Mark Twain said it best, “Good decisions come from experience, and experience comes from bad decisions.”
I’ve spent a lot of time in business, most of which has been spent making every mistake imaginable. From dealing with team members and clients, these are some of the principles I discovered during my time in the trenches (in no particular order).
- Re: Team Members — No job is unimportant.
Everyone contributes to the success of the business. Without a dishwasher, the renowned chef cannot deliver. There should be NO hierarchy of importance. The client does not get serviced if the trash is not taken out and printer filled with ink.
One of the best managers I worked for a long time ago was named Matt H. It was one of my very first jobs ever (that wasn’t contracting), at a beer / liquor store in the City of Buffalo. There was several tasks that were filthy and totally sucked. I remember that if Matt had the availability, he would always come help with the dirtiest of jobs and say “I wouldn’t ask you to do anything I wouldn’t do myself.”
This always stuck with me. It made me feel like I was really helping to do something important, no matter how insignificant the task seemed. It also built respect for this manager who wasn’t afraid to get dirty with his team. It was one of the first (and few) real life examples I’ve seen of ‘leading from the front.’ It’s a principle that I’ve always taken with me on my journey as a leader
2. Re: Clients — Treat every client as if they’re my best, biggest.
I was 20 years old. Newborn just arrived, finishing undergrad, looking to start my first business. I was surfing the internet and a pop-up appeared talking about Property & Casualty Insurance. I had no idea what this meant, but I knew I was going to need some kind of Business Liability Insurance, so I entered my information into the form and sent it off (something that I’d NEVER do today).
The next day I received a call from an incredibly pleasant lady (named Kathy) and –believe me when I tell you — class was in session. She spent so much time educating me on insurance and business that someone overhearing the conversation would have mistaken me for her biggest client. Not only was I a very very small prospect, but at the time, I didn’t even have a business!
When the time came, guess who I called. That’s right, I called Kathy! I have been incredibly loyal to her ever since and have referred thousands of dollars in premiums. She has been one of my most trusted advisors ever since my first year in business.
This experience has translated into one of my biggest hypothesis in business: If I help clients put food on the table when they are small, they will be loyal to me the rest of their careers, resulting in tremendous value and plenty of fees throughout the life of the relationship. (It’s called playing the long game).
If accounting firms (especially) were to focus on these smaller, less profitable clients early in their development, these clients will turn into the major ‘whales’ the firm spends so many resources to attract later in the game. A long – term focus would lead to greater purpose and profitability.
We should make every effort to optimize every clients’ situation, no matter how small.
This flows right into my third principle:
3. Re: Clients, Team Members — Integrity is Everything!
We do the right thing because that’s how we conduct ourselves in every situation. NOT screwing people over, making things right even if it’s difficult, and staying consistent with core beliefs is how my team and I have built our careers.
The world is an incredibly small place and I fully believe in karmic debt. What we put out to the world we get back, this is a universal truth. Even more true, we don’t get the same energy BACK (at some later point), it’s already been DONE! For every action, there is an equal and opposite reaction, meaning that when we act without integrity, there’s already an opposing action that has been put into the universe.
I prefer not to let those vibes out into the universe — it’s much too costly in the long run. However, the opposite is also true (luckily). When I act with 100% integrity and consistently, the universe rewards me with an equal amount of abundance. I fully believe this is why I’ve had so many incredible people want to come work with me lately — the positive vibes attracting the same.
4. Re: Clients — Always be Patient
In my accounting practice, it’s very common for clients come to us (and other professionals in the industry) confused, overwhelmed, and misinformed. Sometimes, they can be very difficult to deal with, and many many accounting professionals have a hard time relating to these peoples’ situation and become frustrated and impatient (and the client knows it).
These professionals never have known what it’s like NOT TO KNOW. These accountants have always known accounting principles, how taxes work, and management best practices. Fortunately and unfortunately, I HAVE BEEN IN THE POSITION of being positively clueless and overwhelmed. I remember all too well what it was like being misinformed, uneducated, and trying to find a professional to educate me to a higher level.
We need to understand what people are going through and the battles they are fighting. Being patient, ALWAYS BEING PATIENT, can make a world of difference to them and completely change their lives (literally). We need to be the guiding light, the educator, and the calm voice that always answers.
5. Re: Clients, Team Members — Hospitality extends WAY beyond the food service industry
When most of us think of the word hospitality, I’m willing to bet we think of the food service industry. Unfortunately, this is a word that they should teach in business courses designed for every industry. Going above and beyond the call of duty and exceeding all expectations should be commonplace in business. Unfortunately, it is the exception rather than the rule.
In accounting, an example of this is being proactive. Most accountants are so focused on income tax filings that they don’t realize it has put them into a completely reactionary state of mind. The year passes AND THEN we file the taxes. The client calls AND THEN we help them. The business is in trouble AND THEN we solve their problems. The IRS sends a letter AND THEN we do things correctly. Wrong, wrong, and wrong.
When we focus on our clients’ needs more than our own, we begin to give them what they need BEFORE they ask for it. Or better yet, before they even know they need it! And that add tremendous value and helps them in a tremendous way.
6. Re: Team Members — Unlimited Time Off is A Requirement
I never understood asking someone else for permission to go do what makes me feel fulfilled. Why should my time be dictated by someone else’s mood? I believe in freedom, and if there’s someone that tells you where to be and what to do, then you aren’t really free.
Some people do find comfort in having these parameters – seeing it as structure to lean on – and it’ll be there, but won’t be mandatory. As long as our clients are taken care of and our deadlines (if any) are met, then don’t just sit and waste away in an office. Go! Leave! Get in a workout, play with your kids, enjoy your life, we only have one!
7. Re: Team Members — Always Be On Time
I’ve always been early. When I was little I used to look forward to sports games, meetings, literally ANY activity. I hated sitting at home doing nothing (and still do). My grandmother, who took me to most of these events was never able to drive on the thru-way. Which meant we had to leave extra early for everything because we always had to take secondary streets. So between my enthusiasm and her slow driving, being early became a habit.
In business, it has suited me well. If you’re late going into a meeting, especially with a potential client, you might have completely blown the deal before you even got an opportunity to speak! Being on time sends a message of preparedness and respect — two critical things to have when dealing with people.
8. Re: Clients, Team Members — Extreme Honesty & Constructive Feedback
