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Planning for a happy retirement

Retirement is one of the biggest transitional periods than anyone can go through with almost every aspect of our life changing. Suddenly you are met with a massive shift in your pace of lifestyle. While many of us may embrace the change, retirement can be a time of great upheaval physically and emotionally.  With this in mind, it is important to plan and prepare for the change ahead as you embark on this transitional life stage.  A long and fulfilling retirement isn’t just about a pension plan, it also about planning for your lifestyle shift. Without a plan in place, the initial novelty of retirement can wear off pretty quickly, leaving you to struggle to adapt to your new way of life.  Routine & schedule Adjusting to retired life is not something that happens overnight, and it may take a while to adapt. So do try to remember that like any big change in life, it'll take time for you to become accustomed to what comes with retirement. When working we have an imposed schedule and structure but once the 9 to 5 comes to an end, it can be incredibly difficult to fill all the extra hours you now have at your disposal. Across all stages in life, structure and routine are key habits that lead to good wellbeing. It may be tempting to fill your days with laze and leisure which is novel and exciting at first, but feelings of boredom or restlessness can creep in especially if you have been used to a busy schedule. You may want to define some specific routines to maintain order, predictability, and structure. In the run up to your retirement, take some time to consider what your day, week or month will look like. Stay active Staying active through exercise will help keep you healthy both physically and mentally and prolong your life. But it is also important to keep your mind active too. Ongoing learning can help keep you mentally sharp by getting you in the habit of staying mentally active. Having less structured days allows you to take up a new hobby or learn skills and feeds into the need for routine and schedule. Retirement is a great time to discover old and new passions that you felt you didn’t have the time for before.  Taking up a course or classes in your local college, learning to play an instrument, or another meaningful activity that you can enjoy and engage with can keep you mentally fit. The mantra ‘use it or lose it’ most definitely applies here! Connection As we transition from the workforce, our social circle can diminish due to our daily interactions reducing and unfortunately loneliness becomes more common as we get older. Loneliness has a detrimental impact on our health and wellbeing and may significantly increase the chances of poor health. Research found that older adults with a good social life tend to live longer than those who are more isolated and happier retirees were found to have more social interactions. So, whether you are married or single, an introvert or an extrovert, maintaining strong social connections is critical. It is important to keep in contact with friends and connect with your work circle as much as possible. Certain activities can also present opportunities for you to meet new friends or other retirees with similar interests. Taking a new class, joining a book club, participating in your local community centre, or joining an exercise group are just some of the many ways you can stay connected. There is also a wealth of benefits from spending time with grandchildren, it helps you to keep active, improves cognitive skills and can lower the risk of depression. Purpose For many, our sense of purpose can be wrap in what we do for living and measure our success only through our professional lives. Once we leave the workplace, there may be a need to find meaning to fill that void and reinvent your purpose in life. Outside of your profession, try and identify what gives your life meaning and purpose and makes you happy. Retirees have a unique insight and wisdom gained from a lifetime's worth of skills, expertise and competencies that could be of benefit elsewhere and this could mean using talents in service to others. Mentoring and volunteering are fulfilling paths for retirees. Retirees can gain meaningfulness and social and emotional benefits from mentoring and volunteering. But whatever you do in retirement it is important to see this time as an opportunity to live out the second half of your life purposefully.

Jul 27, 2023
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News
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Risky business: managing employee well-being

 Employee well-being is vital for business success. Moira Grassick explores the biggest people risks, from stress to diversity, and outlines how you can strengthen your organisation’s resilience A business is only as successful as its employees. People are both the most important asset a business has and, on the other hand, a source of risk if they’re not properly managed. After a stressful number of years in which health and well-being were primary concerns for everyone, the workplace has changed irreversibly, and it’s up to business owners to adapt to ensure their people stay happy and, in turn, deliver business growth. Some business risks are outside the control of Irish employers. Global geopolitical tensions and interest rates continue to impact the cost of doing business, but it’s different when it comes to your people. Employee risks are within your control. Here are some risks your organisation can minimise, ensuring happier and more productive employees. Stress and burnout After a challenging number of years, your employees may be suffering from anxiety, stress or burnout symptoms. These psychosocial issues can have a direct impact on productivity and potentially on the reputation of your business. Employees are more focused than ever on work-life balance and well-being. Taking steps to help employees achieve their goals in these areas helps reduce errors, minimise staff turnover and avoid dips in productivity. Remote Health & Safety  A remote worker’s home workstation is an extension of the workplace, and employers need to consider their Health & Safety obligations in this regard. The main responsibility for Health & Safety at work rests with the employer regardless of whether an employee works remotely or onsite. A risk assessment of the employee’s home workspace should be carried out. Work-related injuries (both physical and psychosocial), whether they happen onsite or in a remote location, could lead to penalties, brand damage and a deterioration in employee relations. Recruitment and retention Although the labour market shows signs of turning back in favour of employers, it’s crucial for business owners to figure out what will help staff build long-term careers with them. High staff turnover is bad for business, so engaging with employees and responding to their feedback on what could help them build a long-term future with you will pay dividends. Workplace culture Serious misconduct like bullying and harassment or theft and fraud can derail a business. It’s vital to manage these risks through the effective operation of appropriate policies and procedures. Staff should be aware of the values they are expected to uphold. Likewise, if employers don’t deal with grievances in the correct manner, they risk demoralising staff who won’t want to work within an uncaring culture. Preventing grievances in the first place should be the aim, but failing to manage employee grievances properly will distract your management team from their main tasks, demotivate staff who think colleagues have not received fair treatment and ultimately hurt your business. Diversity, equity and inclusion As the Irish population continues to diversify, it’s important to develop an inclusive and diverse working environment. Failing to address this area will limit your access to the broadest possible talent pool and potentially have reputational consequences that hurt relationships with employees, customers and other stakeholders. Legal and compliance As well as the challenge of managing the transition away from pandemic-related work practices, employers also have a wide range of new employment laws to consider. The statutory sick pay scheme came into force in January and affects all employers. The transparent and predictable working conditions regulations impact probation periods, employment contracts and documentation. Most recently, employers will need to act upon various new work-life balance rights, including the right to request remote work. It’s a major challenge for employers and employment law practitioners to keep pace with the volume of recent employment regulations. The cost of ineffective management The costs associated with these risks are multiple. Management spends too much time firefighting, employees take their talents elsewhere, and the bottom line suffers. With the right approach, however, business owners can turn all these risks into strengths that will make their business more resilient to setbacks and more productive when trade is brisk. Moira Grassick is Chief Operating Officer at Peninsula Ireland

Jul 21, 2023
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News
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Driving a culture of accountability for organisational success

In the modern business landscape, fostering a culture of accountability is paramount for organisational success and ethical behaviour. Yvonne Kelleher and Conor McCarthy discuss the crucial connection between culture and accountability Culture and accountability are not new concepts. However, for many organisations, driving a culture of accountability seems like an intangible feat, with many organisations leaping to enhance the operating model without recognising the need to manage the human factors. This can be a costly oversight, and without considering a unified approach and mindset to drive accountability, the desired benefit and return will not be realised. Executives must set a leading example in this time of increased public and regulatory scrutiny and change in Ireland and globally. They need to exhibit accountability and maintain trust with both stakeholders and employees. Culture and accountability are not static ideas, nor do they impact one industry. In fact, in Ireland, we have seen over the last 12 months a lack of accountability underpinned by poor behavioural drivers across a range of industries such as financial services, public bodies and broadcasting has resulted in computational damage and a loss of stakeholder and employee trust. Time is of the essence for organisations to conduct a stocktake, reassess their culture journey and address any gaps to promote and embed an effective and resilient culture to drive and enforce accountability. Organisations should look at this as not only a necessity but also an opportunity that will support their success in the long run.  Organisational accountability – what is it? Organisational accountability occurs when all employees behave in a way that promotes the successful and timely completion of their responsibilities. It involves the organisation being answerable for its actions, decisions and impact on stakeholders, including employees, customers, shareholders, communities and, of course, the environment. A poor culture of accountability can present itself in several ways. Lack of transparency There is often a lack of transparency in decision-making processes, communication and reporting. Information may also be withheld, buried, distorted or not shared openly with stakeholders.  Lack of clarity in roles and responsibilities When there is a lack of clarity regarding roles, responsibilities and expectations, it becomes challenging to establish accountability. Unclear lines of authority, ambiguous decision-making processes, and overlapping responsibilities can contribute to a culture where no one feels truly responsible or accountable for outcomes. Lack of leadership Leadership plays a crucial role in shaping the culture of an organisation. In a poor culture of accountability, leaders may fail to model and uphold the principles of accountability. Leaders evading responsibility or engaging in unethical behaviour without facing the consequences sets a negative example for others.  Lack of trust There may be an environment of distrust and scepticism. This can lead to a lack of collaboration, communication and willingness to report issues and mistakes.  Low consequences for misconduct In organisations with a poor culture of accountability, there may be a lack of appropriate consequences for unethical behaviour or poor performance. This can lead individuals to believe they can engage in misconduct without facing significant repercussions.  Fear of retaliation Conversely, a poor culture of accountability may foster an environment where individuals fear retaliation for speaking up, reporting wrongdoing or challenging the status quo. This fear can deter individuals from holding themselves or others accountable, leading to a lack of transparency and the perpetuation of negative behaviours. It is crucial, therefore, to get a balance between consequences and a fear of retaliation.  Low morale A lack of organisational accountability can diminish an employee’s sense of purpose. This results in a lack of motivation to do your job and impacts the quality of employees’ work.  The link between culture and accountability Today, an organisation’s success is no longer just about the bottom line; qualitative inputs like transparency, trust and employee performance, productivity, collaboration and engagement also determine success. Therefore, an organisation’s cultural norms, values and practices can significantly influence the expected, accepted and enforced accountability level to ensure sustainable change. 1. Trust and transparency   Culture affects the level of trust and transparency within an organisation. In cultures where trust is high, and transparency is valued, accountability tends to be emphasised more. Employees tend to hold themselves accountable for their actions as they believe in the importance of integrity and honesty.  2. Consequences and enforcement Cultural attitudes towards consequences and enforcement also play a role in accountability. In some cultures, the fear of reputation, trial by the media or social stigma may serve as a powerful deterrent leading individuals to be more accountable for their actions. In other cultures, legal frameworks and regulatory systems play a key role in enforcing accountability (like the new individual accountability regime currently being implemented by the Central Bank in regulated institutions within Ireland).  Cultural influences Cultural influences on accountability can vary significantly across different societies and organisations, particularly as the operating and workforce landscape evolves. While some cultures may prioritise individual accountability, others may emphasise collective responsibility more. Understanding and addressing these cultural dynamics, including behavioural drivers, are essential for promoting a sustainable culture of accountability and ethical behaviour. Yvonne Kelleher is Managing Director in Risk Consulting at KPMG Conor McCarthy is Partner, Head of People and Change at KPMG

Jul 21, 2023
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Personal Development
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What to do during the summer lull

You’ve finished up your exams and now have some time to relax. However, you want to make sure you don’t lose focus. Suvi Inkinen shares her tips on staying motivated while having a restful summer With the CAP1 and CAP2 exams completed for the summer, some students might feel a slump in their productivity or worry they will get out of their established study-work-life routine. Here are a few ways to stay active while getting a much-needed break. Upskilling The summer is the perfect time to upskill in ways that may be unrelated to work.  For most students, it is a slightly quieter period and thus is great for branching out into different work-related tools. For example, teaching yourself how to use various digital assets. This is a good way to keep the brain active during summer. Prioritise your health Students should learn to prioritise their health to maintain an excellent work-life balance.  Working or studying late some evenings is a must, but students should always ensure that they’re getting enough exercise and rest.  A simple way to ensure a good work-life balance is to take your lunch break and have it blocked off on your calendar every day. If I’m working from home, I love to head out on a walk during lunchtime.  Another fantastic way to ensure there is balance in your busy life as a Chartered Accountancy student is to get actively involved in related societies, such as CASSI (or regional societies for Dublin, Cork, Ulster, Galway, Mid-West, Midlands and Limerick) for students or Young Professionals (YPs) once you qualify.  CASSI & YPs provide academic content through webinars, CPD events, exam top-tips and career evenings throughout the year, along with social activities such as BBQs, quizzes, cruises and weekends away with fellow Chartered Accountants. Prep for the next term? I recommend taking a break from studying over the summer period and starting fresh once the term begins.  The Institute’s exams are much more challenging than any college exam (in my opinion), and your brain deserves a break before starting again in September.  I always find myself motivated to begin studying again after taking time off and relaxing. You’ll have plenty of time to study before the next set of exams! CASSI CASSI is there for students, and you can contact us through any of our socials, which include: Email Address: cassinetwork@gmail.com Instagram: @cai_student_society LinkedIn: Chartered Accountants Students Society Ireland Our CASSI Education Officer prepares an exam survey sent to students via the Institute’s student affairs team after each exam. I recommend that students complete this survey as the results are brought to the Institute for review when assessing the marking scheme. This contributes to how exams are run in the future, ensuring your needs are being met. Suvi Inkinen is a Risk Assurance Associate at PwC Ireland 

Jul 05, 2023
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Understanding Anxiety

We all experience anxiety at times, after all, it is a normal and natural response to stressful and dangerous situations. It is our body’s way of keeping us safe and has been critical to our survival as a species. It can focus our attention, helps us react, and even improve our performance in certain situations. Anxiety is described as uncomfortable feelings of nervousness, worry, uneasiness and tension. A healthy amount of anxiety is perfectly ok and expected but what happens when it builds up and becomes difficult to manage? Signs of Anxiety Anxiety is a common state, it is estimated that one in nine people will experience anxiety in their lifetime. Anxiety affects people in different ways, but it has physical, emotional, and behavioural effects and signs. Signs of anxiety include: Being on edge, restless or irritable, feeling a sense of dread Difficulty concentrating or making decisions Repeatedly checking things or seeking assurance from others Avoiding situations or putting off doing things Change in eating habits – increased or decreased appetite, craving junk food Dizziness or trembling Sweating Racing heart Shortness of breath Physical aches or pain – headaches, stomach problems and nausea, diarrhoea, muscle tension or pain, jaw clenching Sleep problems – disturbed sleep, tiredness, nightmare, teeth-grinding Pins and needles A dry mouth Types of Anxiety There are several kinds of anxiety that can affect individuals and have varying symptoms and triggers. Here are the most common types of anxiety: Generalised Anxiety Disorder is the most common type of anxiety where sufferers feel constantly and excessively anxious about a wide range of situations and issues. Social Anxiety is characterized by an intense feeling of anxiety and self-consciousness in everyday social situations. Severe forms can cause a person to experience symptoms almost anytime they are around other people. Panic Disorder is an anxiety which causes regular panic attacks with no particular triggers. It is bouts of intense fear that are often accompanied by physical symptoms such as chest pain, racing hear, shortness of breath, or dizziness. Obsessive Compulsive Disorder (OCD) is repeated unwelcome thoughts and/or a compulsion to carry out repetitive behaviours that can be difficult to ignore. Post-Traumatic Stress Disorder (PTSD) is an anxiety that is triggered by very stressful, frightening or distressing events. PTSD sufferers often relive these traumatic events through nightmares and flashbacks, and may experience feelings of isolation, irritability and guilt. Tips to help with anxiety The causes and kinds of anxiety are complex. Anxiety requires treatment such as psychotherapy in the form of talking therapy, cognitive behavioural therapy (CBT) and/or exposure and response prevention (ERP) or in the short-term, anti-anxiety medication. However, there are many things you can do to help you learn how to manage feelings of anxiety. Keep a mood diary- Check in with yourself on daily basis and take note of how you are feeling at different times, rating how anxious you are feeling on a scale of 1-10. List what you are feeling anxious about and if there are things you can do to ease those feelings. Make time- If you are feeling particularly anxious, set aside some ‘worry time’ to go through your worries. When that time is up, consciously focus your thoughts on other things. Challenge unhelpful thoughts- Our thought patterns can exacerbate our feelings of anxiety and lead to negative and unhelpful thoughts. Challenge these thoughts and do not accept them as fact. Ask yourself: Is there evidence that confirms your thoughts Is there another way to look at it If you were to think positively about the situation, how would you view it Talk about your feelings - Telling someone about how you are feeling can help make things clearer for you. Relaxation techniques – Breathing and mindfulness exercise help keep you in the present moment and help your mind and body take control of a situation. Lifestyle factors- Eating healthy, regular exercise and getting plenty of sleep can improve your mental and physical wellbeing and burn off anxious energy. If anxiety is affecting you or someone you love, the Thrive Wellbeing Hub is here to offer advice, information and support on anxiety and for those who need it, we can arrange professional counselling. You can contact the Thrive wellbeing team by email at: thrive@charteredaccountants.ie or by phone: (+353) 86 0243294.

May 15, 2023
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Simple ways to brighten up Blue Monday

Each year in January we have Blue Monday.  Often referred to as the most depressing day of the year, researchers have cited the third Monday of January as a day when we are at our lowest, but it doesn’t have to be this way.  Blue Monday was awarded the gloomy title due to a combination of reasons. Christmas and New Year joy has evaporated, resolutions and motivation begin to crack and wane, finances can be stretched and we find ourselves in the thick of winter.  However, it is important not to allow the concept to become a self-fulfilling prophecy. The day can present an opportunity to check in with yourself, practise some self-care and a chance to look after your physical and mental health. Perhaps it is time to retrain our brain and change our outlook on the month itself- maybe January could be a time for gentleness, reflection and self-compassion rather than abstinence and self-criticism. January is a bleak month but a positive spin on the gloomy dark days of winter is to think of the days getting a little brighter with each one that passes and is another step closer to Spring and Summer. There is something reassuring about the subtle change in nature in anticipation of better weather that can lift our spirits and encourage us to look to the future. Or why not carve out some time for yourself this blue Monday and make plans to brighten up the day.  Enjoy a sunrise morning walk Have a slow, gentle morning or breakfast Spend quality time with family/kids  Explore, and appreciate, your local area and surrounds Get out in nature Plan an adventure or complete a task you have been avoiding Embrace online learning Tackle that big DIY project and much-avoided clear-out Develop a new gardening skills Learn to cook or bake something new Catch up with friends Activity/Health Now is a good time as we start new beginnings to think about your health. Being active and having a healthy heart has never been more important. A regular walk will make a big difference and there is plenty of workouts or classes online, no matter what your fitness level. Carve out time for you!  Self-care Managing our stress and anxiety levels is essential and many people use meditation or yoga. But everyone is different, and some find painting or gardening works. Explore some options and find what works for you.  Appreciation The New Year gives us time to reflect and consider our surroundings, our family, friends, and appreciate all that is good in our lives. It also gives us the opportunity to consider changing things which perhaps were not so good for us.   

Jan 10, 2023
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Are you alcohol aware?

The theme of Alcohol Awareness Week 2022 is change, something that most people find challenging, but change is ever present. We can all easily slip into patterns and routines, and drinking more than we should or using alcohol as a coping mechanism is one. However high levels of alcohol consumed regularly can undermine our physical and mental health. One of the biggest challenge is to force a change in our mindset and seek alternative tools.  If you are finding you are inclined to drink more heavily and frequently, then perhaps it is an opportunity to explore alternative coping strategies. Being mindful and observing a low-risk relationship with alcohol can make a big difference to your anxiety levels and mood. Below are some tips to get you started: Stick to the weekly low-risk alcohol guidelines If you can stick to these guidelines it will reduce alcohol related problems The recommended weekly low-risk alcohol guidelines are less than: 11 standard drinks for women 17 standard drinks for men Drinks should be spread out over the week –no more than 2 standard a day for men, or 1 standard a day for women. Have 2-3 alcohol-free days per week. For more on these guidelines and what is a standard drink check out the HSE site. The Ask About Alcohol  drinks calculator also provides fact-based non-judgmental information about how drinking affects health, wallet and weight. Be aware of your mental health & wellbeing An awareness of how you are feeling can help you identify behaviours and any self-destructing tendencies. Do you use alcohol to ward off or cope with a bad day, stress or low mood?  If so, it is important to look for alternative ways to deal with our mental health and wellbeing.  Connecting with others is essential as it gives us purpose and a sense of belonging. Get out and about, walking and being outside is so good for our mental health. Keep a routine that works Most of us not only like routine, but we need it, so find a routine that works for you and reap the benefits. Keeping structure to your day and evenings will really help you to stay focused. Find alcohol free alternative tools Explore new options and find something you enjoy and works for you. Reaching for that drink each evening can become a bad habit and one which could be hard to break. Reconnect with hobbies or interests you once had or learn a new skill and try some relaxation or mindfulness. Take a news break Turn off the endless newsfeed for a few hours. Anxiety, depression, and alcohol are linked, so give yourself a break and take sometime out from social media and all news feed. You will be amazed how quickly your mood can change once these distractions are removed.

Nov 15, 2022
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Movember lessons: surviving the corporate world & beyond

Executive Coach, Facilitator and Founder of xPotential, Ewan Dunbar shares his experience of dealing with cancer and how his journey changed the trajectory of his life, career and mindset. 5,000 Steps!! That was my goal … if I could achieve that then I was sure that my system would kick back in, my wounds would start to heal properly, I would be able to cope without morphine and I would recover fully mentally.  24 hours earlier I had undergone significant surgery to remove stage three cancer and fit a temporary stoma bag for a year.  I had cried for the first time in over a decade when I looked down at my stoma wound, exhausted from the pain and a sleep deprived night in the “Zombie ward” (as I ‘affectionately’ named it). The Zombie Ward was intensive care where patients were typically on morphine and definitely not in control of their senses during the night (I only have admiration for the nursing staff).  I decided to take control of the situation… I declined any more ‘purple tablets’ (the morphine), forced myself out of bed and started putting one foot in front of the other to get walking.  I achieved the 5,000 steps within a couple of days much to the amusement (and possible annoyance) of the nursing staff as I marched up and down blocking the hospital corridor.  I achieved 10,000 steps after day five (not to be recommended) and was released from hospital in half the time I was originally told I had to stay for.  I had set a goal. I had a purpose. I had prepared through significant physical training in advance of my operation and apart from the ‘wobbly 24 hours’ mentioned above, I was determined to live up to the expectations that my friends, family and colleagues expected of me.  Throughout the year of my cancer treatment, the importance of having a really strong network was emphasised to me.  Everyone viewed me as being really positive but I was only positive because of them (they were the fuel to my fire in trying to cope with the challenges presented to me). How did I get there though? As everyone is all too aware, there are carcinogens throughout the world in which we live.  There is not any way to know definitively the cause of my disease however for me it was not coincidental that I was experiencing the most stressful period of my working career.  Whilst smiling on the outside and still being that positive person that everyone expected at work, I was going through so many challenges that I was not sleeping properly.  Despite a rigorous exercise regime, I was constantly exhausted from a lack of sleep and worrying about work issues.  It also does not surprise me that all the cancer sufferers that I befriended who are in their forties also developed cancer whilst going through a particularly stressful period in their lives. This is anecdotal and unfortunately people can just be extremely unfortunate, but this journey has led me to a large number of realisations which also prompted a career change.  I now coach and provide leadership talks to support business executives in navigating the challenges of business life. One of my regular questions to senior executives is “if you woke at 2am, what would you be thinking of” … unfortunately this transpires to be the reality for almost all of my clients, who are able to tell me exactly what they were thinking about.   In this ‘always on’ world, leaders need to check themselves (both physically and mentally) before they wreck themselves.  So please, if in doubt, get it checked out! (early detection is key to saving lives, possibly even yours!)  If you are struggling with business challenges then please reach out to someone for support. Written by Ewan Dunbar on behalf of Thrive. Ewan is an Executive Coach, Facilitator and Founder of xPotential. Ewan spoke at Thrive's Movember webinar, Movember Lessons: Surviving the Corporate World & Beyond, that focused on men’s health and their journey through the corporate environment. You can watch this webinar on-demand here. 

Nov 09, 2022
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Leadership and Management
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Nine things to make your life easier in practice

Orla McGahan writes: 1. Join a network “If you want to go fast, go alone; if you want to go far, go together.” There are 1,730 Chartered firms in practice in Ireland. Of that, around 950 are sole practitioners; and yet, there are only 40 listed networks. Even with an average of ten members per network, there are a lot of people out there going it alone. Don’t isolate yourself. The benefits of being part of a network are copious: A case study group – for those times when a case needs to be talked out.  A forum to benchmark – to benchmark fees, charge out rates, overheads, staff salaries, and so on, can be invaluable. Consider joining a network outside your geographical or competitive area if necessary.  Knowledge sharing – share experiences on dealing with Revenue, CRO and other areas. For that moment when you are just having a blank, being able to run it by a trusted colleague. Referrals – often within a network various members specialise in varying fields, industries or disciplines. This can lead to additional work through referrals. CPD and training – organising training by network offers more flexibility to custom make the course, attendees, and location, while gaining cost reductions. 2. Don’t underestimate the value of your work I was lucky enough to be shown early in my practice life (by a client!) that the value of your work is not the time it took to put together the relevant documents and submit them to the appropriate authority. But rather, and more importantly, your fee should reflect the time, effort, knowledge and experience you have gained over the years which gives you the technical and practical knowhow. For a lot of practitioners, our work revolves around solving problems or doing work our clients do not have the time, knowledge, skill or experience to do. Make sure the price you put on your work adequately reflects value to both you and your client. 3. Stock control - record your time How often do we criticize clients for inadequate stock control and yet how many of us, particularly partners, do not record our time? We sell time. Fact. And yet quite often we have no control over it. There are many good CRM packages available to practitioners offering time recording systems with simple reporting facilities. Invest in one and use it. It will pay for itself, and then some. Find the discipline to record your time, every day. 4. Organise your time and stick to it! As the saying goes – “Failing to plan is planning to fail.” If I were to pick one thing that will make a difference, it’s time management. This is crucial to creating and maintaining an easy (easier) practice life. Plan, systemise where possible, and stay on top of The annual return and compliance review - do this when it comes in or as it falls due; Anti-money laundering compliance; Engagement letters; Practice housekeeping – A Chartered Accountant I know, who runs a very successful practice, has developed the habit of spending the first hour of his day, every day, without fail, to practice housekeeping. And his success is testament that it works; CPD and your CPD record; Staff mentoring records. 5. Embrace technology and update your software regularly Efficiencies leading to higher profitability and better cash-flow can be achieved with regular investment in software and technology. Incorporate this cost as an ongoing overhead. 6. Value your staff I’m sure this is not the first time you have been told this, but your staff are your most valuable asset. “We are only ever as good as the people around us”. Invest in your staff. The cost of losing an experienced staff member goes far beyond the financial cost. Added to that, a new staff member will take at least six months to become comfortable and familiar with the position. The cost of this should never be underestimated. Invest in training, talk to your staff openly and regularly (maybe over a nice lunch) about the things that make a difference to their enjoyment of the position, and it’s not always about salary. Particularly in the current environment, taking care of your staff should be a high priority. 7. Self-care In the words of Stephen Covey (The 7 habits of highly effective people) – “sharpen the saw”. Take care of yourself, your health, your mental health and your private life. As a practitioner, the pressure to develop, to stay up to date technically, meet deadlines, manage staff, and still live your life can sometimes be overwhelming, not to mention managing the expectations of clients. We carry a huge responsibility. So take time out regularly and routinely to take care of yourself. 8. Get involved in your Institute For some members “The Institute” may seem like an anonymous entity from which they can feel somewhat disconnected. But the Institute has many more facets than members realise and offers many valuable services. In addition to the staff, many member volunteers are lobbying and working away for the interests of its members. Volunteers are always required in many areas. The benefit of involvement and having an active role is that you can help shape and change the world in which you work, influence policy and changes in legislation, education, membership and many other areas. And as an added bonus, involvement gives you a sense of belonging to the Institute of which you are a member. 9. Agree fees upfront and in writing When you make this routine a habit, it is second only to time recording in revolutionising your practice, your fee recovery and your cash flow. It focuses your mind in identifying exactly what service is required, what the client is willing to pay for that service, and the timing of when you will get paid. It opens the doors for a discussion on what work the client wants done, and identify any work they are willing to do themselves. Make a list of the steps involved in the work and use this as a template to assist in the conversation. The benefit is that it saves a lot of stress and bad feeling when you think you’ve done a great job only to find that the client does not appreciate it and is unwilling to pay for it. Orla McGahan is the principal of McGahan and Co, and is a member of the Members in Practice Committee of Chartered Accountants Ireland.  

Dec 01, 2018
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