the four essential pillars for continuous learning
by w. michael hsu, cpa
as a firm leader, you know that you need new software, services, processes, and tactics…something that is going to take your firm to the next level. but how do you get there?
more w. michael hsu: seven principles to work less and achieve more | how do firm leaders learn? | why your approach to cas and cfo services is wrong | when it comes to pricing, it’s about ‘can’t afford not to’ | your client base is global |
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the tools and processes you use to get you to the next level have to come from or are signed off by you. so, who is teaching you? if you took the leap into a new service area and don’t know where you will land, you can’t turn to staff. they are looking to you for the answers.
so, i ask again, who do you turn to when you don’t know the next step? family? spouse? those are too personal and may not be able to help with the practical steps to take, despite the emotional or personal support.
i can say what helped me the most was that i always had a network, a community of people that could sanity-check my next steps. moreover, as a leader in need of answers, this is a great first place to start.
peer-to-peer learning
as firm owners, we face challenges and issues that we can’t exactly share with our staff, family, or spouse. people don’t always get it, but owners know the struggle. in my case, my problem was that i thought i could help everyone. ultimately, i had to learn the hard way.
i remember confiding in a friend about losing $150k in a month on investments. i didn’t think much of it and wasn’t showing off. i just wanted to confide in my friend, whom i had known since high school. his reaction was unexpected and not helpful, responding, “well, it must be nice to have $150k to lose.”
i realized then that i needed a judgment-free zone with people who understand situations like this and can share their experiences. not so much an echo chamber where everyone sits around and complains or has the same opinions on these matters. i needed a place that was structured to create action, accountability, and growth.
here are some suggestions of the kinds of “support groups” that firm leaders and business owners, in general, can truly benefit from:
1. online classes/boot camps
a. good – there are a lot to choose from. you are bound to find one that works for you
b. bad – there’s a lot of junk out there, too, do your research
2. general business peer-to-peer groups like ypo, eo, and vistage
a. good – something ‘normal’ in other industries can be seen as game-changing in ours
b. bad – they might not understand the nuisances of your business or be able to help with the technical side of things when it comes to financials because they, too, are struggling
3. the cfo club: a structured community of like-minded cas builders.
a. good – created cfos for cfos. i am sharing my experience from the past 13 years and my education with you
b. bad – it is dangerous to become an “echo chamber,” especially if it’s not planned and unchecked by an experienced community leader. you need the sanity check with a common goal of getting to the next level
so what do leaders need in order to learn?
these are the pillars:
- absolute confidentiality
- trust and respect
- accountability
- the ability to experience and share
final thoughts
i’ve been in an accountability group for ten years. i’m not saying this is the one for you, but i have found that this group helps you set goals and ensure you’re doing them. for example, i showed up once when i did not hit the goals we set. i was embarrassed and humbled, but my group leader didn’t make excuses.
the bottom line was he was disappointed in me because it was just not done, and he told me he thought i would be better than this. that nearly broke my heart to hear, but it woke me up. i went back and made sure that from then on, i would hit every task and goal that was set. i could not bear the disappointment of someone i respected in the business community.
so this is how i run my business now. i never forget the day i showed up at that meeting without doing what i said i would do. now, each day i check. what did i do? what didn’t i do? what is next?
remember, it’s okay not to know everything. but having a clear goal, a community supporting you, and calling out your bs will be life-changing. i guarantee it.
w. michael hsu
w. michael hsu, cpa, is founder of deepsky, an outsourced cfo service known as the accounting department for entrepreneurs. the company believes entrepreneurs are the problem solvers of the world and has helped countless entrepreneurs achieve their aspirations through better insights into
their businesses’ financial health and vital numbers. this entrepreneurial spirit stays as a vital part of the dna to deepsky and now to measure x hack.
after 10 years of building a financial consulting firm and working with entrepreneurs advising their multi-million businesses through systems and processes, michael hsu is ready to spread the pathway to success to people who yearn to live that ceo life.
he took his experience in entrepreneurship and condensed it into a methodology named measure x hack to serve as a guide to building a successful business, life, and relationship. it teaches anyone with an entrepreneurial spirit to build a system and processes, learn financial literacy, and create business hacks tailored to their goals. its end goal is to hand back financial freedom to people who seek it.
you can reach out to michael to chat about financial literacy, business hacks in starting and maintaining a business, and ways to find work-life balance in a world that places emphasis on monetary success. https://www.deepsky.co/ | https://www.linkedin.com/in/wmichaelhsu/ | https://www.measurexhack.co/