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Soft Skills - Increased Margins

Posted By L. Gary Boomer, Wednesday, October 03, 2012
Updated: Wednesday, October 24, 2012

by L. Gary Boomer, CEO, Boomer Consulting, Inc. 

When you mention "soft skills” training, many accountants roll their eyes and discount the importance.  This may appear to be a reasonable reaction, but is it good business?  If you think for a moment; the answer is, "No”.  Your clients assume, and in most cases they are correct, that you have the technical skills required to perform your job duties; but members of your firm must continually prove they have the soft skills necessary to continue the relationships with those same clients.  The major differentiators among your competitors are the soft skills.  Soft skills are very important not only from a marketing/sales perspective, but also from a firm profitability perspective.  They represent dollars of profit you may be missing out on because of employee turnover or lack of the ability to provide additional and higher valued services. 

In today’s economy, leading firms should be focusing on strategies to develop talent.  By focusing on the development of talent, firms are insured they can retain and attract the best.  In other words, retention and attraction strategies are no longer enough. Your best people are at the highest risk of leaving, as they are the ones with the most opportunities.  If you don’t believe this statement, I suggest you go to the PCPS website and checkout their most recent survey of firm employees.

Let’s start by organizing "soft skills” into three primary categories:

  • Leadership
  • Communication
  • Relations Management

Accountants seem to learn from answering questions, so I pose the following questions under each category. You may want to answer them first about the firm and then about each partner and member of your staff.

Leadership

  1. Does the person have an executive presence?  (Dress, speech, and relationships)
  2. Does the person have a clear and communicable vision?
  3. Does the person hold themselves and others accountable?
  4. Does the person have "edge”?  (Can they make decisions?)
  5. Does the person know their own "unique abilities”?

Communication

  1. Does the person have good written and oral communications skills?
  2. Does the person know how to take and give instructions?
  3. Does the person know how to listen?
  4. Does the person know how to professionally utilize presentation tools?
  5. Does the person know how to motivate others?

Relationship Management

  1. Does the person know how to work in a team environment?
  2. Does the person know how to manage conflicts?
  3. Does the person have the desire and ability to make contacts?
  4. Does the person have good client service skills?
  5. Does the person have project management skills?

While this list is not meant to be complete, it does emphasize the importance of soft skills in an accounting firm.  Today, much of the training focus is placed on meeting Continuing Professional Education (CPE) requirements and technical skills (especially in the early years of a career) rather than on the requirements of the firm and its personnel.  What are you doing in the way of training for your non-CPA employees?  The above skills are not developed in one class or a daylong seminar.  They are developed over a lifetime.  Therefore a program involving training, learning and positive experiences is necessary in order to develop talent.

By having an outstanding talent development program, firms can hire for attitude and train for aptitude.  This will have a positive impact upon your firm culture.  Talking about such a program at partner meetings or a firm summit is not enough.  This must become part of the firm’s strategic plan (DNA) and a professional educator should administer the program.  

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