Fire your Accountant & Hire a Partner

Overcome the Odds in Your Business

Posted on 31 August 2010 | No responses

No matter what situation I’m in, there are times that I sense that something isn’t right and more needs to be done. I can tell you that it is a pain and if you are like me, I think about not starting and quitting often. You know what I mean, I already have more than enough on my plate and I don’t need another. What stops me is that I know inside something needs to be done and I don’t want to think, “What if?”, not too mention that probably no one else will do it.

As I ponder this topic, I am reminded of the following in the sports world:

• West Germany’s 1954 soccer world cup victory against the heavily favoured Hungarians. In their earlier round meeting, Hungary soundly beat the Germans. In their world cup final match, the Hungarians were up quite quickly before loosing the match
• The Pittsburgh Steelers “Franco Harris’s Immaculate Reception” in 1972 turned into a TD by grabbing the ball with his finger tips as it was headed to the ground. The Steelers won that game and this was, what many believe, the start of the Pittsburgh 1970’s dynasty
  

  What's the Score in Your Business?

It seems that most times, “one event” separates us from overcoming. The key ingredient, in my humble opinion, is to persevere. If you don’t persevere, you most likely will never get to that “one event”. You too can go from being a looser to a champion. My question, when will you overcome the odds and come into the limelight? Are you procrastinating like I have so many times in the past? You too can change. I know I have and you should be able to recognize it in the above examples.

In my own life, whenever I have gone the distance, the rewards are far greater than I could have imagined. I am telling you, yes you, the rewards are FUN and so is my ACCOUNTING! Not only are there countless other stories to back this up, but I’m sure that you too have heard them. The next time you hear one, pay closer attention as this will help you more than you think.

Now I want you to imagine what it was like prior to being a champion. What was the ACCOUNTING like? How much FUN was it? Now imagine being on the Pittsburgh Steelers right after their 1^st Super Bowl. How about on the West German national soccer team? Not only did the teams ACCOUNTING improve, but everyone else on the team(s) and those who dealt with them. Your success affects not only you, but a great number of others. It is this thought that keeps me going. You see, quitters never win and winners never quit!

So then when will you join in the FUN and change your ACCOUNTING forever? What are you waiting for? Your new life is closer than you think. The opportunities are probably right in front of you. Better grab them as they won’t hang around……………..

On your team,

Vince Schembri

What is Your Most Valuable Asset in Business?

Posted on 27 August 2010 | 1 response

As an accountant, I look at financial statements all the time. My clients consistently ask me to help them improve their businesses. It is a driving force and even when I am not asked, I owe it to them to help them. I just love to help and it is this love that has helped me to realize what every business “Most Valuable Asset” happens to be and it is this: the “PEOPLE” behind the numbers. I really don’t care what asset(s) are on your balance sheet as they are worthless without your most precious commodity, “Your PEOPLE”. It seems that a lot of us place more value on things and assets than we do on “PEOPLE”. You know the golden rule, “Do unto others as you would have them do unto you”. A lot of business people interpret this as “Get them before they get you” and this includes their “PEOPLE”. Why??????

Without “PEOPLE”, things and assets will be worthless and I mean WORTHLESS! Imagine a world with very few people in it. Better still, how about “NO PEOPLE AT ALL”. As you visualize this, now tell me how much you really think your home would be worth? How about the goods and services your company is now offering? How will anything that was manufactured be bought and sold, you know, with NO PEOPLE? Everything will loose its value just as if lots of people left town for good. Your community would now be a “ghost town”. Now, let me ask you, how much FUN is your Accounting? NO FUN AT ALL!

To help your business grow, the first step, in my humble opinion, is for you to change your thinking. You don’t have to be the business owner and/or manager to do this, although I highly recommend it if you are. Anyone and everyone can, if they really want to. If you work your way through this first step right to the result, you should realize that all results can be traced back to your thinking. And what if you actually started caring for those in your company? What kind of results would you actually achieve? How would your numbers this year be against your numbers from last year? How much FUN would your workplace all of a sudden be? My experience has shown me that when I am treated as someone who is valued, there is nothing I wouldn’t do. I have asked many others this same question and the consensus is the same:

• Treat me nice and I will treat you nice
• Take care of me and I will take care of you
• Help me and I will help you

Notice you are first in the above three sayings. Go ahead, DARE to go FIRST and watch your world change right before your very eyes. Now imagine how much FUN your Accounting would be!

Yah you say, but not everybody will respond as you have just said. That’s true. It doesn’t work 100% of the time. Have patience with your PEOPLE as some of the naysayers may actually surprise you. If not, in time, this could mean that some people in your company will resist and they will not be there forever. This too is their choice. At the end of the day, you want to be with those who want to be there with you. Start today and watch your numbers and PEOPLE go through the roof. You won’t regret it!

On your team,

Vince Schembri

Are you an “Olympic Gold Medalist” in your Business?

Posted on 23 August 2010 | No responses

February, 2010 was a great time in Vancouver, Canada, as we enjoyed the Winter Olympics. The city was buzzing and everyone was having a great time. This was my second Olympics as my wife and I traveled to Sydney, Australia, for the 2000 summer games. It was extra special for me as I grew up in the Sydney suburbs and the new Olympic village, where the majority of the events took place, was very close to where I spent my younger years.

In 1998, my financial picture was weak. Through neglect of my accounting skills, we were now in a financial mess. We overspent and I neglected our financial information on a regular basis. The amount of debt was challenging and there were times I did not know what to do. To say I felt hopeless was an understatement. I was going to my regular church and I had met a young lady named Philomena Mensah. She was at the time the Canadian 100 metre sprint champion. I spoke to her on almost every Sunday as I have been a sports lover most of my life and track and field is a sport I love. On one of those Sundays, she introduced me to her friend Robert. I said hello and didn’t quite hear his last name when it was told to me. I eventually realized that it was Robert Esmie and he too was a sprinter. Having watched the 1996 summer Olympics, I knew who he was and that he was a “Gold Medalist” in the 4 x 100 for Canada.

I kept attending my church and would see Robert. On one of those Sundays, I asked him if I could come and watch him train. He said I should come and train with him. I agreed and met Robert the next week on a weekday morning prior to going to work. At this training session, he shared with me what his coach had instructed him to achieve. Robert held out his hand and proceeded to show me his thumb against his index finger. There was a slight gap between the 2 fingers and his goal was to “go that much faster”. Sprinters are measured in thousands of seconds and this was Robert’s accounting measuring stick. As he was paying attention to his so called minor detail, what was I doing? As an accountant, I am supposed to pay attention to detail and this was not the case for me. Can you see why I was in financial trouble? Should I be smacking myself upside my head or what?

After we trained what he considered a light workout, of which I ached for days, Robert invited me back to his place for breakfast. As we were eating, Robert told me that he was going to be at the 2000 Sydney Olympics and that I too should be there. I proceeded to tell him of my financial woes. He said that it was more than 2 years away and I should start planning now. Robert didn’t accept my so called excuse and proceeded to tell me that someone with a vision could change their future. He said that this is one of the methods he used to be an Olympic champion. I decided right there that I was going to Sydney.

The next piece of advise has been with me ever since. Robert said that I too could be an “Olympic Gold Medalist”. I told him that I was now 37 years old and I didn’t know of any sport(s) that would allow me to accomplish what he suggested. Robert looked at me and said “In your life and with whatever you do!” This was one of those “haha” moments. To this day, I am very thankful that I agreed to train with him.

As I think back to the experience I just described, I have tried to live as an “Olympic Gold Medalist” in my “Accounting Life”, as suggested to me. As I have taken this advise to heart, my financial picture has changed for the better. How about you? Do you believe you can be an “Olympic Gold Medalist” in your life and area of work? If not, why not? You are in training every day and you should do everything you can to improve your performance. If you do, just like athletes, your financials will change right before your very eyes. I guarantee you that your ACCOUNTING will be FUN, with a strong balance sheet, just as so many others whom I have observed who take this approach. They may not be called “Olympic Gold Medalists”, but they sure act like them!

On your team,

Vince Schembri

How Can Following Your Dreams Make Accounting Fun?

Posted on 20 August 2010 | 2 responses

Yah, I know the title of this post is somewhat unbelievable, but stay with me the “whole way” and you will see I am 100% right.  Don’t just go down to the last paragraph to see how following your dreams makes ACCOUNTING FUN, just read the whole story!

I spent most of the day recently daydreaming about my future. I am currently working on finding ways to make my business more effective and efficient and this has had me preoccupied. I imagine how things will be and that puts a smile on my face. Yes, this makes life worth living and I highly recommend it. I also know that you need to work as dreaming alone will not put food on the table.

As I reflect on dreaming, I am reminded of a close friend of mine whom I met in the early 1990’s. I had just joined a martial arts gym as I had recently been in a situation where I felt helpless. I wanted to be more prepared in case another situation was ever to arise. Luckily, nothing happened on that day, but it woke me up. This is when I met Chris Franco and in a very short period of time, we became friends. I learned to appreciate him as he knew what he wanted and, at that time, I wasn’t sure what I wanted. For Chris, martial arts meant everything. He dreamed about it and loved it. In return, you could see how it benefited those around him, including himself. I was so impressed that I asked him for private lessons. In a relatively short period of time, my confidence levels increased and I felt a lot better about myself. I can honestly say as I now reflect that this was something I needed and Chris had no idea how it affected me.

The irony of what I have just laid out is that the people around Chris Franco at the time thought he was out of his mind. He didn’t have 2 pennies to rub to his name but what he had was devotion and love to his future craft. You would always find him at the dojo with a big smile on his face. For Chris, this was heaven. I can still remember hearing from those around him as to what he was going to do with his life and how ridiculous this whole martial arts thing was. Regardless, there was no wavering in Chris. He persevered and worked hard.

Today, Chris is regarded as one of the leading figures in the martial arts community in the city of Vancouver and Canada. He runs and owns a successful dojo and this has allowed him to have the kind of lifestyle that most people can only dream about. For those who enjoy the UFC as I do, Chris enjoyed the first UFC event held in Vancouver by being selected as a judge. In my opinion, there is no stopping someone who has a dream no matter what it is that they dream about. Chris proves this point.

From an accounting standpoint, I want you to imagine what it must have been like for Chris Franco in the early 1990’s when I met him. What kind of bank account or investments did he have? Did he even own a car? If so, how would he be able to maintain it? Would his accounting be any FUN at this point? Not likely! This is why accounting in my opinion is neutral. It is just a scorecard regardless of whether it is a positive or negative situation. As of today, things have dramatically improved and Chris Franco’s accounting is FUN. His dream has provided him with choices that were previously unavailable. By following what he knew was right in his gut the world has changed for him for ever. Chris was married in 2009 and is only days away from being a father. He dreams today of providing for his lovely wife and new baby and I just love watching this process. How about you? Do you dare to dream such as Chris? If you do be prepared for a complete life makeover as it will happen coupled with strong financials. Just wait for it and never give up!

On your team,

Vince Schembri

For more on Chris Franco, please go to www.francokickboxing.com

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