them sit lonely and abandoned in the shed.

So, what do you do from here, there are so many questions, where are the answers, you need to dig your hole? The answers lie simply in your implementation process. Take the time and effort to think and plan your STRATEGY, your PEOPLE and your PROCESS, in equal measure, before you start to dig your hole or even better before you buy that brand-new shovel! Your time and effort will not be wasted and the lessons learned will reap dividends. Taking a holistic approach and incorporating STRATEGY, PEOPLE & PROCESS in your implementation and the ultimate purchase decisions for tools (because we all still need to buy shovels) will be a much better investment of your time & money.

A shovel can’t dig a hole by itself!

How to Attract great problem solving talent

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Transportation, clean water, power, communications… the profession of engineering has a bright future. But how do you attract and recruit the best engineers?

The days of engineers sitting behind a screen with AutoCAD and no client interaction are limited. Clients want problems solved, solutions provided and relationships that they can trust. Technology can enable this, but not without human interaction. In most cases, companies are looking to recruit engineers who are engaging, confident individuals who can consult with their client base and provide the service levels expected of them.

What do hirers look for when they recruit engineers?

For those managing businesses and attracting talent in the engineering space, this means suitability for a role relies more on the interpersonal skills of engineers. How confident will you be in putting this person in front of your customer? Will they be able to solve issues and provide solutions?

Businesses are less focussed on the projects that individuals have worked on and more interested in the specific role performed, the success achieved and the value added. A significant success as a key player in a $20 million job may be more appealing than a less pivotal role in a $2 billion project.

Why the hiring landscape has changed for engineers

The past five years or more have seen a significant rise of low-cost offshore design centres. Businesses have set up offices in locations such as in India, China, Philippines and South Africa due to their less expensive alternatives to Australia.

Early tales of poor quality work, disjointed communication and work needing to be completely overhauled locally (and therefore negating any commercial value) are becoming thinner on the ground. Better integration of systems, video conferencing technology and investment in upskilling staff in offshore locations have seen company confidence grow.

But what does this mean for those whose roles may have been lost or threatened by these changes and for those whose task is to source and recruit engineers to ensure their business evolves as it needs to?

It is important to note that not all design roles will move offshore. The market in Australia for those with strong design skills will remain. But the comparatively high-cost of work in Australia means that local businesses must do more to represent commercial value.

So the shift we are seeing is that companies want to recruit engineers who can support their business in building or maintaining a strong order book. In other words, those who can bring work in or develop existing relationships to ensure their employer expands their footprint.

So how does HR find top quality when they recruit engineers?

1· Build your personal brand: your standing within your respective market could go a long way to attracting the best. The top talent in the market will be equally motivated to build their own personal brand. This comes down to a strong social media profile, engaging in quality industry discussion, growing a relevant professional network (both internal and external to your organisation), backed up with a reputation for delivering quality work outcomes. Attending that evening networking event after a long day in the office may seem tough, but it could be the smartest piece of work you do that day if you manage to engage with key industry influencers.

2· Use technology to recruit against the softer-skill competencies. Psychometric assessment is good, predictive analytics are better. New generation psychometrics, tailored to the specific competencies you desire provide real insight into potential job fit. Video interviewing is another useful tool providing insights into communication, verbal articulation and presentation skills.

3· Reference checks are crucial and should be conducted before any offer of employment is made, not as a ticked-box exercise at the end of the process. If done early enough, they provide valuable insight, that can guide further probing and assist in building a more complete picture of suitability. References who are friends or close colleagues are pointless, and sadly too common. We should endeavour to speak with the most recent direct manager to whom the candidate was accountable to – if people are unwilling to provide this, then there is usually a reason and it is rarely a good one. Of course if it is a current manager it poses challenges, but wherever possible this should be done. Client input can also be highly insightful, while it is vital to understand how one works internally, client perception is essential in a market where consultative skills are so highly sought after.

Stephen Veness is the group manager of projects & operations at Davidson Recruitment.