​TAKING BACK CONTROL

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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This is (probably) my last comment piece for the year. And what a year. Normally, as we approach the wind down to the festive break I would be in a reflective mood; looking back at what the last 12 months have offered, lessons learned, key moments which have shaped our decision making and an optimistic look ahead to what the coming year may bring (*spoiler* my optimistic look ahead at the end of last year did not foresee a 2020 quite like this!).

As for so many, this year has been very much a rollercoaster but there’s one conversation – or a theme that has ran through many of the conversations that I have had with clients and candidates – that has really stood out. Control.

I remember fairly early on during the first lockdown, speaking with a business contact whom I have known for quite some time. They, like several others at the time, asked me what advice I would give as they looked to navigate the tricky circumstances that this unprecedented situation had placed us in. My words of wisdom – and I paraphrase a much more detailed response – centred around “don’t worry about what you can’t control”.

These conversations prompted me to recall a book which I have, over the years, referred back to many times: Understanding Organisations by Charles Handy. Within this, there was a specific paragraph which resonated with me at the time and, as we find ourselves in a position where, thanks to some extremely talented and dedicated scientists, the much-welcomed news of a vaccine has seen the first glimpses of light begin to appear at the end of what is a very long and dark tunnel.

This particular paragraph dealt with the notion that the human brain can only cope being unable to do something for around three months – after this point our natural instinct is for our brain to convince us that the reason we are unable to do a particular task is because we can’t do it and that ‘we are the problem’.

In recruitment terms, I’ve found this goes someway to explain why when people start a new job there’s a point – three months in – that if they feel they haven’t quite got to grips with all aspects of their role they think the position/company/industry isn’t for them and start to consider a change; in effect their confidence has gone. In actual fact, it’s probably closer to the six month mark that new team members really start to turn the corner and feel confident in their role and as a manager or business leader it’s imperative to recognise this and work with employees to dispel any doubts about their ability that may start to creep in during these crucial early months.

The reason our brain behaves in this way is because there’s only so long that people can cope with uncertainty. And this year, if there’s one thing that we have been certain of, its uncertainty. Back in the early days – March, April – organisations and individuals went into survival mode; there was a siege mentality as we faced each day, uncertain about what lay ahead. Initially, that collective ‘we are all in this together’ spirit was invaluable but as time has gone on, fatigue has started to set in and a continued uncertainty becomes very difficult for people to cope with and they want to take back (at least) some control.

To be realistic, there are some sectors which throughout this year have been – and are still – very much at the mercy of the restrictions that great swathes of the country are placed under. For them it is about nothing more than survival. But for others, who as I said, can start to very tentatively look ahead with a glimmer of hope and optimism, now is the time for these organisations to make positive moves away from survival mode and start to get on the front foot and plan for what lies ahead.

If we go back to the idea that our brains can only cope with being unable to do something for three months, this kind of positive shift in mindset is essential for the morale and well-being of staff that have be wrapped up in uncertainty and a lack of control for the last nine months. Even the most tentative of steps that begin to make the move away from ‘holding the fort’ to ‘planning for the future’ will be decisive in recapturing hearts and minds.

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.