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Leading An Accounting Firm: The Pyramid of Success

Leading An Accounting Firm: The Pyramid of Success

  • Author:
  • Publisher: John Wiley & Sons
  • ISBN: 9780870519970
  • Published In: May 2017
  • Format: Paperback , 400 pages
  • Jurisdiction: International ? Disclaimer:
    Countri(es) stated herein are used as reference only

List Price: HKD 710.00

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  • Description 
  • Contents 
  • Author 
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    The secret ingredient to any successful firm is great leadership. Fortunately, this new book demonstrates that great leadership skills can be nurtured and learned.

    Using the model of the pyramid to illustrate his concept, author Troy Waugh builds a case for ongoing leadership development, guiding you through the essential ideas and practices that are at the core of great leadership and great firms. Using this powerful framework, you can improve your personal leadership and build great leaders around you.

    Developed specifically for CPA firm leaders, it covers the full spectrum of leadership development, including:

    • Leading Self
    • Leading Staff
    • Leading Strategy
    • Leading Systems
    • Leading Synergy

    Plus, you’ll hear from more than 40 of the profession’s top leaders. Recognizing the multitude of approaches to leadership, Waugh reached out to colleagues in some of the most well-led firms in the profession and asked them to share their leadership experience and philosophies.

  • Foreword ix

    Preface xi

    Acknowledgments xv

    About the Author xvii

    Chapter 1—Why Leadership Matters 1

    Leading the Brightest of the Bright 2

    Leading the Organization 5

    The Leader’s Role—Influencing

    Mission, Vision, and Values 6

    Losing Focus 7

    A Sad Tale (Tail!) 8

    Leading Versus Managing 8

    You Need Both 9

    New Skills 9

    Are Leaders Born or Are They Built? 10

    Types of Leaders 11

    Effective Leaders Must Be Humble 12

    Challenges of Leadership 13

    The Measure of a Leader 14

    Conclusion 18

    Section 1—Leading Self 19

    Chapter 2—Self-Knowledge: The Inner Accelerator 25

    Your Leadership Style 26

    The Value of Self-Knowledge 28

    Characteristics of Good Leaders 29

    The Crisis of Success 32

    Building Leadership Ability for Better Effectiveness 33

    Commit to the Process 34

    Opening Up for Growth 34

    Build on Strengths or Improve Your Weaknesses? 36

    Experience Matters 37

    Building Self-Knowledge 39

    Self-Knowledge Through Interaction With Others 9

    The Undeniable Link: Lifelong Self-Learning and Leadership 40

    Self-Knowledge for a Fulfilled Life 41

    Conclusion 42

    Chapter 3—Trust: The Leadership Imperative 43

    Trust Is a Competitive Advantage Inside and Out 45

    Dimensions of Trustworthiness 48

    Consulting Experiences 49

    Delegation 49

    A Healthy Meeting Among Toxic Ones 49

    Integrity 50

    Group Dynamics 50

    Intent 50

    Invested in Trust 50

    Rebuilding Trust Takes Time 50

    Lessons From Consulting Experiences 50

    Levels of Trust Development 51

    Building Trust 54

    Building Organizational Trust 55

    When Trust Is Broken 58

    Rebuilding Trust 58

    Conclusion 62

    Chapter 4—Critical Thinking: Creating Your Future 63

    What Is Critical Thinking? 65

    Thinking Standards 66

    Critical Thinking Applied: Phil Holthouse 68

    Depth and Breadth 68

    Logic 69

    Significance 69

    Fairness 69

    Applying Critical Thinking 70

    Myths About Thinking 71

    Leading an Accounting Firm

    Learning to Think Critically—Like a Leader 72

    Purpose 72

    Question 73

    Information 73

    Concepts 74

    Inference 75

    Assumption 75

    Point of View 75

    Implications 76

    Relationship of the Elements 76

    Conclusion 77

    Chapter 5—Preparation: Ready for Seizing Opportunity 79

    Preparation, Preparation, Preparation 82

    Developing Your Leadership Skills 84

    Laying the Groundwork by Seeking Input From Others 84

    Preparing to Lead Strategic Initiatives 85

    Step 1—Prepare a High-Resolution Picture of the End Game 86

    Step 2—Clarify Each Staff Member’s Role 88

    Step 3—Assessing Potential Opportunities 88

    Step 4—Understanding Possible Threats 88

    Step 5—Gather and Review Relevant Research 89

    Step 6—Budgeting Time, People, and Money 89

    Step 7—Develop the Initiative Game Plan 90

    Step 8—Launch the Initiative With Overwhelming Power 90

    Preparation Is for Action 91

    Getting Started 92

    Conclusion 93

    Chapter 6—Self-Discipline: Be the Master, Not the Victim 97

    Leadership Demands Sacrifice 99

    Self-Discipline Makes You the Best You Can Be 101

    Your Inner Circle Values 102

    Delay of Gratification 102

    Five Qualities of Self-Discipline 103

    Self-Knowledge 103

    Strong Relationships 104

    Commitment 105

    Living Your Values 105

    Self-Coaching 106

    What Are We Leading Toward? 108

    Focused Growth Is a Priority 109

    Using Self-Discipline to Focus 110

    Building Habits of Self-Discipline 111

    Invest Five Minutes Each Morning to Meditate on the Major Areas of Your Life 112

    Make Self-Discipline a Part of Your Daily Ritual 112

    Dedicate Yourself to Lifelong Learning 113

    Accept Responsibility 113

    Face Your Fear to Develop Courage 113

    The Truth About Self-Discipline 114

    Conclusion 114

    Section 2—Leading Staff 115

    Chapter 7—Teaching, Coaching, and Mentoring: Multiplying Your Leadership 121

    Developing Skills Over a Career 123

    Training Begins One on One 125

    Teaching 126

    Training Programs Demonstrate Your Commitment to People 126

    A Plan for Adult Learners 127

    Creating Purposeful Training 130

    Coaching 133

    Working One-on-One Raises Your Commitment and Retention 133

    On-the-Job Training Helps Coaches and Mentors 134

    The Leap From Coaching to Mentoring 136

    Great Leaders Mentor 137

    Mentoring: Benefits for the Firm 139

    Conclusion: The Impact of Training 143

    Chapter 8—Accountability: Trust but Verify 145

    Why Is Accountability So Important in Business? 146

    Accountability Is the Opposite of Permissiveness 148

    Increasing Accountability 148

    Measuring Accountability 151

    How Does Individual Responsibility Factor Into a Group Setting? 152

    What Should Partners Know About Performance Measurement? 153

    Positive Results of Performance Measurement 154

    Implementing Accountability for Positive Results 154

    Accountability Through Measurement: Scorecards and Performance Pay 155

    Ways to Establish Staff Member Accountability 156

    Establish Accountability Through Communication—Set Expectations and Reinforce Success 157

    Accountability Through Measurement 158

    An Introduction to Measuring Performance 158

    After Measuring, Now What? 161

    Setting Goals 161

    Frequent Feedback 161

    Coaching 162

    Performance Scorecard 163

    Performance Pay 165

    Keeping a Well-Rounded Perspective 165

    Conclusion 166

    Chapter 9—Challenging Personal Growth: Leading the Whole Person 167

    A Path to a Better Person 169

    Personal Growth, Firm Growth 170

    Growing Pains 170

    Intentional Success 173

    Barriers to Personal Growth 174

    Dealing With Change 176

    Overcoming Barriers 177

    Rule 1: Believe in the Meaning of Your Work 177

    Rule 2: Communicate Regularly and Honestly With Team Members 178

    Rule 3: Leaders Must Always Be Moving Toward the Larger Goals 178

    Rule 4: Recognize Your Team Members 178

    Finding Balance 179

    Tips for Achieving Personal Growth 180

    Conclusion 183

    Chapter 10—Empowerment: The Secret to Exponential Growth 185

    What Is Empowerment Really? 186

    Keys to Effective Empowerment 187

    Existing Leadership Philosophies 190

    Mistakes: Both Risky and Rewarding 190

    Empowering Members of a Team 191

    Principles of Empowerment 192

    Leading an Accounting Firm Develop a Rational Shared Vision 192

    Provide Training and Information for Good Decisions 193

    Raise the Level of Conflict 193

    Allocate Proper Resources 193

    Reward Staff Members for Empowered Behavior 194

    Trust People 194

    Working With Teams 196

    Shared Mission 198

    Mutual Respect and Trust 198

    Frequent Substantive Communication 198

    Shared Processes 198

    Different Talents 198

    Adaptability and Flexibility 198

    Continuous Improvement 198

    Building Highly Empowered Teams and Firms 199

    The Seven Elements of Empowerment for Teams 199

    Communication 200

    Conflict Engagement 200

    Contribution 201

    Connections 201

    Cooperation 202

    Change Initiators 203

    Commitment 203

    Conclusion 203

    Section 3—Leading Strategy 205

    Vision (Chapter 11) 206

    Mission (Chapter 13) 207

    Values (Chapter 12) 207

    Next Steps: Goals and Objectives 209

    Goals 209

    Objectives 210

    The Role of Strategies and Initiatives 210

    Example Plan 211

    Vision 211

    Mission 211

    Strategy 211

    Goal 211

    Objective 211

    Action Plan 211

    Chapter 11—Vision: Reality in the Future 213

    Vision: What It Is and Why You Need One 214

    Making the Vision Real for Your Staff Members 217

    Our Vision Shapes Our Future 219

    The First Vision 219

    The Value of a Vision 220

    Building Your Vision 223

    Get a Mental Start 223

    Developing a Vision Statement 224

    Things to Keep in Mind as You Begin 224

    Bake In the Buy-In 225

    Communicating Your Vision 227

    Don’t Limit Your Vision 227

    Common Stumbling Blocks 228

    Strategies for Success 230

    Conclusion 231

    Chapter 12—Values: The Character, Actions, and Outcomes 233

    The Purpose of Core Values 235

    Core Values as Standards or Aspirations 236

    Core Values Are Worthless Unless They Govern 237

    Finding Your Values 238

    The Elements of Core Values 241

    Our Principles of Service and Communication 241

    Go Deep 241

    Be Responsible 242

    Understand First 242

    Deliver Excellence 242

    Never Assume 242

    Make Their Day 242

    Invest in Myself 242

    Are Strong Values Realistic? 243

    Leading by Example 244

    Core Values Help Frame Our Behavior 245

    Sustaining Core Values 245

    Conclusion 247

    Chapter 13—Mission: Making a Difference 249

    The Benefits of a Mission 252

    Clarifying Your Mission 254

    What Do We Do? 254

    How Do We Do It? 254

    For Whom Do We Do It? 255

    More Than One Mission? Maybe So2 55

    Six Steps to Developing a Mission Statement 256

    Exercise 13-1: Client Statement 257

    Exercise 13-2: Problem Statement 258

    Exercise 13-3: Statement of Purpose 259

    Exercise 13-4: Business Statement 260

    Exercise 13-5: Value Statement 261

    Exercise 13-6: Writing a Mission Statement 262

    Problems to Keep in Mind 263

    Developing a Personal Mission Statement 265

    Exercise 13-7: Personal Mission Statement 265

    Sample Personal Mission Statement Development 266

    Past Successes 266

    Core Values 266

    Identify Contributions 266

    Identify Goals 266

    Mission Statement 266

    Final Thoughts 267

    Conclusion 268

    Section 4—Leading Systems 269

    Chapter 14—Managing Processes for Your Future Firm 273

    Setting up Business Processes 274

    Advantages to Structured Procedures 277

    More Consistent Results 277

    Measurable Outcomes 277

    Training for Team Members Improves 278

    Benefits of Creating the Process 278

    Establish Standards, Policies, and Procedures 278

    Improve the Consistency of the Client Experience 279

    Standardizing Work-Flow Management 279

    Process Should Follow Strategy 280

    Manage to a Written Strategic Plan 281

    Management for the Future 282

    The Balanced Scorecard Framework 283

    Selecting the Right KPIs 284

    Standardizing KPIs 285

    Business Process Management Overview 286

    BPM Activities 287

    Design 287

    Modeling 287

    Execution 288

    Measuring 288

    Optimization 288

    Issues to Look Out For 289

    Conclusion 289

    Chapter 15—Building the Future Firm Continuously 291

    Commit to Continuous Improvement 293

    Critical Success Factors for Change and Growth 295

    Leading an Accounting Firm Building a System to Manage Change and Improve Processes 296

    Six Sigma 297

    Lean Processes 298

    Kaizen 299

    Flowcharts for Seeing and Improving Processes 302

    The Benefits of Continuous Improvement 304

    Conclusion 305

    Section 5—Leading Synergy 307

    Strategic Alignment 308

    Objectives Alignment 308

    Internal Alignment 308

    Chapter 16—Synergy and Alignment: One Plus One Equals Three 313

    Building a Shared Purpose 315

    Leadership in Tough Times 317

    Crisis: Realities and Constructions 319

    Understanding 321

    Decision Making and Coordinating 321

    Terminating 322

    Accounting 322

    Learning 322

    Teamwork 323

    Leading Teams for Synergy 324

    Team Development 325

    Forming 325

    Storming 327

    Norming 327

    Performing 328

    Conclusion 328

    Chapter 17—Sustaining Leadership: The Ultimate Succession Plan 331

    Developing Your Leaders From Within 335

    Approaches to Succession Planning 336

    Top Down 337

    Bottom Up 338

    Futuring 339

    Targeting Approach 340

    Succession Planning Versus the Traditional Replacement Method 342

    Potential Labor Crisis 343

    Challenges of Implementation 343

    Why Succession Plans Fail 344

    Your Leadership Development Program 345

    Overall Approach 345

    Define the Leadership Competencies for Each Level 346

    Assess Potential Candidates 347

    Measure Leadership Styles 347

    Refer to Your Developmental Process 347

    Build the Next Generation of Leaders 348

    Prepare a Nomination and Application Process for the Program 349

    Selecting Partner Leaders 351

    Rename Your Next CEO as the Leading Partner 351

    Choosing the Lead Partner 352

    More of Choosing a Leader 354

    Can a Leader Serve Clients? 356

    Conclusion 356

    Appendix A: 357

    Appendix B: 359

    Appendix C: 363

    Appendix D: 367

    Appendix E: 369

    Appendix F: 377

  • Troy Waugh is the author of 3 books and has been selected as one of the 100 most influential people in the accounting profession for 7 years in a row by Accounting Today magazine. As a leading consultant to the profession, Troy and his team have helped firms add more than $800 million in new business through their services.

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