Category Archives: Professional Development

Zero Nag Threshold: Four Tips for Developing a Reliable Reputation

One of the constant frustrations for many professionals is having to follow up again and again to resolve matters. None of us like to be nagged, and I doubt too many get pleasure out of nagging others. Constantly following up wastes time, consumes mental energy that can better be allocated elsewhere, and can damage trust and collegiality. Tempers can run short on both sides of a dysfunctional relationship when nagging is the mode of operation.

Here are some tips for setting your nag threshold at zero so that coworkers, bosses, vendors, customers, and others can rely on you to handle matters the first time:

  • Communicate – Listen to the concerns that are expressed by your business counterparts. Ask open-ended questions to get to the root cause of the matter. Don’t jump to conclusions or seek out quick and easy fixes, but recognize the variables and ambiguity of each scenario. Sometimes the problem solving process takes time, and it is important to communicate all along the way.
  • Provide updates – Along with the previous consideration, be sure to proactively let others know where the issue stands. If you do this before they ask, by definition no nagging will ever come into play. Perhaps you are waiting on information from another person or organization. Let your counterparts know that you have followed up, that you have so far handled the matter to the extent that you could, that you will keep pressing for answers, and when they can expect the next update.
  • Don’t dish off – I recently had a representative from a well-known national managed services provider tell me several times that she had passed my matters off to different groups in her organization. Evidently those groups had the same lack of excitement to handle my problems as she had. She had not previously demonstrated a satisfactory level of understanding about the problems I brought up, so I asked to speak with members of one of those groups. Her response was that the group did not have a “call center” to interface directly with customers. So I pointed out that she was the only contact I had with the organization, and as far as I was concerned, it didn’t matter which group was supposed to solve my problem. She was the person I had access to speak with and was relying on to handle client concerns, so the problems were squarely on her plate. She did not give a good impression for her organization because she did not take ownership of my problem that I was relying on her to solve. She did not follow the steps of communicating, following up, and working the matter to full resolution.
  • Manage expectations – If you tell someone you intend to have information to them in three days but that becomes impossible for some reason, don’t wait until day four or even day three to mention this. Manage expectations all along the way as soon as new information is available. Your counterpart might be relying on you for the information on day 3, but if you can provide an update on day 2, the counterpart might be able to readjust in time to avert a crisis. Anytime we can know what to expect so as to avoid problems, even if it means making adjustments to previous plans, we’ll take it.

Showing a consistent pattern of taking responsibility will enable people to rely on you. Because reliability is a rare commodity, you will be that much closer to making yourself indispensable in your key business relationships.

When it Comes to Motivating Employees, Money is Only the Tip of the Iceberg

Everyone tries to get more for less. This is a foundational axiom of the economics profession. We allocate our scarce resources in a manner that we believe will maximize our satisfaction.

We might expect, as a corollary principle, that everyone wants to work less and get paid more. This is true to an extent, but it’s not quite that simple. Some people attain fulfillment out of their work. Indeed, many people would like to attain even more fulfillment out of their work. Thus, while money is important, it is often not the driving factor behind motivation. Furthermore, for those whose work is fulfilling, working less is not always the highest priority either.

The question then becomes, how does a business leader make employees’ work fulfilling for its own sake?

Many professionals are driven by a sense of personal achievement and success. When they start a new job they like the feeling that they are learning new skills and quickly contributing to a team. They like to be part of a bigger vision that will create new opportunities for growth, responsibility, and compensation (yes, including a larger paycheck).

Thus, the first step is for senior management to articulate and model a clearly defined vision. This can be captured in a vision statement about where the organization is headed. The organization should also have a mission statement that communicates what the enterprise is and what it does. Finally, the organization needs goals that help define the purpose for each function and role.

Helping the owners make more money for themselves isn’t the most compelling vision for most employees to latch onto. Employees enjoy listening to their favorite station, WIIFM: “What’s in it for me?” Senior management can best help themselves when they clearly define for employees what’s in it for them.

I suggest challenging employees to latch onto the company’s vision and to define their own goals and development plan within the organization. Management should not pretend to have the prerogative or role of owning the careers of the employees but should help the employees understand how they can fit into the team. Don’t make the environment conducive to the employees who prefer someone to hold their hand and spoon-feed them through the complexities and challenges of work life. Each employee has the ultimate personal stake in career development and should assume the burdens and rewards of the development process. This is the type of employee who can help the organization thrive.

Almost everybody wants to make more money. That’s no secret. However, satisfaction and motivation on the job is more complex than simply being able to expect increases in pay over time. Motivated professionals want the ability to demonstrate their value and earn their higher salaries. Employees will attain a sense of achievement if they know they are contributing to the vision and mission of the organization, staying on track with personal and organizational goals, and developing career skills to attain higher levels of professional success.

The CFO’s Focus: Numbers or People?

“I like numbers.” If you’re a finance professional, this is the best cliche answer to avoid when responding to the question, “Why did you choose accounting (or finance) as a career?” Although we might like this answer because it is straightforward and we can’t think of anything else to say, our profession offers many opportunities to add value in the marketplace. Thus, we can better position ourselves if we have a reason for our work beyond “liking numbers.”

Traditionally, some of the best words to describe finance and accounting practitioners have been “logical,” “linear,” and “task-oriented.” However, business trainer Tom Steiner suggests adding a flavor of emotion into our professional dealings. The Journal of Accountancy drew some insights from Dr. Steiner on A nontraditional approach to financial management, and here are some of his tips:

  • Have a “positive mental attitude” (PMA). When challenges arise, rather than emulating C-class companies by cutting costs or B-class companies by hunkering down, “A-class companies create new niches and pump people up.” See your opportunities positively rather than being negative about challenges.
  • Respond quickly to changes rather than taking too much time and blaming your situation. Be agile in light of inevitable and rapid changes, and have short-term plans for best-case, worst-case, and middle of the road scenarios.
  • Securing trust is the best way to ensure rapid response to change. Actively work on building trust rather than asserting authority over employees whose trust you have not earned.
  • Help people get excited by making their work meaningful. Senior management needs to give clear guidance on the mission, vision, and values of the organization.

Dr. Steiner says to focus more on people than numbers. Read the entire article and check out Dr. Steiner’s website.

Always Be Confident

Years ago I had an unusual experience in a job interview. When I had trouble answering one of the interviewer’s questions he calmly told me, “Always be confident.” This was a real-life lesson in being prepared and knowledgeable. I appreciated the advice.

Confidence is a very important aspect of one’s personal brand. People are more likely to trust and rely upon others who give the impression of confidence. On the flip side, there are some unscrupulous people who know very little about what they are doing but act confident nonetheless. They can use their own confidence, even when coupled with incompetence, to manipulate others into misplaced trust. This can easily morph into outright fraud, which is when the description of “con man” (i.e., a perpetrator of a “confidence scheme”) applies.

I have noticed that almost everyone is sensitive about money. Given that finance professionals deal with money at the heart and center of their work, they can expect to handle scenarios in which this natural sensitivity surfaces from their colleagues, employers, customers, vendors, and others who rely upon them. Employees of the business will come with payroll or benefit questions. Vendors will inquire about payment status. Senior management will ask any and every question under the sun regarding the business’ financial standing. Important keys to gaining trust include knowing your stuff, answering accurately and timely, and being confident.

A tone of uncertainty will create doubt in others’ minds. There are ways to handle situations when you don’t immediately know an answer without giving the impression of incompetence or lack of confidence. Rather than giving a deer in the headlights look, say, “I have that information available, just give me a moment to look it up for you.”

Be on guard against automatically trusting people who exude confidence. At the same time, recognize that this need for vigilance exists because of the natural human tendency to trust others who display confidence. Use this to your advantage. As long as you have integrity and knowledge, you have every reason to be demonstrate confidence in your professional dealings. People will trust you in the long run if you back up your confidence with proof of your competence.

Begin to Think About Your Personal Brand

Just as cattle ranchers brand their livestock to identify their owners, successful businesses devote attention and resources to distinguish their brands in the minds of their target customer base.

If ranchers use branding to mark out their cattle and if businesses use branding to position their products, can an individual apply this concept of branding in a professional context?

Everyone has a brand. Few people think about this. Even fewer people actively manage their personal brands. This means you have an advantage if you become self-aware of your own branding and take active steps to position yourself effectively. We can begin to conceptualize personal branding using the “Four P’s of marketing”:

  • Product — As compared to a large business with a range of products and services, the “product” you have to offer is your array of knowledge, skills, aptitudes, character, habits, and so forth. The better idea you have of what you can do and what you want to do professionally, the better you will be set up to distinguish yourself in the minds of your target market (whether an employer, a client base, a group of customers, etc.).
  • Price — This concept has two dimensions. First, what price are you willing to pay to brand yourself? Just as a business pays to build its brand, you will have to spend time learning, thinking, and planning; this implies an opportunity cost, as you have to give up alternative uses of your time. You might have to spend money on certain attributes of your personal brand, as well. Secondly (and more to the point of the “Price” concept in the four P’s of marketing), what is your price requirement for making yourself available to your target market? You have to always focus on what you can give in your business relationships, but you also need to have an idea of what you want to get out of your endeavors.
  • Place — Within the “Four P’s” concept, this refers to the distribution channels for making products and services available to the market. If you are an employee, you will primarily focus on distributing your set of services in the context of your job.
  • Promotion — You can utilize means such as building a website for professional networking and knowledge and skill development (e.g., research topics and write blog posts and informational products as you increase your knowledge in your field). You can attend events and seminars. You can send your cover letter and resume to potential employers. Additionally, the habits you develop and the way you carry yourself will speak volumes as to your personal brand.

I plan to explore more of the nuts and bolts of personal branding in future installments.

Communications 101: Listen More than You Talk

Who is wiser, the person who talks a lot or the person who listens the most? Clearly, people who listen well are among the wisest. First, they gain valuable insights from others. Secondly, they avoid revealing their own ignorance or incompetence. “Talk is cheap,” and those who talk the most often deliver the least in terms of tangible results. Better to remain silent and obscure than to make a big splash but fizzle out with nothing to show for all the fanfare.

In communicating, don’t just “hear” what others say, but truly “listen.” Tune in and try to understand the other person’s point of view. Valid or invalid, reasonable or unreasonable, you have to understand where the other person is coming from in order to have meaningful dialog and a significant relationship. Business leaders can never be isolated but must engage with their teams. Listening is vital.

I am impressed with people who have insightful questions and who truly listen. They give the impression of being wiser than most. Because of this, I often come away from those types of conversations wishing that I had asked more questions, listened more, and talked less.

I have also learned that people enjoy talking about themselves and what they do. Ask them engaging questions about what they’re interested in the most, themselves. You will be popular, not because of the brilliant and witty insights you articulate, but because of your attentiveness.

Finally, think before you speak. Never hesitate to listen and engage. When it comes to talking, less is often better.

The Number One Way to Gain Your Employer’s Trust

All of us have seen or heard of situations in which an agent (e.g., an employee) abuses the trust of his principal (e.g., the employer). Business theorists refer to this as an “agency problem,” the conflict of interest that exists when an agent looks out for his own interests above (and to the detriment of) the interests of his principal.

One of my mentors, a finance executive, once explained that he tried to manage the company’s money “as if it were my own.” He set a good example: Just as he would watch his own finances with eagle eyes, he paid careful attention to his employer’s money. By demonstrating a pattern of due professional care, he clearly demonstrated that he took his fiduciary responsibility seriously.

The best way to gain your employer’s trust starts with your own mindset: Treat your employer’s resources as if they were your own.

Your employer will trust you if you demonstrate a pattern of careful analysis and decision-making. You must exercise due diligence in small as well as large areas. Wisely manage resources that have been entrusted to you and areas of oversight that have been delegated to you.

Your ability to negotiate for a better stake in the future of the enterprise will be enhanced if you prove that you have the organization’s best interests at heart, not just your own best interests.

Vision Clarifies Dreams and Goals Make Your Mission a Reality

No matter your background in life, if you are reading this, it’s clear that you have a mind and capabilities to work toward success. You can make a choice to take ownership of your career and be proactive to build a track record of achievement. As you progress, you will find great benefit in strategic planning. Start with your dreams, clarify these with vision, craft your mission statement to define your calling, and set goals to stay on track. What is the best way to approach this process?

Radio host and personal finance guru Dave Ramsey wrote a book for small business owners called EntreLeadership. His third chapter, “Start with a Dream, End with a Goal,” contains some helpful insights on each step, which I summarize below:

Dreaming – This is great because it demonstrates you have hope and the energy to win, but you don’t want to stop with merely being a “dreamer” who can’t deliver.

Vision – Being able to see a path forward provides clarity to eventually translate your dreams into action for yourself and/or your team. Constantly communicate and reinforce your vision to yourself and the people with whom you work.

Mission statement – Further clarify and define your dreams and vision so that you know what you are about. This helps creates your organizational culture (or in the case of an individual, your “personal brand”) and defines the value for every role or task. This helps you prioritize, focus, and decide when to say “no” to opportunities that are outside the bounds of your calling. The mission statement includes the following:

  1. What – your skills and abilities
  2. How – your personality traits
  3. Why – values, dreams, and passions

Goals – This is where the dreams, vision, and mission become practical and down to earth. There is a “wheel of life,” which includes the following spokes or areas in which to set goals (be intentional and don’t neglect any one of these, even the areas in which you are weak):

  1. Career
  2. Financial
  3. Spiritual
  4. Physical
  5. Intellectual
  6. Family
  7. Social

Furthermore, there are five necessary attributes for goal-making success:

  1. Specific – not vague (e.g., “I want to lose ten pounds” rather than “I want to lose weight”)
  2. Measurable – this leads to measurable progress, or traction
  3. Time limit – this helps you stay focused and on track so that your goal is not merely something you want to “eventually” (i.e., never) accomplish
  4. Your goals – you must own the goal, and it must be derived from your dream in order for you to have the motivation to overcome many inevitable challenges
  5. In writing – many people fail at this point, but the successful ones almost invariably have written goals

Consider these helpful tips as you formulate a career development plan: Dream big dreams. Then clarify your dreams with vision. Define your vision in terms of a mission. Finally, make your mission a reality with goals.

Give a Sincere “Thanks” to Those Who Help You

Many of us spend our working days solving problems, analyzing details, and (if we find some spare moments) thinking of ways to improve our businesses. Frequent complaints and negatives — from vendors, customers, coworkers, and others — can create a drag, zapping energy and productivity.

Look for opportunities to freshen and energize the environment by expressing gratitude.

Treating people like people, rather than like machines or animals, can work wonders for your relationships in various walks of life. If your coworker, your employee, or your boss helps you, say “thanks” — preferably within earshot of others within the organization. This is a sincere way to show that you value others’ contributions to your success and the success of the organization.

When someone helps me solve a problem — even if they helped create the problem or even if they’re “just doing their job” — I make a point to thank them. They often appreciate the gesture. And they are often willing to help more in the future.

Gratitude is a good attribute to include in your personal brand.

The Top Seven Ways to Kill Your Chance for a Raise

Anytime you ask someone to exchange resources — time, money, etc. — for something of value that you provide, you are engaging in the sales process. Any basic sales and marketing training program will emphasize that a sales person has to focus on articulating and demonstrating the value and benefits that can be delivered to the buyer. Consider: When was the last time you parted with your hard-earned resources without expecting value and benefit in return? Clearly, the answer is “never.” A buyer’s basic mindset doesn’t include concern for the salesperson’s well-being but rather, “What’s in it for me?”

Unfortunately, too many people forget that negotiating salary is fundamentally a sales situation. They insult the intelligence of the buyer (their employer) when they use reasons such as the following for why they deserve or need a raise:

7. “I’m Buying a House”
6. “I’m Having a Baby”
5. “I Can’t Pay My Bills”
4. “I Always Show Up to Work on Time”
3. “I’ve Never Asked for a Raise Before”
2. “I’ve Worked Here for ____ Years”
1. “My Coworkers Make More Than I Do”

Here are some tips drawn from the article:

  • Brainstorm legitimate reasons why you deserve a raise, and be prepared to articulate these to your employer
  • Show a consistent pattern of exceeding expectations, not just meeting them, and help your employer see that this pattern will continue
  • Your personal financial burdens are not your employer’s problem and should not be brought in to salary negotiations; you want to negotiate from a position of strength, not weakness
  • Focus on your achievements, how you have benefited the company, and how you plan to do so into the future
  • Don’t highlight your bare minimum performance because this is not raise-worthy
  • Answer the question that is implicit in your employer’s mind, “What have you done for me lately?”
  • In short, focus on relevant negotiation points that will resonate with your employer

Whether you are an employee or employer, you can benefit from understanding legitimate vs. irrelevant reasons for negotiating a raise.