#6 Skills & Experience - What Matters in Finance

"You're having a tantrum - aren't you?!"

Wed, 11 Nov 2020 15:19:30 GMT

Sometimes it can feel IMPOSSIBLE to stop yourself!

As we walked along, my good friend put his arm on my shoulder and smiled at me.

The 'red mist' had descended and I was fuming.

“The thing is………” I said.

“And……..another thing”.

“And…..it’s just not on…”.

“Let it go, Ollie – just let it go and let’s enjoy this….it’s no biggie….”.

“I know, but………”. I replied.

And no matter what he said, even though I knew he was right - I was just stuck!

Angry. Right. Self-destructing in a tantrum at the age of 50!

And the cause?

I’m embarrassed to say…..not least as an accredited coach….

Another great friend had decided to change our golf arrangements at short notice and it wasn’t what I had planned.

In “MY” plan, we had a relaxed start to our “PERFECT” round of golf.

In our new reality, we were rushing because my friend wanted to get home a bit earlier.

I mean – how outrageous!

My reaction was ridiculous – but that’s not how it felt for me during those crucial 20 minutes when I was locked in my thoughts and unable to step back and see the bigger picture.

And, of course, the tantrum had consequences, even after I had sorted myself out after a few holes.

We lost heavily. Which affected my partner. And worse than that – I looked a complete buffoon to my best friends!

They’ll enjoy that for a while!

An apology. Forgiving myself (the next day). And the ability to laugh at myself and take my punishment have all helped smooth things over.

However, my reaction reminded me of quote by Viktor Frankl, a psychiatrist who survived Nazi concentration camps.

“Between stimulus and response there is a space. In that space is our power to choose our response. In our response lies our growth and our freedom.”

I read his book, Man’s Search for Meaning, soon after I took my coach training with Barefoot.

If you’ve not had the chance, it’s a surprisingly optimistic and uplifting read.

And for me, a chastening reminder, that no matter what gets thrown at me, I have more ways of responding than I can even imagine!

So as we head into another period of lockdown and things appear a lot less than "PERFECT" for many, I wonder if this approach may prove useful again.

"Do you need an ambulance?"

Wed, 11 Nov 2020 15:04:31 GMT

Discovering we might need help to achieve our goals

I was stunned, flat on my back in the middle of the road looking up at a tractor driver.

Meanwhile, Jennifer, my youngest daughter was looking down at me from her horse, very concerned.

Of course, I'd been 'de-seated' - the more technical term for being chucked-off my horse after it took fright from a tractor.

You see, I'm not an experienced rider; I sort of learned back in my 20's when I worked at Esso Fawley Refinery in the New Forest - I used that time to learn to horse ride and sail.

(Nb. It's probably not good idea to ask me to sail you anywhere, either....).

But I love going for a hack every now and then and this was a Dad / Daughter thing that Jennifer and I thought we could do as we both got older.

However, the horse and tractor had other ideas and my inexperience showed when Sultan (that's what you call big horses....) lost the plot.

As I lay there, my first thought was "what have I broken?" shortly followed by "that really hurt!".

As my breath returned I slowly got back on my feet.

Luckily there was nothing broken and this time I didn't need an ambulance.

Now I know what you're thinking and, yes.... I eventually got back on the horse!

To be honest it didn't take me very long to decide, once I released I could actually climb back on.

Sultan, my bruised pride (& bum) and I walked the 200 yards back to the stables and off I went for a hot bath and some contemplation about how very fortunate I had been.

And the moral of the story?

Well I have to say it did take me a while to think about it as it's not about the horse or getting back up after a set-back. (I was glad I did, by the way.....).

No, it was actually about realising where I am with my riding and where I'd like to be.

My enthusiasm and commitment have got me quite a long way - I'm definitely an 'enthusiastic amateur'.

But I realise that if I'm serious about having this as a long-term activity for Jennifer and me - I need to approach it in the right way.

Whilst getting-by can be absolutely fine and is often enough - my fall reminded me that it can often take a set-back for us to realise that we need help to achieve our goals.

A kind of jolt to the senses that brings things into focus and ensures we get the expert help to get us on, or back on track.

Or in my case - on Sultan!

I'm happy to report it was a lucky jolt but some long overdue riding lessons are back on the agenda now that my bruises are fading!

Half Empty or Half Full?

Tue, 17 Mar 2020 15:00:13 GMT

We have a choice how we approach adversity

I realised I was getting distracted by the potential negative impacts of Covid-19, even though they’re only just starting to hit the UK.

Analysis, conjecture, debate…. will we, won’t we, should I, shouldn’t I……? And not forgetting the real risks for loved ones.

It’s mainly about what MIGHT or might NOT happen, rather than what IS happening - whether to meet face-to-face, cancel events, holidays…… and toilet rolls.

And being a self-employed coach, the fear of being less able to get in front of people – well, that’s another financial worry on top of the markets….

And then……. BREATHE ……… I took a few minutes to notice and acknowledge my thinking and the fog started to lift.

�� Leading in Finance isn’t getting easier – there’ll be even more people needing support.

�� Remote teams – needing help to work in new ways.

�� Technology makes it all possible , not least the phone.

❤ Friends, family & neighbours - I’m fit and healthy and there’s plenty of people I can assist.

�� And how many toilet rolls do you need….?

Two mindsets to choose in challenging times - one more useful than the other.

Trying to do it all?

Fri, 06 Dec 2019 12:01:57 GMT

The power of self-awareness

“I’m really busy. How are you?”

“Good...yeah, busy too”.

How many times have you heard that this week?

However hard we try, this time of year always turns frantic.

�� Pushing 2019 business objectives over the line…

�� Planning for 2020….

�� Social…….

✈ Holiday plans.

�� Christmas logistics – presents, diaries…

? And on and on…

With a bit more than 2 weeks to go until Christmas, I call this stage:

“I CAN STILL DO EVERYTHING!"

- all that’s needed is for EVERYTHING to go perfectly and for NOTHING to get in the way....

I thought it might be better being self-employed but this week I’ve been juggling my diary, new client intake sessions, finishing my tax return, drinks with network…..

Until, just in time, I noticed myself starting to inwardly grumble about leaving my desk for my daughter’s school concert.

�� Hmmmm…………the power of self-awareness…

So I had a firm word with myself and was reminded:

. I really can’t do it all.

. Much of it can wait or doesn’t matter.

. I won’t be distracted from the really important stuff ❤

What are you NOT going to do as you race to the finish?!

Ps. The concert was fab!

Skills & Experience - What Matters in Finance

Wed, 30 Oct 2019 11:30:33 GMT

You really don't need to know it all

“Please don’t ask me to explain the deferred tax computation…….”.

The truth is I’m pretty hopeless at tax, even though I passed my accounting exams. If I’m honest, it didn’t really interest me and I never made enough effort to really understand it.

But for years that would have bothered me - I had ‘ imposter syndrome ’, which I meant I tended to focus on the things that I couldn’t do, rather than the things I could. I was never quite good enough and so I worked twice as hard.

Another one was having enough “commercial experience” - I put off several bigger jobs because I didn’t think mine was the “right” commercial experience.

Of course it was nonsense – whilst I’d never struck a commercial contract I was business friendly and I’d done a ton of other things.

But that mindset held me back until I’d got enough experience to KNOW that I didn’t need to know it all . I just needed to:

1. Leverage my strengths.

2. Recognise and acknowledge the skills I needed to be successful but didn’t have.

3. Utilise or assemble the teams around me to fill the gaps.

And only then start to think about getting the skills myself.

What matters to the success of your current role?

Ollie helps finance leaders and teams create the space, thinking and leadership they need to thrive. Previously an FD and MD in a range of complex, blue chip organisations he’s now an ICF accredited coach. Try his free “ What Matters in Finance ” exercise if you’re curious about what really matters to you.

Spark insight and creativity with courageous questions

Wed, 30 Oct 2019 09:43:09 GMT

The difference a conversation can make

My old friend and colleague, Bjoern, lent over the table and handed me an A-4 sized package at our breakfast catch-up.

He began reminding me of the phone conversation we had the prior year, shortly after he’d landed a great new job and was finishing up in his last role.

He was describing his plans for a rare break between jobs and it went something like this……

“….It’s great Ollie, it’s mostly planned - we’re going to have some days out with the kids and I’m going to decorate their bedrooms - they’ve even chosen the colours!”.

He seemed pretty happy but I picked up a sense that whilst outwardly happy, he was signalling to me that something was missing - a lack of conviction ... some real excitement at what was planned.

“Oh…?”, I said.

We didn’t have long so we briefly kicked around a few ideas and I had left him with the question:

“What could you do now that your kids would really cherish when they’re grown up?”.

One year later and back to our breakfast and he asked me to unwrap the package….

Inside was a framed photo of him and his family beaming into the camera, embossed with the words :

“How much difference a conversation can make”.

He explained that after our call, he’d chatted with his wife and they’d completely re-imagined their plans for his ‘gap-month'. Gone was the painting and day-trips and in it's place a mammoth family road-trip down the west coast of America – a holiday of a lifetime they were all cherishing.

The photo, which now has pride of place on my desk, was the thank-you from him and his family.

Giving someone the answers is rarely the answer - giving them some questions can really spark their creativity.

Have you had powerful conversations but didn’t realise it at the time?

Ollie helps finance leaders and teams create the space, thinking and leadership they need to thrive. Previously an FD and MD in a range of complex, blue chip organisations he’s now an ICF accredited coach. Try his free “ What Matters in Finance ” exercise if you’re curious about what really matters to you.

Just surviving your holiday?

Mon, 15 Jul 2019 19:37:06 GMT

Ideas for ensuring you return rested, refreshed and raring to go!

For more years than I’d like to admit, my work / life balance was out. You see I enjoyed work, I wanted to advance my career and I also loved the challenge of work individually and in teams.

But of course there were consequences and many of them manifested at holiday time.

In the weeks before I left I would work flat out– perhaps to get the budget or Year-End in shape, to empty my in-box, rushing to finish whatever was there in order to leave ‘guilt’ free.

And when I dashed home to pack, I’d already be feeling the scratchy throat of the stinking cold I was about to get. Scroll forwards 36 hours and I’d be feeling terrible, exhausted and totally deflated that I was ill (again) on my long-awaited holiday. If you’re sick, you’re not on holiday, you’re sick…

And of course, I wasn’t the only disappointed one – family and friends felt the brunt too and worse, they’d often seen it coming (again). And before you knew it I was back at work needing a holiday…..

So what do I wish I’d realised earlier?

Live to work or work to live? A more empowering mindset is that holiday is a Top Priority (TP) to ensure you’re able to be happy and successful, including being at work; rather than a break from work. How do you think of your holiday?
There’s a perfect holiday. Spend just 5 minutes writing down what it looks like for you. What are you doing? (Reconnecting with self / loved ones, relaxing, adventuring, eating & drinking healthily, reading, sleeping…). What are you not doing? (Social media, work, calls, emails, eat & drinking, worrying…..). Then consider what needs to be true to achieve it?
Ask yourself this question – how would the company cope if you just disappeared overnight? Seriously, think about them doing it themselves, asking a colleague, engaging your team, delaying, simplifying or simply not doing it? They’d cope, right? Because you’re replaceable.
A truth about teams – they might even like you but they love it when you go away because they get more profile, responsibility and a break from you. It’s great when you come back refreshed, de-stressed and in great shape to lead them again.
Time is precious – Plan what you’ll spend your remaining time on, rather than how you’ll get everything done before you go and plan in at least a day of slack for surprises. Start with the most important items then, when there’s no more time available, draw a line and refer to Questions #3 & #4 for next steps.
Saying “no” is liberating – Don’t be distracted by late, unreasonable requests as you approach your last day – it doesn’t have to be your problem. Refer them to #3 & #4 to help them with ideas.
Set an out of office – I’m now on my annual leave until [date] and won’t be reading my emails or answering my phone. In a real emergency please contact my stand-in who may be able to help you. Be brave, without you, they’ll soon be thinking of #3 and #4.
Nominate a stand-in – even if they can’t cover your work whilst you’re away, just make sure they understand your expectations.
Set high expectations – Clearly communicate the ‘life or death’ criteria required to interrupt your holiday. I evolved mine into “only disturb me on holiday if my career is at risk”. Remember, your holiday really is about you.
Leave guilt free – knowing that when you come back calmer, rejuvenated and reconnected, you’ll be much more productive in the office and at home.

Your holiday matters; do more than just survive it.

About Ollie

An ICF certified coach and qualified accountant, Ollie uses his 25 years of blue chip leadership experience to coach Finance leaders and teams to help them achieve their goals. Contact him at ollie@olliesmedley.com to start a conversation.

www.olliesmedley.com

Up the Scaffold

Mon, 10 Jun 2019 12:57:01 GMT

Taking a different perspective

I enjoy the use of symbolism and metaphor in my coaching - sometimes it’s easier for clients to access their creativity when they step out of straight problem solving and look at things through a different lens.

So I was overloaded with ideas as I stood on a rented scaffold, instead of a ladder, trying to trim my rather high hedge:

Better understanding what the task was when I got up close to it.
Realising that things aren’t always as they first appear.
Stepping back to get a different view.
Looking after myself when I was tackling the tough stuff.
The importance of having the right tools for the job.
The other options I saw when I turned my back on the tree altogether.......

I wonder what you think of when you see the ladder and the scaffold?

Ollie helps finance leaders and teams create the space, thinking and leadership they need to thrive. Previously an FD and MD in a range of complex, blue chip organisations he’s now an ICF accredited coach. Try his free “What Matters in Finance” exercise if you’re curious about what really matters to you.

Chatter, chatter, chatter!

Fri, 26 Apr 2019 12:56:09 GMT

How do you manage your inner voice?

I’m curious - is there ever a time that negative, inner voice is helpful?

On a bad day I’m my own worst critic as “should’ve / could’ve / would’ve’s” creep in, soon followed by a metaphorical bash on the head, or a gentle poke in the ribs.

And as I overthink a past misdemeanour or missed opportunity, it doesn’t help me concentrate on the now, let alone the future.

Whether working on my coaching business or simply playing golf – I confess, it’s usually lurking somewhere, ready to critique a bad drive or a missed putt.

Tim Galwey , an early influencer of coaching, wrote in The Inner Game of Golf about Self 1 and Self 2; Where Self 2 is the total person living the life and Self 1 is our own worst critic or know-all expert, ready to second guess us and undermine our confidence and concentration.

He explained that by allowing Self 2 to learn and thrive, whilst minimising the interference from Self 1, performance improved.

So when I’m playing my best golf, the bad shots don't worry me; I shrug them off and head to the next tee with a spring in my step thinking about all the potential opportunity and joy of the next hole. After all, playing even bad golf is a gift not a chore!

I’d love to know how you help manage your inner chatter.

Ollie helps finance leaders and teams create the space, thinking and leadership they need to thrive. Previously an FD and MD in a range of complex, blue chip organisations he’s now an ICF accredited coach. Try his free “What Matters in Finance ” exercise if you’re curious about what really matters to you.

Why I coach

Sat, 20 Apr 2019 11:18:57 GMT

And where does my motivation come from

Last weekend I was in the Peak District catching up with old friends from my post graduate coaching course. It was precious time to kick back and collectively reflect on our progress since we qualified. In particular, we all wanted to explore why we coach and who we think we’re best suited to help.

Whilst all professional, our backgrounds were very different and ranged from blue chip commercial leadership to teaching, M&A advisory and HR leadership. Of course, with differing backgrounds and life experiences our motivations were different too.

However, a consistent theme did emerge and whether they were overwhelmed, stuck, lacking direction or needing inspiration; we could all see some of our old selves in the people that we coach.

I first experienced coaching about 15 years into my career - Big job, big team, big salary, big ambitions and big expectations. It was everything I was looking for.

I gave it 120% but about 9 months in it slowly became apparent that the skills that had got me the job weren’t sufficient – the scale, complexity and pace of change compared to the resources I had to hand were out of balance. It wasn’t my fault but I didn’t have the experience to spot it building.

Privately (& probably to others), I was starting to become overwhelmed and showing the symptoms of stress: Working to excess, compromising my personal life, poor sleep patterns, niggling colds and just not enjoying it. All in a vain hope that by working harder it would “soon get better”.

Fortunately Terry, my MD at the time, introduced me to his coach and the rest, as they say, is history.

Of course it wasn’t an instant fix and there were no magic wands but I quickly learned that the coaching environment created safe space for me to decompress, reflect, challenge and start to think and act differently about my situation. My resourcefulness returned and I started to take back control of my situation. I started to enjoy what I was doing again.

As I look back, engaging a coach was just the start of a turning point for how I managed my career and personal life. Instead of being a passenger, I started to be the pilot – making conscious choices, particularly when making unavoidable compromises.

Back to the Peak District - my weekend realisation was that I wanted to be like Terry and share that same gift of coaching to people in need.

So for the many high performers out there with great jobs who are currently finding things harder than they should be – that’s why I coach.

Drop me a line at info@olliesmedley.com if you’re interested in a conversation about how I might be able to help you.

What makes the CFO’s role tricky?

Mon, 08 Apr 2019 20:17:34 GMT

What challenges do CFOs face

I was reminiscing with an old CFO colleague about what makes the role a bit different to those of their colleagues. Whilst all jobs at this level come with challenges, the CFO’s has some added dimensions that can really test them:

Building strong and effective Board relationships whilst holding those same people to performance accountability – sometimes quite publicly.
Taking a ‘first among equals’ position, often deputising for the CEO with no formal seniority.
Being a ‘critical friend’ when it comes to strategic planning - grounding optimism with reality without falling into the trap of being labelled “pessimistic” .
Being innovative, creative and flexible whilst staying on the right side of the rule book .
Managing stakeholders – frequently done behind the scenes with a challenging landscape .
Ensuring “no surprises” whilst working in complex, fast changing environments often without enough resource.
Creating a Finance function that serves the business whilst not forgetting that the Finance team need serving too – self-care can frequently be overlooked and securing and maintaining talent is critical.

And what does it take for CFO’s to handle these effectively?

Great people skills – from interpersonal to team building skills and high emotional intelligence.

The days are gone when a CFO can rely on just being functionally brilliant, they have to be able to share their wisdom and expertise in an ambiguous world that is changing every day.

If you’re a Finance leader who needs some help – drop me a line at contact@olliesmedley.com to start a conversation.

“It’s a total waste of time, Dad!”

Thu, 28 Mar 2019 13:35:48 GMT

Things take time

My daughter was bemoaning her teacher giving work outside the syllabus.

It reminded me of my English teacher who insisted we learn classic poems - Wordsworth, Blake and Shakespeare – also not on the syllabus..... But this was no scene from the 1989 film Dead Poet’s Society and we loathed it – dull, repetitive and a painful experience for pupil and teacher. And yet Mr Roberts, a fiercely proud Welshman somewhat ahead of his time, was insistent and unrelenting.

“You’ll thank me when you’re older……"

So 30 years later as Spring approaches and green shoots start to poke through, yep, it’s Wordsworth and his poem about daffodils… I can still recite it, even the intonation.

So what have I learned and what’s the link to my daughter’s angst? Well that’s the strange thing – more than the simple joy of remembering a poem:

Work we put in today might not be visible for some time.
Just because it doesn’t feel right now, doesn’t mean it won’t help in the future.
Our experiences stay with us a long time and make us who we are today.
Inspirational people can affect us, long after they’re gone.

I doubt my daughter will see it like that – but I wonder if you’ve had a similar experience?

Walking past complements?

Sat, 09 Feb 2019 00:00:00 GMT

How giving and receiving complements is good for you

How many times have you walked past a compliment, minimised it or even denied it? “Oh thanks…. it’s nothing…. anyone could have done it…..”.

Culturally, us Brits don’t tend to be very good at giving and receiving compliments – it’s all a bit…well….awkward. In giving, we don’t want to appear overly forward or creepy and in receiving we don’t want to risk appearing self-promotional, big-headed or vain.

But receiving the energy of a compliment can help us recognise and build a more positive picture of ourselves, often in the things we can’t or won’t see. They build self-esteem.

And guess what? Giving them is just as good for the donor too, building their own self-confidence and helping them to recognise the good in themselves. It’s a gift of great leaders.

So next time someone offers you a complement - just take it, with no self-qualification. And when you have a chance to give a complement - watch the recipient grow in stature and feel the reflective glow on your own self confidence.

Step away from the beard trimmer

Sat, 12 Jan 2019 00:00:00 GMT

Taking a moment before diving in

It's all about pace these days. In a world of constant change, leading businesses need to be agile, moving first (fast) and keeping up with the latest wave of technology.

And of course it’s not just businesses that are moving fast, it’s the people inside them too.

And we all know what that means in practice – an impatience to get things done and an inevitable rush as we scramble to get things over the line.

When I'm coaching I sometimes have to encourage my clients to consciously slow down in order to give their brains a chance to catch up. Using some of that precious time to step back, breathe, reflect; it can all help bring some considered focus before we dash off to the next important thing.

Of course I’m no different ; for the 3rd time in a month my undue haste has forced me to slow down, cost me money or resulted in me hurting myself.

There was the ‘quick’ beard trim I spontaneously made before dashing out for the train. Absent-mindedly turning the trimmer dial the wrong way left me with an unconventional look a bit like the first stripe of a freshly mown garden lawn. Next dilemma – shave it all off or blend it in and just what train will I get now?

Then there was the last minute drive to the post office to send a parcel. As I rushed to park, I was so fixated on the clock I pranged both my car and that of an unlucky stranger. Two cars to the garage, several thousand pounds and, of course, the parcel missed the post.

Then there was that famously dangerous activity - putting the recycle bins out. Cutting up the card with a swashbuckling style my thumb came a cropper. Stitches narrowly avoided but the loss of my thumb for a few days.

So what did I learn from my own impatience?

I take my thumbs for granted – try tying your shoelaces or buttoning your shirt without one of them; 25 years of insurance no-claims bonus was carefully earned and quickly lost; and, my beard takes about 4 days before it grows back.....

So as I head into 2019 I’m sure I'll still rush about but maybe, just maybe I’ll be reminded to pause and take a mindful moment before I go diving head first into my next task.