Tag Career | Jenifer Bartman

April 5, 2016 by Jenifer Bartman

Getting Started: Preparing for the world of entrepreneurial adventure (Finance & Business Acumen)

Published by CPA Canada in Careervision

You’ve spent a good portion of your career in the business world, working with those who manage, keep track of the numbers, and hopefully understand it well. In addition to this practical experience, you’ve probably spent a number of years completing formal business and finance study. It’s easy to take management and finance for granted, when it’s a big part of what you and those around you do on a daily basis.

Although entrepreneurs tend to end up in the leadership role in startup companies (often by default), most lack actual business experience; this is particularly true in terms of finance. The bulk of the emphasis tends to be placed on the product, service, or technology (entrepreneurs are typically guilty of this!), resulting in the business and finance aspects that are so important to any company being overlooked. This can also be a function of entrepreneurs simply preferring to spend their time on what they love, and it isn’t accounting.

Those who have formal education and experience in these areas have knowledge and skills to offer to startup companies, to a degree much more than they realize. What’s important is to understand what the real needs are and why, so that the opportunity to prepare in advance isn’t missed.

Why it Matters

As already explored in this series, startup companies lack the stability of more established businesses, and one of the main areas of risk is cash flow, closely followed by the challenge of attracting investment capital to support growth. Non-financial entrepreneurs typically don’t realize the degree to which their venture is at risk in financial terms, nor do they understand the needs of early stage investors, when it comes to raising capital.

As a result, startups often find themselves in double trouble: (i) short of cash and the skills to manage it; and (ii) an inability to provide the financial oversight and reporting that investors require. The outcome, too often, is a predictable death spiral, where these two factors get caught in an endless loop, resulting in the business running out of cash and being unable to generate what’s required in order to stop the plunge.

Get Started

Chances are that you have underestimated just how much the business and finance skills that you have learned and practiced are of value to startup companies. Put a lid on the typical excitement and hype associated with new technologies and opportunities and focus instead on accentuating the value of what you have to offer:

Become acquainted with the “hands on” finance role: Since startup companies are small, the “accounting person” often has to do it all: transaction entry, generating financial statements, and dealing with billing and banking matters. Recognize that startup work is much more involved than a lofty oversight role and that the buck will truly stop with you.
Map out routine processes: Make the most of limited time by developing checklists to guide task completion, including on a weekly and monthly basis. Most entrepreneurs don’t have the financial experience to do this and it will make everyone’s life easier, as well as provide the discipline that investors seek.
Revisit financial accounting, in reporting terms: Recognize that internal reporting and recordkeeping often differ from what external parties expect to see. In order to keep investors and financial institutions happy, ensure that you’re able to produce monthly financial statements in the standard financial accounting format.
Master cash flow management: Being able to manage cash with confidence is critical, and may not be a skill that is practiced much while working in a larger company. Cash flow management is not an area to be learned on Day One of working with a startup, so get lots of advance practice now.
Learn about what investors require: Early stage investors look for a qualified person in the Finance Chair, as it’s this individual who will take care of their investment. Recognize this and seek to learn about their particular needs, in terms of reporting and ongoing operation of the finance function.

Early stage investors recognize that the majority (if not the vast majority) of startup companies fail. There are a variety of reasons for this, including products that aren’t competitive in the marketplace and an inability to attract enough customers. What’s more typically the problem, however, is poor execution on the part of Management, in terms of not running the business well. At the core is often a lack of financial acumen, resulting in the company running out of money before it even had a chance to get started.

March 22, 2016 by Jenifer Bartman

Leaving a Leadership Legacy: Big Skills in the Leadership Space

Published by The Canadian Society of Club Managers in CMQ (Winter, 2016)

Most people recognize that leaders have the ability to impact many aspects of an organization. One of the key areas is people, including staff and management team members at all levels. There is a perception that leadership involves guiding the masses, who, if not for the leader, might never find their way forward. This is a concept that is quite dated.

Leaders have the ability to create an organization that is empowered at every level, in terms of continuous learning, improvement, advancement, and dare we say, independence. Envision a place where staff members understand their role, take steps to perform it efficiently, apply innovation and improvement where it makes sense to do so, and strive to take on and learn more. Staff members know what to do and how to work well with others, putting their hand up only when help is needed. Micromanagement isn’t practiced here.

Instead, managers are able to free themselves from mundane and repetitive tasks that consume far too much time in a given day: the questions of what to do, who should do it, and why. Instead, they are able to focus on things that actually improve how a club functions, is perceived in the marketplace, and perhaps most importantly, where it’s going in the future. If this sounds like an elusive place that doesn’t exist, think again. It’s all a product of what empowered leadership can do.

Trouble in the Club

One of the realities of being a leader is that the higher you rise, the more people you have reporting to you. Although many might represent indirect reporting relationships that don’t actually interact with you on a daily basis, rest assured that they are out there, keeping a keen eye on how you lead. When leaders operate on a basis of insecurity, indifference, or a lack of purpose, a wide range of negative outcomes can result. Regardless, there is a missed opportunity to “leave the place better than you found it”, in terms of advancing the capability of staff and management team members and how they approach their roles.

Believe it or not, some leaders have a strong need to be “needed”; to be the referral point for all the questions, the one who provides all of the directions, and is the proverbial “smartest person in the room”. This type of approach misses the opportunity for staff members to stand on their own two feet and creates an unhealthy dependence on the leader (for both the organization and its people). Looking sharp in this type of environment actually doesn’t make you valuable; rather, such leaders are a barrier to an organization’s ability to grow and make progress.

Leading Large

One of the most powerful things that leaders can do is put everyone in the organization in a position to do more. Development can be fostered well when it starts at the top, as an example of how all staff and management team members should operate. Here’s how to get started on the empowerment path:

Focus on the bigger picture. Insecurity can arise from scenarios where people feel that they are “giving up” something to someone else. Delegating some of your tasks to a member of your senior team shouldn’t create feelings of insecurity, such as “what if they do a better job?”; rather, it should increase the level of organizational performance overall, a goal in which you should find comfort.
Establish professional development plans. Performance management shouldn’t just focus on what a staff member did in the past or where they currently are. Include an action plan of two to three items that are to be successfully learned over the next six-month period, such as taking on a new area of responsibility or completing a training program. This approach helps to keep the focus on progress that can be applied, measured, and built upon.
Be a learning organization. Make it a requirement for all staff and management team members to commit to learning on an ongoing basis. Approaches could include taking on new responsibilities, completing courses or training programs, or mentoring a peer. Remember that teaching and transferring knowledge is also learning.
Don’t settle for less. Seek to replace those who aren’t on board or don’t consider development to be part of their job description. Negative attitudes and opting out of what’s expected don’t just harm the role at hand, they also hold back the rest of the organization. Effective leaders can’t afford to carry this type of baggage.
Reinforce the vision. Remind staff and management team members that your organization is a place of excellence where everyone can soar. Show them how this behavior fits with where the organization can go in the future. An environment where people see the opportunity to make progress in their role and are empowered to do so is a great place to be.

Developing and empowering staff and management team members to a level of independent competence represents an opportunity to create a lasting legacy. If you think that sounds powerful, that’s because it is! Those who have the courage and ability to make it happen differentiate themselves in the leadership arena more than they know.

in Career / Leadership / Succession Planning 0 comments

February 29, 2016 by Jenifer Bartman

Getting Started: Preparing for the world of entrepreneurial adventure (Discipline)

Published by CPA Canada in CareerVision

The word “entrepreneurial” is often associated with a freewheeling, zig-zagging, devil-may-care, caution-into-the-wind type of attitude. Although it’s true that the ideas and new ways of doing things that are typically associated with startup companies require some creative thought, this is not all that’s needed. In fact, one of the things that is surprising about young companies is just how much discipline they need in order to be successful.

Startups are focused on building: new companies, new products and services, new markets, new ways of doing things. Like any construction project, this is best done by building on solid ground, starting with the site, a good foundation, and using tactics that are tried and true. Although this particular house might include some new features or ideas (think geothermal heating or windows that provide privacy with the flick of a switch!), most construction fundamentals still need to be in place. Why is this the case? Simply because it’s important to put evolution into practice within a stable environment, as combining too many new things at once can cause the structure to come tumbling down.

This type of balanced progress (or evolution under control) resonates well with early stage investors, as it raises the likelihood of overall success. It also serves as a means to manage and mitigate risk, which is something that we have already explored in this series. Understanding that the sound business practices and discipline that are learned in the corporate world shouldn’t be abandoned; but, rather, leveraged and built upon, is a key area of opportunity for anyone entering a startup company.

Why it Matters

When something is young; be it a child, a puppy, or a company, it needs more structure, not less. Think about the last time you learned how to do something: in order to understand the task, your role, and the implications of doing it right (or wrong!), it was necessary to pay careful attention to the lesson, understand what needed to be done (and how), practice, and perhaps take corrective action (or refer back to the manual) in order to get it right. Startup companies really aren’t much different than these examples.

What runs against the grain of what early stage investors know to be true is when young companies do the opposite (remember that devil-may-care attitude?), applying good business practices just about nowhere. If the intent to is make a new way of doing things work for the long term, it has to be supported by the fundamentals; business planning, financial management, implementation monitoring, and defined roles and responsibilities are just a few examples of the discipline that should be in place. In many startup companies, an investor would be challenged to find any of these practices!

Get Started

Benefit from the established fundamental business practices that are typically present in large companies by learning how to incorporate them with discipline into a startup environment:

Dust off that textbook: Although it might have been a while since you’ve held the student viewpoint, recognize what is part of good, old fashioned fundamental business practices and undertake the discipline to learn how to put (and keep) them in place. Areas to think and learn about include planning, budgeting, assigning tasks, monitoring performance, documentation, and roles and responsibilities.

Practice recognizing where business fundamentals can be applied: Regardless of the environment, there is a place for good business practices. Learn how to transfer what you have observed and worked with in a corporate environment to that of a startup business. Resist the temptation to fall into the “it can’t be done” trap; experienced investors know that it can be done.

Learn more about what you don’t know: While in the relative stability of an established organization, take the time to learn more about areas with which you are less familiar. Research, courses, and new job responsibilities are all strategies for learning.

Test your ability to perform on a disciplined basis: What sounds simple “on paper” is typically much more of a challenge when it’s put into practice. Pursue opportunities to take learning to a practical level and be sure to take note of how performance could be improved.

Think in both the short and long term: Short term thinking tends to equate with getting things done, while a long term mindset is more about putting policies and procedures into place. Recognize that investors expect to see both: the track record of what has been achieved and established practices in a business to demonstrate discipline and ongoing value.

When you take the time to think about a startup company in the context of other things that are early in their developmental stage, it is blatantly obvious that much structure and attention are needed in order to shepherd a neophyte safely into the future. By separating the creative process of generating ideas from the disciplined approach of building, it’s possible to fully recognize the stark differences between the two. This is what early stage investors see every time.

in Business & Strategic Planning / Career / Entrepreneurs 0 comments

January 7, 2016 by Jenifer Bartman

Getting Started: Preparing for the world of entrepreneurial adventure (Early Stage Financing)

Published by CPA Canada in CareerVision

One thing that most start up companies have in common is a lack of resources, including people, capital, and “stuff”. The root of this shortfall (or the thing that can resolve it) is money, something that can be hard to come by in the startup world. Once entrepreneurs have exhausted their own funds, and often that of friends, family, and anyone else they can convince, the only remaining option is to find an investor. This is a big step for many young companies, as it represents the first time that the money ask goes outside of “the circle”.

There’s another important reason why approaching an investor is such a significant step, and it is simply this: most entrepreneurs have no idea what investors need to know in order to make an investment decision. Put another way, investors, be they experienced angels or institutional funds (such as venture capitalists) have very specific expectations in terms of the information they require. This includes content and format, as well as fitting within the investor’s particular mandate. While it might sound simple, it’s anything but, and most of what investors receive doesn’t meet their needs at all.

Life in a corporate job usually doesn’t involve spending time in this area, especially in terms of just how critical it is to success. Financing matters are typically handled by others, and access to this type of external party is limited. In this series, our focus is on understanding the significant differences between a startup environment and the corporate world so that you can place a greater amount of emphasis on developing some of the skills that will serve you well in advance of when they’re actually needed. So far, areas we’ve considered include risk, rejection, and money. Understanding the expectations of early stage investors couldn’t be more important!

Why it Matters

Entrepreneurs tend to show a lot of confidence when discussing the topic of investors. They’re excited about the product/service they’ve developed, and generally expect that others will be equally impressed. Comments like “so-and-so wants to invest” or “is ready to cut a cheque” are often heard, but as the process moves forward, these seemingly slam-dunk situations tend to fade. Impressed or not, entrepreneurs are often left to wonder where the money went.

A big part of the reason for this is that young companies lack the ability to package an investment opportunity in a manner that meets the needs of investors. Be it the business plan that lacks context, too much emphasis on the product, or a financial forecast with questionable assumptions (or none at all; startups can’t forecast!), investors aren’t buying. Entrepreneurs tend to respond by offering up information that is used to run the business, or even worse, more technical information, in the hopes that the tide will turn. No such luck.

Get Started

Not understanding the needs of early stage investors is a very common problem in the start up world. Rise above it by taking the time to understand what investors want to know, well in advance of when the bank account is empty:

Research the topic of early stage financing: Venture capital and angel investing are specialized areas that are not understood well, and reading about it in a text book isn’t sufficient. Tap into resources produced by investor networks, associations, and similar sources to understand how it works and the preparation that is required.

Recognize that investors have specific needs: Many entrepreneurs simply do not do this. They believe that all they have to do is provide “what they have” and the investor will adapt. In a world where deal opportunities vastly outnumber the supply of capital, this isn’t likely to happen anytime soon.

Learn how to write a business plan: Bypass the folklore that “investors don’t read business plans”; they do. In addition, they challenge entrepreneurs on their business model, target markets, and the financial outcome of implementing the plan. All of these areas are very difficult to address well in the absence of having developed an investor ready business plan.

Network with experienced advisors: Those who specialize in the area of early stage financing have a clear understanding what is needed to raise the likelihood of getting to yes. Although there are no guarantees in life, their expertise can be invaluable. Look for those with a demonstrated early stage financing background, such as a former venture capitalist.

Practice accepting rejection gracefully: As simple as it sounds, doing this well can be the difference between ultimately receiving capital and burning your bridges. Chances are, you won’t raise money on the first (or even on the tenth!) try, so learn how to make the most of these interactions by asking questions, seeking out network contacts, and leaving a professional impression. Too many entrepreneurs do the opposite.

Thinking that your product or service is so great that investors will line up to put money in is a path to failure. If there is a scenario out there where all of the stars will line up to secure easy capital, chances are, it won’t be your company. These are rough lessons that are best learned before they happen, so take the time to understand the complex world of early stage investing and prepare for it.

in Career / Early Stage Financing / Entrepreneurs / Financing 0 comments

October 8, 2015 by Jenifer Bartman

Getting Started: Preparing for the world of entrepreneurial adventure (Rejection)

Published by CPA Canada in CareerVision

Chances are, you’ve had some real success in your life thus far. Perhaps, you’ve graduated with a business degree, obtained a professional designation, won a job or two, and maybe even received some awards or honours along the way. Although you might have experienced some disappointments, they tend to pale in comparison to the accomplishments that are well worth celebrating.

As you progress in your career, the odds are that you might experience a setback or two unlike anything you’ve encountered thus far. As the stakes get higher, the likelihood of success can get proportionately smaller, and what keeps us trying is the realization that the potential rewards are often greater. Having said that, in the corporate world, jobs can be like buses, with another one coming along at any moment. If you miss the first one, sit tight, as another opportunity isn’t far away. There is a certain kind of comfort in this.

Working with a start up company can be quite different in this regard, and it’s important to understand the implications if you’re considering making the switch from a corporate job. In this series, our focus is on understanding the significant differences between a startup environment and the corporate world so that you can put a greater emphasis on developing some of the skills that will serve you well in advance of when they’re actually needed. So far, we’ve considered the implications of risk, the ever expanding job description, and money. Let’s talk about rejection.

Why it Matters

If you’ve met someone who works with a startup company, they can probably tell you lots about the upside; the excitement, thrill of doing something new, and the opportunity to “chart your own course” (they will soon learn otherwise!). What they probably don’t talk much about are the odds of getting to the point of real success, which can be startlingly bleak.

With an abundance of new ventures launching wherever you look, the reality is they are challenged to find the necessary resources, customers, and capital to be successful. In a world where demand far exceeds supply, many upstarts don’t last very long. This reality is particularly true in the case of seeking the necessary capital to expand products, market effectively, and support growth. Many entrepreneurs consider this to be the easy part, as who wouldn’t want to support their venture? As the months go by, it becomes clear that just getting an investor meeting is difficult, much less making a pitch and getting funded.

In reality, the odds are stacked against startup companies. Chances are that your venture will be rejected again and again; by potential customers, investors, and partners. Those that work with startup companies, regardless of their level of success in life thus far, are likely to face rejection in a way that they never have before. This can be disheartening, as well as quite a shock to the system.

Get Started

Although no one likes to spend time thinking about the downside, doing so is a good way to strategize to get to a better place. This includes planning to face rejection and how to rise above it:

Develop sound problem solving skills: Those who find resilience in difficult times tend to have an ability to think creatively and solve problems. As simple as it sounds, many people just aren’t very resourceful and lack the ability to determine what to do next. Practice problem solving by approaching situations with a Plan B, Plan C, and even a Plan D. Make it a “game” for yourself to strategize how you might get over hurdles, even in situations where they don’t actually occur.
Adopt a flexible mindset: Those who last the longest during difficult times perhaps have the greatest ability to be flexible, in terms of adapting to circumstances that are different than what was expected. If funding isn’t received when anticipated, or turns out to be less than planned, surviving the setback can be all about how flexible a company can be.
Learn about early stage financing: Since financing is so integral to success and so elusive at the start up stage, it’s an important area to learn about, sooner rather than later. Understanding how this niche area works and what investors look for can help you to be better prepared to respond to challenging situations.
Have an outlet for countering setbacks: Rejection and setbacks are stressful, and having a coping mechanism for challenges that are unlike anything previously experienced is important in order to keep going. Find what works for you, be it creative interests, sports, exercise, or meditation and practice on a regular basis. The startup world is truly a marathon and it’s important to develop longevity.

Preparation won’t end rejection, but it might help to make it less frequent. It will also put you in a better position to withstand the many setbacks that will come and find the ingenuity and wherewithal to keep going. The entrepreneurial world isn’t like where you’ve been. You’ve got to train for it.

in Career / Early Stage Financing / Entrepreneurs 0 comments

September 21, 2015 by Jenifer Bartman

COVER STORY: Managing People- Understanding the strengths and weaknesses of your team

As featured on the cover and published by The Canadian Society of Club Managers in CMQ (Winter, 2015)

It’s obvious that people make the business world “go round”, and clubs are no different. The complexity associated with people only increases when you enter the senior ranks, as club managers are typically faced with staff related tasks and relationships that include many components: recruitment, motivation, role definition, performance management, and broader supervision are only a few. These areas must be considered specifically in terms of team members in senior level roles, which typically have a significant impact on an organization (positive or negative), more complex tasks, and a limited talent pool from which to draw candidates. Perhaps, the result of this complexity is that the human resource aspect of a club management role often isn’t addressed as fully as it should be.

There is a lot that club managers need to consider and understand when it comes to dealing with staff members, particularly in terms of their senior team. This includes knowing when action is required, in terms of hiring, firing, supervising, and simply providing support and giving people room to do their job. Such an uncommon talent, of what to do and when to do it, can best be cultivated through personal awareness and practice, while keeping in mind the ultimate goal of creating a senior team that has the right skills and experience and well crafted roles, as well as a balance of support and direction. Sound unachievable? Think of it as something to strive for and an opportunity to seek out practical advice that can help to guide the process.

As discussed in the last issue, there are fundamental skills that successful senior leaders typically exhibit and consistently practice, in terms of the approach that is taken to fulfil their role on a personal level. Here’s more about the why making a concerted effort to manage people well is so important at the leadership level.

Trouble in the Club

Like many businesses, clubs are busy places. When the list of tasks is longer than what can be reasonably achieved in a day (or a week, or a year), it’s human nature to focus on the areas that represent a “comfort zone” of where we feel most competent in terms of our ability to make progress. This often doesn’t include human resource matters!

Human resource related responsibilities, such as recruitment, performance management, and coaching can be time consuming and often represent the proverbial “can that gets kicked down the road”, particularly in busy times. There is considerable risk in this practice, in terms of both strong and marginally performing team members. Too often, marginal performers are allowed to continue in their role (“he/she isn’t doing that badly…”), while the “stars” become frustrated by a lack of progress and obvious inequity amongst team members (and who can blame them? No one likes to have to compensate for a marginal performer).

The big risk, which is often surprising to leaders, is that their best performing team members will leave the organization, due to frustration, a lack of fairness, and better career options, leaving behind the marginal performers. This is a disaster in the making for any club manager, especially when a reputation of not dealing with problem situations is created within the candidate pool of potential employees. Not to mention having to manage a club full of less than stellar staff members!

Leading Large

Skilled leaders know how and when to take action when it comes to managing people and never let this important area slide. They recognize that the rewards are many, including better performance that benefits the organization and an improved sense of fairness or equity within the senior team. Here’s how to get the managing people aspect of a senior leadership role right:

Hire slowly, fire quickly. This advice might sound obvious, but, too often, it simply isn’t followed. Be sure to take the necessary time to fully understand the particular role that needs to be filled before undertaking the recruitment process. Once this has been done, let the needs of the organization and the role guide the candidate recruitment and selection process. Similarly, when a team member is not working out as expected, act on a timely basis and take the appropriate performance management steps. Carrying a marginal, weak, or disruptive staff member doesn’t help the organization or the team.
Lead with quality, not quantity. Managing people effectively at a senior level isn’t about hovering or offering up frequent (but unnecessary) advice, it’s more about understanding the stage of development of each team member, their strengths and weaknesses, and when to provide support. Empowerment, creating opportunities for tangible learning, and the quality of the coaching message are what matters.
State the obvious. Although some leaders might think that knowledge or information should be obvious or implied, people like to be in the know and understand what is expected of them at all times. New initiatives, key results and targets, strategic direction, and opportunities to improve are all important areas to share with a senior team, so don’t keep them guessing.
See situations as they really are. It might seem hard to believe, but some leaders operate on the basis that if it is possible to resolve a particular problem, it will be done, regardless of the actual ability of the team member to do so. This dangerous practice is analogous to the “out of sight, out of mind” concept, so be sure that your expectations are realistic and identify areas where training and support are needed.
The sky is the limit. Experienced leaders recognize that when they are fortunate enough to have a real star on their team, they perform best by having the freedom to do their job, within organizational guidelines and policies. These people consistently generate great results, are reliable, and will ask for assistance when required. Let them do their job and don’t meddle, as a much better strategy is to use your time to work with team members who are not as savvy.
Recognize that a big part of a leadership role is coaching. At its essence, leading is all about assembling a team that can successfully execute on its business plan, to the benefit of the organization at hand. Senior roles are less about doing the front line work and more about helping others to be successful in their role. Making this a reality requires coaching, feedback, and support on an ongoing basis.

Leaders are often judged by the company they keep, and integral to this is people. Understanding who your team members are, in terms of ability and developmental requirements, as well as what their role is puts you in the best position to support their success. Don’t miss out on this important opportunity.

in Career / Leadership 0 comments

September 14, 2015 by Jenifer Bartman

Leading Large: Big skills in the leadership space

Published by The Canadian Society of Club Managers in CMQ (Fall, 2014)

So, you’re a club manager; that’s great! Anyone who’s ever tried to move up the ranks in their career understands just how difficult it can be to progress. It doesn’t matter if it’s your first management position, a move to a more senior role, or larger club, each and every step comes with new challenges (and some days, it seems like there are nothing but challenges in sight!).

What’s interesting is that many of the obstacles that managers face, especially at the senior level, have little to do with the “technical” aspects of the job, such as overseeing events or updating a club’s offerings. Rather, it’s the leadership related aspects of the role that can be difficult, leaving new or less experienced managers at a loss in terms of how to find resolution. Many of us have struggled through such “learning experiences”.

What might be surprising (and, perhaps, comforting), is that there are fundamental skills that successful, senior level people typically exhibit and consistently practice. Such abilities are not characterized by complex business practices or high brow academia; rather, they are more about the approach that the individual takes to fulfil their role on a personal level and are essential to generating a positive outcome. Characteristics such as, solid communication, high role engagement, and collaboration are all important skills that are typically exhibited by seasoned senior level managers, providing a powerful assist to generating success.

Accomplished leaders know that failing to do any of these things could result in a host of problems, including weak performance and low staff member engagement, running the risk of negatively impacting the broader club environment. Despite this reality, too many fail to utilize these vital skills, especially those in the mid-level ranks with expectations to progress further. What these people don’t realize is just how much a lack of attention to the leadership aspect of a role can limit their upward mobility (and might even result in being labeled as not having the potential to progress). Or, even worse, there are those who ascend to the senior level ranks based on their technical ability alone, but fail to be successful due to poor leadership skills.

A better approach is to take the initiative to understand how successful senior leaders approach their role and start to adopt these behaviors; now. Consistent practice of these skills will not only differentiate you from others in your peer group and generate better results today, but will also help to prepare you for climbing the ladder tomorrow. In this series, we will consider several important skill areas that will help you to lead large. Let’s get started with the first skill: communication.

Trouble in the Club

Have you ever tried to advance an initiative or project with a group that just doesn’t seem to be moving forward? Group members seem confused about their responsibilities. A lack of clarity over who is supposed to do what reigns, and, after a while, no one seems to care much. Meetings are held, but at the end of an hour or two, no one is quite sure what the next steps are. Subsequent conversations are repetitive (with the same few bits of content), little is accomplished, and enthusiasm starts to fade. Sound familiar?

This type of situation can arise due to a number of factors; however, one of the main problems is always communication. This includes everything from having clear meeting agendas, to how the discussion process is managed, to meaningful documentation of decisions and next steps. In the absence of being diligent about the process, it’s really just “meeting for the sake of meeting”. How discouraging.

But, it’s even worse than that. Consider this: every day, thousands of hours of staff and management time are wasted by working on initiatives that lack the clarity, communication, and practical steps to move forward. As disturbing as this is, it’s an opportunity for you to take a leadership role and cast some much needed light on a bleak situation.

Leading Large

Put yourself on the leadership path by making a conscious effort to always strive to be understood, investing in the practice and attention to detail where required. As a result, not only will you develop important leadership skills, you will also make a meaningful contribution to improve how your club functions. However you look at it, that’s money in the bank. Here are some tips:

Let simplicity reign. Anyone can make something sound complicated, and too often, they do. Stand out from the crowd by demonstrating the ability to take something that is complicated and make it understandable to others. Any situation can be distilled down to a simple concept that others can easily absorb; make it your talent to find it.
Make clarity the objective. Applying a deliberate level of focus to delivering your message in a way that is as clear and understandable as possible can greatly enhance the likelihood that it will be easily understood by others. The concept is simple, but developing the necessary skillset to do so isn’t; make it your goal to get there.
Less is more. Excessive wordiness and hiding the heart of the matter in too much chatter and anecdotal information doesn’t facilitate good communication. Use words selectively and seek to get from Point A to Point B efficiently; make it your practice to not leave others in the conversation behind.
Focus on writing skills. Like it or not, real benefit exists in taking a business writing, grammar, or presentation course to improve your communication ability. A practical option is to spend more time working directly with people who write well or volunteering to take on tasks that have a significant communication component; make a commitment to pursue one of these options for tangible skill development.
Document what matters. It’s obvious that no one really enjoys the process related aspects of meeting planning, such as developing agendas, taking minutes, or updating project plans; however, these are important components of the management world. Set yourself aside from the pack and raise your hand next time these types of tasks are being assigned; make it your own opportunity to learn and excel.
Forward, march! Leaders are always thinking about the next steps or the “why does this matter?” aspect of everything that they do; make it a personal strength to hold the attention of others by keeping communication practical, relevant, and action oriented.

The funny thing about communication is that it can quickly become contagious. Some of your team members might actually start to improve their communication skills just by following your example. Just look at who’s leading now!

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July 27, 2015 by Jenifer Bartman

Getting Started: Preparing for the world of entrepreneurial adventure (Managing Money)

Published by CPA Canada in CareerVision

Although you might think you know the meaning of the phrase “the buck stops here”, working with a start up company will reveal an entirely new definition. Call it life or death, the last quarter, the final frontier; money matters in a way that it never has before, and is a topic that will find its way into most conversations, from morning til night.

In comparison, most who work in the corporate world think about money in just a handful of ways: the paycheque (and when it’s coming), annual raises (and the likelihood of getting one), what the next job pays (and is it worth the trouble), and perhaps, whether the company has a budget for a particular initiative or event. Most of these interactions seem distant, somewhat detached, and of a lesser frequency. In a lot of ways, there is a relative amount of stability in these periodic musings.

Working with a start up or, what investors often refer to as “early stage”, company can be an exciting place, but it’s important to fully consider what’s involved before making the switch. In this series, we will do exactly that, so you can make an informed choice, and perhaps, benefit from placing a greater emphasis on developing some of the skills that will serve you well in advance of when they’re actually needed. So far, we’ve considered the implications of risk and the ever expanding job description. Let’s move to the issue of money.

Why it Matters

Start up companies are often born from ideas, not to mention the endless enthusiasm of the entrepreneurs who lead them. As with building a new home, start ups have a tendency to need everything, from supplies, to people, to technology. These are basic costs that are often funded by the founders and typically have little to do with attracting customers. Before long, a young bank account can find itself empty, and often much more quickly than expected.

With some of the novelty having worn off, (but, enthusiasm not dampened), entrepreneurs start to more fully appreciate just how much is involved in attracting and maintaining customers. Familiar phrases at this stage include “long sales cycle”, “it’s more work”, and “not what we expected”. Converting leads into sales and having the resources to fulfill the needs of customers require money, and guess what? It’s often needed in advance of receiving customer payments, which makes the need for cash flow management (and actual cash) all the more critical.

Those who work in the start up world need to find comfort with this “edge of the razor blade” existence, otherwise what they’re trying to build probably won’t be around for very long. The reality of being in this situation can be a shock to the enthusiastic system of those who truly believed that the world couldn’t live without their product.

Get Started

Building a new relationship with cash can be difficult, especially when it’s unexpected. The good news is that you can plan for it, making the transition less daunting. Here’s how to get started:

Review your expenses: Take a look at your current expenses to fully understand what they are (you might find some surprises during this process!). Identify items that could be cut or reduced, and think about the lifestyle changes you could make, if necessary (is now really the time to get rid of your roommate?). This will provide you with a baseline of information and some alternatives for when you’re ready to enter the start up world.
Build a war chest: Cash in the bank provides both security and options, and saving in times of a steady paycheque is seldom regretted in the future. Recognize that working with a start up could (and likely will) result in unexpected expenses and an uncertain income stream, so take advantage of cash flow while you have it.
Take cash flow management to a new level: Cash flow forecasts are often something that is part of an accounting education; mechanical, at best, with less emphasis being placed on accuracy and outcomes. Start ups live and die by their cash flow, and if you haven’t managed money in an environment where results are everything, expect a white knuckle ride. Take the opportunity to get some practical experience by managing your own cash flow and see how well you do.
Expect the worst: You might be wondering where the “plan for the best” portion of this phrase went; no need to mention that, as entrepreneurs have it covered! You can be a valuable resource by planning for the downside that will happen, particularly in terms of money. Be sure to build in contingencies for delays and potential customers that will change course midstream.

One of the main reasons why young businesses fail is simply because they run out of money, and this can have little to do with the quality of the product or service that they provide. Surprisingly, growth actually requires cash. Learning how to work with money in advance of having to do so is a bonus on all levels: improving your comfort level (or managing your anxiety), providing realistic information, and increasing the likelihood that the company will survive. You hold the key to ensuring that the buck stops on solid ground.

in Career / Early Stage Financing / Entrepreneurs 0 comments

June 2, 2015 by Jenifer Bartman

Getting Started: Preparing for the world of entrepreneurial adventure (Responsibilities)

As published by CPA Canada in CareerVision:

If you’ve ever come across someone who works with a start up company, chances are, they will tell you how exciting it is. The thrill of building something new, perhaps, with products and services that the marketplace hasn’t seen before, not to mention the fun associated with dreams of hitting it big. It’s not uncommon for entrepreneurs to accentuate the positive, as they view start-ups as what being in business is all about. “In on the ground floor”, “there from Day 1”, “Microsoft before it was Microsoft”, risk/reward mentality. What could be better than that?

Although working with a start up or, what investors often refer to as “early stage”, company can be an exciting place, it’s important to fully consider what’s involved before taking the leap. Those who haven’t spent much time around the start up world might be surprised to find out what the flip side of opportunity looks like. In this series, we will consider exactly that, so you can make an informed choice, and perhaps, benefit from placing a greater emphasis on developing some of the skills that will serve you well, in advance of when they’re actually needed.

In Part 1, we considered the issue of risk. Let’s move to what just might be the dark side of the start up world; the ever expanding job description.

Why it Matters

Yes, mother told you there would be days like this; that is, days that don’t end due to what seems to be an endless task list of urgent “to do” items. It’s true that early stage companies attract individuals for their particular skill areas, such as engineering, sales, and a host of technical capabilities. All of these areas are essential to developing and moving a young upstart forward. What isn’t often part of the discussion is the long list of “other duties as assigned”, which could include tasks that you might consider to be well below your pay grade. This isn’t quite the same as your corporate job; you know, the one that actually has a description.

The bottom line is that start-ups have limited resources, in terms of people, time, and money. When things need to get done, there isn’t the luxury of delegating lesser tasks to a staff group or putting up the cash to resolve it. In a world of empty bank accounts, the buck stops with those who are around what is often a small table. Running errands, formatting documents, making the coffee, or cleaning up the workspace are necessary, and although it might sound funny, it’s amazing how foreign all of this can be after spending a few years in a large, established company. And in addition to these required, but time wasting tasks, you’ve also got to get your real job done; urgently!

Get Started

Working for a start up is an adjustment; there’s no two ways about it. And although the need to pitch in and do what’s required might sound petty, it’s surprising just how much of a shift this can be from what might be the norm in the corporate or professional services world.

Here’s how to get started:

Mindset is key: The secret to doing menial things well is having the right attitude. Check yours to ensure that you’re not looking down on tasks that you might consider as “someone else’s responsibility”, but rather, taking pride in a job well done and a willingness to help. Once you do, you’ll start to notice how many people are not willing to do so.
Organize where possible: Although you can’t plan everything that will come your way, it’s amazing how much actually can be organized when you make the effort. Look at the responsibilities that you have on a daily, weekly, and monthly basis and plan how and when to get the work done. When the unexpected comes along, the majority of what needs to get done won’t get derailed. This approach is one that will serve you well wherever you go and is a tactic of the highly productive.
Set short term goals: Keeping a keen eye on what needs to be achieved in a day, for example, can be helpful in planning your time and checking in to ensure that your task list stays on track. This approach can also be used to create the “positive pressure” and sense of urgency that deadlines tend to generate, creating windows of time for completing some of the more less than stellar items.
Plan for setbacks: Start ups tend to have more than their fair share of setbacks, with lots of time being spent at Square One. Recognize this, and take progress for what it is, as there will be days when the only success you’ll be able to point to is those menial tasks. Learn that even these are worth something.

There’s a certain pride that comes from the achievement of what isn’t exactly glamorous; the marathons, the mountain climbs, the cross country treks. In order to survive the start up journey, it’s important to recognize that it’s not the quick sprint to success that entrepreneurs tend to imagine. But, like many of the climbs that have characterized your path thus far, it might just be the time of your life.

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April 2, 2015 by Jenifer Bartman

Getting Started: Preparing for the world of entrepreneurial adventure (Risk Management)

Published by CPA Canada in CareerVision

So, you want to work at a start up, or maybe, with that young company that looks like it’s going finally to raise some investment capital. What could be more exciting than that? Or, you might be at a place in your career where we’ve all been: one of seeking out new opportunities and fields where the grass is greener. But, before you leave that corporate job, there are a few things you might consider, because, well, how to put it? Working for a start up is different. Is that bad? You ask. Or, is that good? You wonder. Well, the reality is, it could be both, but really, it’s just different from the world of larger, more established organizations.

Although working with a start up or young (what investors often refer to as “early stage”) company can be an exciting place to be, it’s important to consider some of the other aspects of the opportunity fully before making the switch. Those who haven’t spent much time around the start up world might be surprised to find out what the flip side of opportunity looks like. In this series, we will consider exactly that, so you can make an informed choice, and perhaps, benefit from placing a greater emphasis on developing some of the skills that will serve you well, in advance of when they’re actually needed.

Let’s start with the issue of risk. Although risk, in general terms, can be one of those theoretical areas, when working with a young company, its existence is not only evident, it’s very much real.

Why it Matters

Start up companies, or those in the early stage of development, are usually not short of ideas, enthusiasm, and ingenuity. Their world is often one that is emerging, including new technologies, new ways of doing things, and new markets. The reality is, that although start ups can sometimes lead to success, they more often than not lead to failure (or, more gently put, a learning experience). This might sound like an obvious statement, however, many who are involved in the start up world become so focused on the opportunity that the downside doesn’t matter much. In reality, however, it is always there. A lack of experience (or attention) can result in not seeing the downside for what it really is, including the risk that is associated with it.

Get Started

One of the things about risk is that the greater you understand it, the greater the opportunity to overcome it. Too many entrepreneurs fail or refuse to acknowledge its existence, resulting in circumstances that too often cannot be overcome (and leaving many wishing they could turn back the clock). In addition, the stresses of living in a risky world, day in, day out, can be too much to bear.

Get started on the right foot by putting risk in its place from the beginning:

Seek out risk management opportunities: Risk management is a learned skill, so if you’re currently working with a large or well established organization, it can be a good opportunity to learn how to identify and manage risk. This represents valuable knowledge to address risk in future roles, and your start up partners will thank you for it.
Conduct an honest assessment: Since working with a young company could (and often does) mean uncertainty in a number of areas, ask yourself honestly if this is an environment that fits well with your lifestyle. Can you adapt to an uncertain income stream? Does moving away from a stable environment create feelings of discomfort? What will you do if the business isn’t successful? Ask the tough questions now and be mindful of both your logical and emotional perspectives.
Plan for the unexpected: In advance of moving into an environment of higher uncertainty, take advantage of where certainty does exist. Saving, completing professional development programs, and seeking out learning opportunities all can be done well in a stable environment and can be something to lean on in leaner times.
Balance risk and reward: Although it’s true that young companies can be risky places, they can also have rewards, including new experiences, an opportunity to contribute significantly, and commercial success. You might even also get the chance to own part of the company to share in future financial performance. The key point is that risk and reward should be considered in balance, as seeing a situation only for its rewards can lead to trouble.

There might come a time when a start up opportunity presents itself and must be quickly pursued, regardless of your state of readiness. Based on the inherently risky nature of early stage companies, this can be a mistake. Rather than becoming frustrated with the situation, why not get started to plan for becoming well equipped to make the leap to playing a key role in a young company? If this one isn’t right, you’ll be better positioned when the next one comes around.

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