Passion, People and Principles
post # 329 — March 13, 2007 — a Strategy post
A primary form of strategic competition among professional firms today is NOT the (direct) competition for clients, nor the (direct) competition for junior employees, but the competition for senior lateral hires who come in to the firm with a ready-made book of business, i.e. “warlords with a following.â€
Building client relationships one at a time is a long slog, and takes persistence and patience. It’s hard to break in to new markets and locations solely by organic growth and patient investment: besides, market opportunities might move too fast to take that opportunity. How much easier to grow by bringing in people with pre-existing practices!
This approach is not unique to the professional sector — it reflects what corporations have long tried to do: increase their corporate return on equity by buying their way in to profitable businesses (and dropping unprofitable ones.)
The success of this approach in the corporate sector has been mixed. The real success of this “portfolio†approach to running (and defining) a firm is not a superior ability to acquire successful businesses, but a superior ability to help them grow once they have joined the “corporate†family. How many corporations have met this standard? How many professional firms, with their focus on attracting “already successful†lateral partners, know how to do this?
My own observation is that firms are playing with fire with this approach. By building the firm on bringing in a high percentage of lateral hires, they compromise the identity, the group cohesiveness, the loyalty that defines a firm. When a firm is managed as if it were nothing more than a portfolio of practitioners, it is unstable. The VERY approach of bringing in lots of laterals works against the thing that would be needed to justify it – the ability to exploit firmwide relationships and connections to expand and build upon the newly acquired practice.
Yet firms cannot have it both ways: they cannot be a cohesive unit and compete primarily by bringing in outsiders who “grew up elsewhere.â€
Or can they?
post # 328 — March 12, 2007 — a General post
It is not uncommon for highly successful people to have some low points in their motivation; finding themselves lacking the accustomed drive and energy that is necessary for continued excellence. It is important, however, to realize that burnout, the ‘imposter syndrome,’ and other causes of decreased performance should not be seen as the end of the road of high self-motivation, but rather understood as a natural process to which there may be concrete, productive answers.
Following on the last episode about Avoiding Procrastination, this week’s podcast episode Sustaining the Momentum discusses how to sustain the excitement, drive & enthusiasm necessary to keep building a successful career.
Timeline
00:30 — An email on the difficulties of sustaining the momentum
01:30 — The commonality of the down time experience
02:45 — The motivational spiral: it works both ways
06:06 — Professionals and the Impostor Syndrome
08:20 — Simple rules for maintaining motivation amongst professionals
11:12 — Carmine Coyote on the underlying cause of burnout: the gap between expectation and result.
12:24 — Emotional self-control
14:46 — A valuable resource for managing and changing your emotional state
You can download Sustaining the Momentum or sign up to receive new Business Masterclass seminars automatically with iTunes or other podcast players. (Click here for step-by-step instructions on how to subscribe.) My seminars are always available for download at no cost.
post # 327 — March 9, 2007 — a Managing, Strategy post
As I reported inmy book PRACTICE WHAT YOU PREACH, one of the hallmarks of the most successful professional businesses is that they recognize that, for long-run success, you must not only delight your clients but also provide interesting, challenging work experiences for your people.
That seems simple enough, but too few firms understand (and implement) the logical consequence: that you must say “no†to clients who treat you or your people badly. Not only must you not employ jerks (as Bob Sutton keeps reminding in his new book), but you must also not accept them as clients.
Richard Ennis, the co-founder and Chairman of the Board of Ennis Knupp Associates (a 100-person consulting firm which provides advice to pension funds and other major investors on how to invest their assets) reports that the key to his organization’s success is that they have been very selective as to which clients they will take on. (They pursue only about 50 percent of the requests to propose that they receive.)
“Let’s face it†he says. “Some clients are nasty. And you can’t expect to hold on to good people, at junior or senior levels, if you bring in work where they are not going to be treated properly.â€
Oh, if only more CEOs and managing partners understood that simple principle.
Does your boss?
When you’re the boss, do you always live by that principle?
Plans and reviews ought to be conducted on a once-every-three-month cycle.
Once a year is, of course, too infrequent. Saying I’ll accomplish something in the next twelve months is like setting New Years’ Resolutions — the pressure for accountability is too little at the beginning of the year, and too intense at the end. Examining whether I did what I promised only after 12 months of effort is unlikely to ensure that I stay on the diligent execution path.
On the other hand, meeting with me and reviewing plans and activities once every month is micromanaging and doesn’t allow for unforeseen circumstances. I can’t ABSOLUTELY promise I’ll get something done in the next 30 days. Who knows what existing client demands will change, what new client opportunities will arise, what staff emergencies and ill-health will affect output? Or (to be honest) how the ups and downs of personal intensity will flow — as my clients keep telling me, you can’t be a dynamo, learning new skills, every month.
But three months is ideal. It’s long enough to work around the world’s unpredictabilities both at work and in people’s personal lives. It’s a long enough leash to make me feel that I have a lot of autonomy in allocating my time, while still keeping me accountable in a period of time that won’t let me go off the rails.
On the other hand, to make it work, the three month-review system mustn’t slip. It must be scheduled, planned for, actionable commitments made and the review actually held. If you want to treat me like a true professional, hold really thorough reviews with strict accountability for action promises made every 3 months — and get off my back in the intervening time period.
Ban monthly budgets!
Abolish annual performance appraisals.
Manage to a 3-month cycle!
(By the way, this rule works on client relationships , too.)
***
Agree, disagree?
post # 325 — March 7, 2007 — a Managing post
I still get calls to help with planning retreats and other kinds of meetings. Alas, it’s still the norm to schedule a lot of speeches and force people into listening mode. Worse, there really isn’t much time planned for serious Q&A.
There’s a better way. Hold meetings where you pose a subject and ask for everyone’s input. Then build from there. People will get involved, they won’t feel threatened and they’ll come away understanding the subject. Even if there is not total agreement, there will be a greater consensus and willingness to try. Because, they always know there will be a point where they can challenge point/issue, etc if they feel the consensus point is not working.
This form of meeting also works to building loyalty—everyone feels they have played a part in the development of a solution. When they feel that what they are doing is their idea—they take pride and ownership in it and are more apt to work harder and be more dedicated to making it work.
Of course, if you’re the boss (or an outside speaker) and see yourself an “expert†in the field, it can take great self-discipline to do it this way! YOu always want to present YOUR latest and greatest idea. Tempting, but ineffective, usually.
post # 324 — March 6, 2007 — a General post
In yesterday’s Boston Globe, (Monday March 05, 2007, Sidekick section, page 3.) there’s a review of my wife’s videocast / blog, startcooking.com. I’ll let it speak for itself!
ONLINE FINDS
By Bobby Hankinson
FOOD
iCooking
startcooking.com
All too often the day ends with a frozen dinner or a visit from the delivery man. It’s not that we don’t want to cook, it’s just that we’re not always sure exactly how.
Enter Startcooking.com — the best thing to happen to clueless cooks since the Hot Pocket.
Hosted by Kathy Maister, a Boston-based former home-ec teacher, the site offers up scrumptious recipes with stop-animation videos as well as tips and basic techniques in blog format. Maister is cooking in real time from her Back Bay kitchen, so viewers can see the equipment, materials and finished product. The videos are expertly edited, and at about two or three minutes each, they don’t wear out the attention span.
Maister’s easy-to-follow presentation of her tasty treats, which lean toward comfort food, is simple without being patronizing and friendly without going all Rachel Ray. There are a lot of cooking guides out there, but this is geared specifically to an audience who may have chosen to spend their time learning a second language or computer programming instead of how to crack an egg.
Since launching in December, the site has quickly become a hot destination on the eb. Startcooking.com was featured on iTunes’ “New and Notable†food podcasts, and Nokia has contacted the site to make it available on N series phones — that way the show can assist aspiring chefs right in the kitchen or grocery store. It’s also been nominated for a 2007 weblog Award.
“I’ve never had so much fulfillment in my life as I’ve had doing this,†Maister said.
After checking out the site, we may have found a way to give ourselves some fulfillment without pestering the delivery man.
Now here’s the challenge for you all: What’s the best way for her to find a sponsor for her site?
post # 323 — March 5, 2007 — a General post
Many of us struggle against the perils of procrastination. We postpone tasks until the very last minute, and sometimes beyond, and risk our reputations for productivity and quality.
As you progress during your career, it’s likely that you will not be managed as closely or as tightly, and the more you will need to learn self-management. You have to take responsibility for dealing with procrastination in order to succeed — and to avoid sabotaging your career.
In today’s podcast, Avoiding Procrastination, we explore the reasons behind procrastination, and look at basic tips and advanced techniques for overcoming procrastination to increase your productivity, success, and enjoyment of your job.
(By the way, for those of you reading this as a form of procrastination…..well, you know what to do!)
Timeline
00:29 — The widespread epidemic of procrastination
02:33 — Preparation for the task at hand
04:48 — Alternating between a multitude of tasks
07:26 — The importance of focus on a motivating purpose
08:36 — Learning how to start
12:04 — Sustaining the momentum
12:41 — More advanced techniques
You can download Avoiding Procrastination or sign up to receive new Business Masterclass seminars automatically with iTunes or other podcast players. (Click here for step-by-step instructions on how to subscribe.) My seminars are always available for download at no cost.
post # 322 — March 4, 2007 — a General post
With the entertainment industry spilling over with award ceremonies in the past few weeks, there have been a lot of thank you speeches flying around. Well, I’m taking my turn to thank the academy, too.
Following on yesterday’s post about the audience participation that drives the top 5 posts of the month, I’d like to take a moment to offer a genuine and heart-felt thank the many people who comment and link here, and also the “silent participants†who may not leave a comment but are loyal readers, for your support and engagement in the month of February. You truly make up an academy of passion, people, and principles.
Commentors
Susan Abbott, Roma Ahuja, Greg Anderson, Andreas, Basquette, Richard Becker, Harry Binswanger, Austin Bob, Wally Bock, Pepita Bos, Jerk Bosses, Bob Brown, Eric Brown, Duncan Bucknell, Shawn Callahan, James Cherkoff, Chuck, Geoff Considine, Ctd, Krishna De, Kathleen DeFilippo, Deborah, Chris Denny, Stephen Downes, Lance Dunkin, Francis M. Egenias, Heidi Ehlers, Eoecho | Greg Magnus, Christopher Marston, Esq, Jordan Furlong, Tom Future, Adrian G., Edward Gabrielse, Heather Gallegos, Gautam, Michelle Golden, Marcel Goldstein, Phil Gott, Mark Gould, Charles H. Green, Greg, Lisa Guinn, Sudhir Hasbe, Gl Hoffman, PreSchool Hopeful, Dominique Hubart, Alan Hudson, Huey, Carl Isenburg, Jennifer, Jill, Timothy Johnson, Rami Kantari, Tim Khaner, David Kirk, Delaney Kirk, Alexander Kjerulf, Ed Kless, Ed Kless, Howard Krais, Greg Krauska, John Labbe, Dave Livingston, Stephanie Lunn, Carolyn Manning, Jim Markham, Andre (Redbeard) Mazerolle, Pat McGraw, Jim McHugh, Peggy McKee, Francine McKenna, Patrick J. McKenna, Merusavarni, Mike, Warren Miller, Maggie Milne, William Moon, Janet H. Moore, Karen Morath, Kobus Muller, Tom Nixon, Pd, Peggy, Robert M. Randall, Anne Reed, Lyman Reed, Steve Roesler, Sarah, Bryan I. Schwartz, Shamelle, Mark Shead, Steve Shu, Andrew Smith, Dan Smith, Srini, Alan Stevens, Terry, Kathleen OBrien Thompson, Todd, Tom, Tom “Bald Dog” Varjan, Penelope Trunk, Rick Turoczy, Peter Vajda, Marjorie Vincent, Ashutosh Wakankar, Ashutosh Wakankar, Ellen Weber, Susie Wee, Joerg Weisner, Ian Welsh, Mary Wynne-wynter, Mary Wynne-wynter, Liz Zitzow
Trackbacks
A Passion for Result
Accountants Round Up
All Things Workplace
allinthemind (also: here)
Beyond Blinking Lights and Acronyms
BIZ GROWTH NEWS
Book Novels
Bryan C. Fleming (also: here)
Burst Creativity
Business for enjoyment’s sake
Client Service Insights (CSI) (also: here)
Connecting Technology, Strategy and Execution
CPA Success
Creating a Better Life (also: here, here)
CRM Lowdown
Cultivate GREATNESS | Personal Development
David V. Lorenzo
Deliberations
DIGITAL STREET JOURNAL
Frontline Leadership TRENDS
Gautam Ghosh – A Management Consultant’s Blog (also: here)
GNIF Brain Blogger
Hakim Abdullah
Half an Hour
Health Care Law Blog
Home Business Opportunity
HomeBusinessWiz.com
Innovate Rotary!
Innovation | Trust
InsureBlog
?????????? @ ????
Johnnie Moore’s Weblog
Kent Blumberg
Kishore Balakrishnan?s Blog
Laura’s Winning Ideas
MabelandHarry (also: here, here, here)
Managing the Professional Services Firm
Managment by Matrices
Mary Books
Mighty Bargain Hunter
Misleading Advertising Law
More than a living
MyRetailCareer
Online Guide to Mediation
Peter’s ponderables
Pick the Brain
political Calculations
Possibly?maybe?.baby!
Reading Recommendations by Stephen Hicks
Redbeard Marketing
SalesMotivation.net
SalesTeamTools
Savoir pratique
Searchlight Crusade
Simplify This
SmartCoolRich
Software Project Management
SOME ASSEMBLY REQUIRED
StartupSpark
Strategic Design | marketing & branding thoughts by Nick Rice
TamsPalm-the Palm OS Blog
texanomex
Text Books
The AntiSyphus Effect
The Book’s Den
The Dragon Slayer’s Guide to Life
The Engaging Brand
The Organic Leadership Blog
The Probabilist . com (also: here)
Thoughts & Philosophies
Three Star Leadership Blog (also: here)
Towards Better Life
TrackKnacks: Aptitude Wizard Watch
Uncommon Knowledge.
Unjustly
Verve Coaching (also: here)
Web Worker Daily
Widows Quest
Working at Home on the Internet
Young-Manager (also: here, here
Podcast Trackbacks
Accountants Round Up
All Things Workplace
Burst Creativity
Cultivate GREATNESS | Personal Development
Frontline Leadership TRENDS (also: here)
Home Business Opportunity
jbstens
MabelandHarry
Managment by Matrices
SalesMotivation.net
SmartCoolRich
SOME ASSEMBLY REQUIRED
post # 321 — March 3, 2007 — a General post
I don’t usually pay attention to press releases that I receive, but this one I thought was worth passing on:
PITTSBURGH, February 28, 2007 —Bob Gallagher, a Pittsburgh CPA and management consultant to CPA firms nationwide, appears on The Oprah Winfrey Show, Friday, March 9, 2007, with author/movie superstar Denzel Washington and WNBA/Detroit Shockers basketball all-star, Swin Cash. This show originally aired on October 31, 2006 and the producers have decided to re-air the show.
Cash lovingly calls Gallagher her “Paps†and writes:
“He was always telling me to give back, always preaching about the cycle of poverty and bad decisions and hardship… He’s always in the background, always just a great cheerleader and supporter… Bob never had an agenda other than to help me become the person, the basketball player, and the woman I am today… There’s so much that comes down to race in our society today. But a beautiful story like this one — a white man reaching out to help a young African-American girl — had nothing to do with color of our skin.â€
Gallagher and Cash met through the Western Pennsylvania Youth Basketball Club, Inc. (www.usagirlshoops.com), which he founded in 1990. At the time they were introduced, Cash was an 11-year old living with her single mother in McKeesport, a suburb of Pittsburgh.
After Cash’s developmental years in McKeesport, she went on to play basketball at the University of Connecticut, winning two national titles; captured a WNBA title in her second season with Detroit; played in the 2003 WNBA All-Star game; and won the gold medal with the U.S. women’s basketball team in the 2004 Olympics.
Gallagher is the former managing partner of a CPA firm in Pittsburgh, and a former partner with a Big Four firm, and for the past 20 years has consulted with more than 700 CPA firms as well as led many workshops for more than 1,200 CPAs on leadership, business development and management.
Gallagher has continued to support the basketball club by raising more than $1 million to help it continue to fulfill its mission. He has maintained this passionate support in memory of his young niece — his twin brother’s daughter — who died in 1992. His over-arching goal for the past 16 years has been to provide inspiration and better choices for underprivileged girls.
post # 320 — — a General post
In Trite Formula? I asked why performers always thank their audience. Sometimes, it’s actually because they ARE grateful! And sometimes it’s because the audience really is a major part of the experience and the show!
So I’m going to offer a special thank you here to all those who contributed to make these posts the most read, linked and discussed ideas here in the month of February. And to the “pure audience†members: don’t just sit there, clap your hands!
- Perspectives on Careers
Twelve tips to seize control of your career and take responsibility for your own success, with a collection of great responses and reactions from readers.
- What Managers Do Least Well
A discussion of why managers are perceived to do such a bad job of dealing with underperformers.
- Ayn Rand
Ayn Rand’s philosophy of enlightened self-interest remains a major influence on my thinking — and clearly resonates with many readers of this blog as well.
- Self-Promotion
A lively discussion about why we find it hard to market ourselves, and what we can do about it. (Don’t miss out on the Business Masterclass podcast episode, Self Promotion which incorporates reader’s contributions on the same topic.)
- A Case Study in Professional Ethics
Do you have the guts to “take it on the chin†for mistakes on your team, even when it is a junior’s fault, or your client hasn’t noticed the mistake?
If you still have ideas or opinions to add in to these or any other discussions on the blog, please join in!
