The Trap : Profits and the Comfort Zone

Beware : comfortable profits sometimes hide uncomfortable facts.

Which is best?

• Making comfortable profits?
• Being forced to re-examine your business model?

We all know we should strive to improve.
Sometimes we lack a sense of urgency.

Positive People

Les Brown had a tough start in life, but he has gone on to be one of the most successful motivational speakers in the world.

At seventeen years old, he harassed the owner of a radio station by turning up every day and asking if he "could help with something". Months later the owner asked him to make coffee, and Les got his foot in the door.

But he didn't give up there. He carried on until he got a cleaning job at the radio station.He almost lived there, and when he was not cleaning, he watched and practised all he could with the broadcasting equipment, fine tuning his act... even though he was still just the cleaner.

After many months his lucky break came. The Night DJ was drunk...very, very, drunk... and he was making a fool of himself and the radio station.

The owner, who was listening to the show quickly phoned the station and it was Les who answered the phone. The owner demanded that Les found another DJ to take over and that he get "this idiot off the air as soon as possible".

Of course Les got the guy off the air, but he didn't look too hard for another DJ. He took the controls himself. (Sometimes you have just got to be cheeky!).

Les Browns first show was an instant success because he had spent months preparing for the opportunity, and this paved the way for his first DJ contract.

Les says that there are two kinds of people, Positive People and Toxic People. To be successful you need to surround yourself with Positive People. The kind of people that give you energy and enthusiasm.

He has a plan for dealing with Toxic People, people who drain your energy and sap your enthusiasm.

Don't call them... don't call them back... Tell them you are busy... Never say "Maybe another time"

Eventually the ratio of Positive People in your life will gravitate towards a hundred percent.

Les Browns Book "Live your Dreams" is one that is definitely worth reading.

Zero Gravity Solutions

In the 1960's, during the space race, scientists realised that it would be difficult to take notes whilst in space.

The ball-point pen relies on gravity for its ink supply. So it won't work at all in zero gravity conditions.

The Americans solved this problem by spending millions of Dollars on research into the now famous "Space Pen" ....So good it can even write underwater.

The Russians took a pencil! (which can also write underwater)

• It always pays dividends to stop and think
• Sometimes low tech is good
• Financial constraints can encourage very elegant solutions
• Money can solve many problems : but it doesn't always provide the smartest solution

CIMA Salary surveys

We are pleased to confirm the results of the most recent Robert Half Finance & Accounting salary benefits survey. The survey will not only allow you to benchmark your own financial remuneration but the overview below also provides some revealing insights into the current market.

• Part qualified (PDF 28KB)
• Qualified - commerce & industry (PDF 84KB)
• Newly qualifieds (PDF 28KB)
• Overview of benefits & bonuses (PDF 41KB)

Robert Half Finance & Accounting salary and benefits survey - 2006/2007

Robert Half Finance & Accounting is the world’s first and largest specialised financial recruitment firm and has been conducting the Salary and Benefits Survey for the last 18 years.

The survey not only tracks salary trends, but provides insight into issues affecting business through the eyes of the finance professional, as well as characteristics of the job market. This recent survey is particularly topical as it looks specifically at staff retention, company loyalty, the challenges of promotion and social habits within financial practices in the UK.

Career loyal, not company loyal

Over half of all finance professionals surveyed are looking for a new job, the main reason being better career development potential.

53% are seeking a new job and of these one in five are actively looking to move. The main reasons for people looking to change companies are better career development potential (55%) and pay increases (46%).

76% of those aged under 25 are seeking better career development opportunities.

Finance professionals are working to minimise their personal risk by advancing their careers and looking for jobs with better promotion prospects, while saving for a rainy day.

Promotion challenges

The survey revealed that finance professionals remain loyal to their career rather than their employer. On average, respondents had worked for five organisations in their career to date.

37% of finance professionals have worked for five or more organisations over their careers.

The most challenging part when promoted is maintaining work/life balance.

More respondents believe that ‘balancing a work and home life’ was the most challenging part of gaining a promotion whilst ‘relationships with colleagues’ (15%) was also a factor. Over 80 respondents said that overcoming prejudice was a factor and over 200 thought that their age was holding them back from promotion.

Lifestyle

The majority of finance professionals surveyed had no overwhelming desire to work abroad with 58% electing against emigrating.

Those who did want to work abroad preferred English speaking countries such as the USA and Australia (50%) with one quarter (23%) electing to emigrate closer to home in Europe. China and the Far East did not appeal to most, with only 9% wanting to emigrate there.

The opportunity to travel was the biggest factor encouraging people to look for work overseas - the deciding factor for 60% of people. Career progression was important for 27% but ‘more money’ only important to 11% of respondents. However, 55% would not take a pay cut or demotion in order to work overseas.

The survey also built a picture of the working day of finance professionals. Although balancing work and home life continues to be stressful and one of the hardest parts of the job, it appears that the pressure is self-imposed. 48% worked between 39 and 45 hours per week and 31% worked 46-55 hours per week. 44% feel guilty if they do not work longer hours yet only 9% of people had experienced a colleague or boss complaining that they had not put in extra hours.

The survey found that the majority of accountants eat breakfast at home but only have time to eat lunch at their desk.

73% of finance directors, 61% of financial controllers and 88% of partners have no aspirations to work abroad.