HOW OWNER MANAGED BUSINESSES CAN GUARANTEE TO

The role of Mentorship in Finance & Accountancy: How to find and be a mentor

I suspect Mentoring has always been around but the last decade or so has seen it rise to considerable prominence...Its value is probably greater now than it was throughout our history, or at least modern history.I have been exposed to mentoring and mentorship from every angle having proactively sought out my own mentors in the past and in time taken on the role of mentor to others. In my dual roles as a partner within The CFO Partnership and a board director of Sharp Consultancy for over a quarter of a century I have experienced it through osmosis and experience. Mentoring is something very close to my heart.Hopefully in this article I can explain why you should seek out a mentor for yourself, why your skills could make you a great mentor for others, how much satisfaction you might gain from mentoring others and one or two points on what makes a great mentor. Mentoring in Finance:Whilst mentoring can be beneficial in every type of employment and indeed, every walk of life, I believe it has particular relevance in the accountancy and finance sector.Accountants need to develop their management and leadership skills as they progress just like anyone else. They need to develop their self-knowledge and self-awareness like anyone else. They are, however, more exposed to issues regarding ethics and integrity than many other roles/industries. There can be and often is pressure for the results to be better than they are, perhaps to secure further lending or investment, please the boss, even keep their job. More than a few accountants have found themselves at His Majesty’s pleasure having done something they wouldn’t normally have done but have been pressured into. The finance leader (usually Finance Director or CFO) is the key sounding board for the owners/stakeholders; they are often the conscience of the owners. They probably need the ability to say ‘no’ more than other board members – and say yes and encourage. Whilst not responsible for operations, marketing, HR, IT (sometimes they are) and so on they transcend all those areas. They make a mistake – everything can go South very quickly.It is in part for the above reasons that the value of a mentor, someone who can be an independent sounding board, can question you and listen to you, offer opinions and advice is invaluable.Frequently a mentor helps you reach your decision and gives you the confidence to fulfil your plan. They help set challenges into perspective. They ask questions you haven’t thought of and allow you to see things through another person’s experiences. They are calming influencers and confidence builders. As a younger man early in my career I was told the best way of developing fast was to be a sponge, to absorb the greatest attributes of those around me and above me; to become an amalgamation of the best traits of those people. The challenge in accountancy and finance is you can easily find yourself at a relatively young (and hence relatively inexperienced) age in a fairly senior role with perhaps only one or two more senior finance people above you. Even if they are good, it is a very shallow talent pool to learn from. A mentor therefore can help you ‘mentally mature’, hone your decision making, cope with daily stresses, deal with difficult situations, improve as a manager or leader, manage upwards, improve your profile and credibility and build your own personal brand – in effect be the best version of yourself.However, it is worth noting what a mentor is NOT. They are not there to tell you what to do. They are not there to make decisions for you. They are not there to do your job for you. If that is what you are looking for then a mentor is not the solution.Why I became a Mentor:It was a very easy decision for me. By nature, I love helping others (it’s why I’ve loved recruitment for nearly 30 years) and I benefitted so much from formal and informal mentors myself.As an aside, a formal mentor is someone who takes responsibility for mentoring you. Informal mentors are people you surround yourself with who you know you can learn so much from just by being associated with them. There are dozens if not hundreds of people I would class as informal mentors to me; people who probably believe that I have helped them and probably don’t realise just how much they have helped me. Osmosis again!Mentoring someone is surprisingly two-way. You are there to benefit them, but you often benefit from the dynamic yourself. Mentees frequently inspire you to think differently in the same way you hope to inspire them. If you like helping people, then few things are as satisfying as being a mentor. When your mentee has a huge challenge and they are lost at sea, helping them find their way of navigating those choppy waters is one of the most satisfying things you can do. They feel fulfilled. You feel fulfilled.Finding a Mentor:It would be very difficult to try and find a random person to be your mentor. Chances are it will be someone you know well enough to admire and respect. Possibly a colleague, a customer, a supplier, a relative or a friend.You probably need to know them in advance to be sure you’d feel comfortable opening up to them; and be sure they would operate in the strictest of confidence.My first mentor was one of my customers. He was (is) a chartered accountant and at the time had been a partner in private equity for many years. He was inspirational, knowledgeable, vastly experienced in business and because of his private equity experience, had dealt with every size and type of business and every type of management team. I was very nervous asking him, but I plucked up the courage and was surprised by how flattered and delighted he was to be asked.Pick a mentor who might have enjoyed the career and experiences that you hope to achieve yourself. Luckily in finance it’s likely that you have already been exposed to such people.Identify who you’d want and simply ask them in a manner that shows how much you respect them. Give them a very easy way out so they don’t feel trapped in to agreeing ‘I know how very busy you are so there’s absolutely no problem at all if you haven’t got the time or for that matter, if being a mentor just doesn’t appeal to you’.How to be a good mentor:I suspect this is the one area I am least qualified to speak with authority on. I hope I’m a decent mentor, but would I be told if I wasn’t?There are some very sensible things that you can do or avoid doing though:Do ask what they want to get out of the meetingsDo ask what they don’t want to cover Do ask lots of questions; questions where the mentee presents the potential answers.Do explore reasoning; ‘Why’ is not an aggressive questionDo give ideas if requested toDo listenDon’t tellDon’t do it for themDo agree what actions they want to deliver before the next meeting (if that’s something they want you to do)Don’t berate them if they haven’t done what they said they were going to do – you aren’t their managerDon’t be emotional. Be factual. The regularity of the meetings is entirely up to the mentee. I always liked 1 hour every 2-3 months but that’s me. Final Thoughts:Finance is a multifaceted, technical, regulated and challenging discipline. It has huge risks if mistakes are made and can have more ethical/integrity dilemmas than many jobs. Having a mentor in finance can therefore have huge benefits.From a career development perspective, they can make all the difference. Therefore:Decide on what kind of support and advice you would like.Decide what you are trying to achieve in your business and your career.Figure out what kind of prson might have the experience that would be valuable.Do you know anyone like that?Don’t be shy, ask them. Ask them the way I mentioned earlier, and they’ll be flattered (and more likely to say yes).A dog may be for life, but a Mentor doesn’t have to be. If it isn’t working (they all lose their benefit over time) move on to another.Consider doing the same for someone else and mentoring them.

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Attracting top senior finance talent is a challenge faced regularly by every organisation and for SMEs and owner managed businesses, it is vital that they recognise and understand the particular nuances of the market place – and what they can do - in order to successfully secure the right individual that will make valuable contributions to their operations.

When making a move from professional practice – or when considering their next move in industry –– many candidates are attracted by the distinctive opportunity this career step offers them to play an influential role in shaping the direction of the business and utilise and develop their technical skills, knowledge, leadership qualities and management style to support an operation’s overall strategy.

There are however, some common pitfalls which small and medium sized enterprises find themselves coming up against; and whilst many niche operations are strong, well established performers within their specialist sectors, outside of their particular industry circles, their standing may be relatively unknown. Without an instantly recognisable brand that’s on a par with the major national and regional players, it is essential that every possible step is taken to ensure that the cream of the finance crop want to seize the opportunity to come on board.

Develop a clear – and realistic - job description

It is very much understood that within SMEs there will be a requirement for individuals – particularly at a senior level – to wear different hats and to undertake duties and responsibilities outside of their core job role. It is therefore not uncommon to find that the job performed by a finance manager at one operation will vary from that of their peers even within businesses of a similar size or within the same sector. Whilst there is the temptation for business owners to try and get as much bang for your buck, it is vital not to over stretch roles and expect one person to do too much. In order to attract the right calibre of individual, ensure that there is an attractive job description which demonstrates real clarity as to what the core function and requirements of the role will be.

Understand the aspirations of the business

Successful recruitment depends on a clear alignment between the aspirations and objectives of a business and how by contributing towards their achievement, employees can attain their own personal career goals. There must be a synergy between both, particularly if the progression path is not immediately obvious in terms of a traditional route for promotion. By developing and discussing as part of the recruitment process, sensible – yet inspirational and challenging – aspirations for the business, you will be able to identify those candidates that share similar goals and ambitions and are hungry to play their part.

Understand what the key priorities and objectives are for the role

Having a clear focus on the immediate priorities of the role will ensure that during the recruitment and interview process, the emphasis will be firmly upon identifying the candidates best placed to deliver and achieve against these. For example, if the main reason for bringing somebody on board will be to drive forward a certain short to medium term project that requires a particular skill set, the priority must be to assess which candidates can deliver this for the business. In doing so, it is important to be open minded to the possibility – and not consider it a failure - that they may not necessarily see this as being a job for life and, after two or three years when they have successfully delivered the function that they were primarily recruited to achieve, may choose to move on.

Build a strong social and online business media profile

The wealth of social and online media platforms provide continual opportunities for potential candidates to learn more and come into contact with a business way before they may even consider a role with the company. Whilst smaller organisations may not have a dedicated marketing department or the resources that larger corporate businesses have at their disposal, ensuring a proactive and positive presence across influential sites such as LinkedIn and Twitter and keeping a watchful eye on review sites such as Glassdoor is key to attracting high calibre candidates.

Consider the interview process

The interview process should be thorough and designed to challenge potential candidates however it is not necessarily the case that the ‘toughest’ interviews will see the best person rise to top. It is important to remember that an interview is very much a two-way process and it is as much about someone establishing if they wish to join the business as it is about identifying the right person for the role - at a senior level, candidates will want to know that there are opportunities available to bring value to the operation.

Ensure the interview process is engaging by carefully considering the style and format of the interviews and who is best placed to conduct these in order to establish the right person – and, whilst at this level it is essential that there is a strong rapport with the business owner, skills gaps that could affect a candidate’s ability to perform the role should not be overlooked because they are the most likeable.

Time is of the essence

Be sure to keep the recruitment process moving at a timely pace and don’t allow your preferred candidate to slip through your fingers; good, strong candidates will get snapped up quickly so ensure you don’t miss out by delaying making an offer whilst you wait to see if someone else will come along.

Be creative and flexible with salary and benefit packages

A competitive salary will always be important when looking to attract the top candidates but it is worth giving additional thought to the growing influence of softer benefits on a person’s decision when weighing up a job offer. Businesses that can be creative and tailor reward packages – such as offering the opportunity to buy additional holiday, provision of flexible working, discounted gym memberships – will be in a stronger position to attract the best candidates by introducing incentives that matter to them.

See the recruitment process as an investment

Making the wrong choice on who to employ can result in a significant cost to the business which will far outweigh any financial ‘saving’ made from not engaging a suitable recruitment partner from the outset. To increase the chances of longer term success, recruiting talented individuals must be seen as an investment worth making with true value attached to their ability to guide a business through and drive the process forward. Business owners must also take into account the cost of their own time – which will be taken away from running their business - which will need to be dedicated to each step of the process including perusing CVs, deciding which candidates to take forward to interview, analysing each person’s strengths and weaknesses, all of which can be hugely time consuming. Going it alone and utilising job boards will scratch the surface of who is looking at that particular point in time but this doesn’t allow for being able to reach into the market and access an established network of contacts to identify potentially ideal candidates that are not actively looking.

Sharp Consultancy specialises in the recruitment and executive search of finance and accountancy professionals. With offices in Leeds and Sheffield our highly experienced team of consultants recruit for temporary, interim and permanent roles across the full spectrum of positions throughout Yorkshire and beyond. CONTACT US today and speak to a member of our team about your recruitment needs or next career move.

HOW OWNER MANAGED BUSINESSES CAN GUARANTEE TO ATTRACT TOP TALENT