For Accountants Running Their Own Practices & Client Portfolios – What to do when it’s all getting a bit too much…

However good an accountant you are, and however great your firm is, there are times when the frustrations, stresses and worries of your role can feel like they are closing in on you. It can be a temporary challenge and you are able to drive your way through. On other occasions though, they appear insurmountable […]

However good an accountant you are, and however great your firm is, there are times when the frustrations, stresses and worries of your role can feel like they are closing in on you. It can be a temporary challenge and you are able to drive your way through. On other occasions though, they appear insurmountable and you can’t see your way past. How am I going to get all this done? How do I put this right? How do I solve this? How do I get back on track?  Sometimes the sheer weight of the challenges, the apparently unsolvable nature of the issues or the constant pressure of the demands stands in front of you like dense black forest. How do I get through this?

Well, take it from someone who has been there on many occasions, it can be done. Here are my top tips for shining a torch into the trees in order to light up the pathways.

Run around in a panic or charge on regardless and you’ll end up running into a tree or getting hopelessly lost. No matter how pressurised you are by time or deadlines you need to stop what you’re doing, right now!  We’ll get back to the pressing matters of the day shortly but, for now, its time to recognise that you need to take back control. It’s time to start doing things differently.

Okay, now breathe. Frustration often arises out of a sense of losing control or influence. As the frustration rises, so your clarity of thought and decision making are impeded and you’re not going to resolve your current challenges if you’re not thinking smartly. You need to break away, think of something different and give your mind a rest. Ideally, take some time away from the situation. How much depends on you and practicalities but somewhere between a walk and a coffee and two weeks in the sun. You don’t necessarily need to get away from the business, just the issues that are getting inside your head. Do something else for a while.

Having calmed down and cleared your head, its time to remind yourself about what you are actually trying to achieve here. As you lose control you lose focus so we need to get that back. If your troubles are firm-wide then its time to think about the core goals and values in your business. What really matters? What are my true objectives? If the problems are of a more task-based nature then how do they fit into the grand scale of things? You’re looking to introduce a better sense of perspective, a more focussed view. You’re not looking to fix anything at this point, just to put your challenges into context.

Now look again at your challenges but this time with a clear head and a better perspective. Put to one side the outcomes that you would wish for and instead look at those that you can realistically achieve or influence. If there are challenges that you simply cannot fix then it is better to recognise the fact and turn your attentions to how you deal with that, rather than waste time and emotional energy worrying about something that you cannot address. For example, your preferred outcome maybe to achieve a certain task to standard and to deadline. However, if that is impossible to achieve then it is better to accept that and turn your thoughts to how you manage that situation rather than keep on banging your head against a brick wall that isn’t going to give. You may not want to face the truth but it’s the only thing you can fix in this scenario. You should be focussed on what you can do, not what you can’t.

Now you’re being realistic and, more importantly, looking at things we can address rather than things we wish we could fix. Now to prioritise these, identify those that you can address and those that you need help in addressing.

Once you’ve done both, go back to your revisited plan from point 3. above and drop these actions in.

What’s the best way to eat an elephant?….One bite at a time! It’s a well worn phrase but so relevant when the challenges that you face seem insurmountable. Rarely is there one grand solution, a magic button if you like, to fix a situation. Instead, its carrying out lots of tiny actions, one at a time, that will move you forward and eventually demolish the elephant. Rather than sitting staring at the elephant on your plate, pick up your knife and take your first slice. There is still a great big elephant left but its not quite as big as it was. Now take your next slice….

The most important I’ve deliberately left until last. Running your own firm or portfolio can be a lonely place. Everything stops at you. Everyone turns to you. Who do you have?

Talk to someone but, crucially, talk to someone who is at least one step removed from you and your business so that the emotion or the self interest doesn’t cloud their view.  The greatest value that an accountant has to their clients is the ability to see their businesses and their challenges from a different perspective. Every business leader needs this and you are no exception. Regardless of how well you work on your firm rather than in it (and only you will know the honest answer to that) there are times when you are too close to see the right call. Certainly there are times when you need someone else to be honest with you about you own judgement and performance.

A true mentor is a facilitator, sounding board and critical friend. Someone to support you, challenge you and get the best out of you. Without someone in that role you face your challenges alone by choice and miss out on key asset. Don’t do that.

Get yourself a mentor!