Four qualities of great leaders

It’s common knowledge that becoming a great leader calls for a complex suite of skills. Although we recognise that talented bosses are equipped to rise to challenges and make tough decisions, we often forget that the ability to communicate, delegate, remain positive and stay creative are equally intrinsic to finding a leadership formula that works.
 
Whether you dream of heading up an accounting firm or working as a tax consultant, there are ways to hone your leadership credentials now. Here are four qualities of great leaders along with fail-safe tips for acquiring them.

Communication skills

The ability to articulate ideas and give clear direction to colleagues can separate a mediocre leader from a boss who excels. Failure to communicate effectively can lead to conflict and poor execution – factors that can impact bottom lines. From taking a professional writing course to volunteering to speak at an industry panel, there are plenty of ways to cultivate your powers of expression and make sure people understand what you’re trying to say.

The ability to delegate

Great leaders know that when it comes to freeing up the time and energy to focus on strategy, the ability to delegate is key. Overbearing managers run the risk of damaging relationships with staff members and impacting employee trust. You can master the art of delegation by looking at your workload and identifying the tasks you could outsource. The most effective delegators understand the responsibilities that are worth their efforts and those that should be passed on to someone else. They also trust their team to deliver great work without being micromanaged.

A positive attitude

The best leaders believe that you can turn around a missed opportunity and that failure is simply success in this disguise. This positive perspective is essential to becoming the kind of visionary leader staff members look up to and emulate. Whether it’s working with a charity or volunteering at a not-for-profit on weekends, offering your skills to those who need them can help you become more influential.

A creative approach

Fields such as tax and accounting might not be traditionally classified as creative, but creativity is still a powerful leadership asset that can help a company grow. Being a leader often means thinking outside traditional boundaries and drawing on the power of imagination to tackle complex briefs. Whether it’s taking a painting class or learning how to capture better photos, there’s no shortage of ways to catch the creative bug. Harnessing your creativity can supercharge your leadership skills down the track. Encouraging your team to think creatively and brainstorm together can help foster creativity in the workplace.

From communication skills to the ability to delegate, the right mix of attributes can see a leader succeed.

What are you doing today to hone your future leadership skills?

Three ways to ace your first annual performance review

If you’re about to complete your freshman year in a full-time taxation position, you’ll know there’s nothing more daunting than your first annual performance review.

This age-old management practice aims to foster improvement by offering constructive feedback, but it can also be a catalyst for serious stress. However, acing your first performance review is easy if you stay calm and make the effort to prepare. Here are three strategies for passing this professional-development rite of passage with flying colours.

Do your homework

Performance reviews spark anxiety when you feel like you’re not in control. That’s why it’s critical to spend some time assessing your own achievements, goals and professional milestones – as well as any areas that could use some improvement.

Taking time to conduct a self-assessment will show your manager that you’re willing to accept feedback and do whatever it takes to improve. If you’ve already anticipated the issues your boss might discuss with you, you’re less likely to feel blindsided.

Don’t be afraid to voice your needs

Your first performance review isn’t just a method of gauging your strengths and weaknesses – it’s also an opportunity to ask for support. Whether that means discussing a staffing issue that impacts your workload or asking if you can enrol in a taxation course to brush up on a new aspect of legislation, identifying how your employer can help you thrive is likely to earn you respect.

However, it’s equally essential to demonstrate to your manager that you’re prepared to take responsibility when it comes to meeting the demands of your role. A positive attitude and a motivated spirit are the hallmarks of a high performer.

Focus on how your accomplishments add value

Many first-time employees think listing their achievements is enough to win a glowing performance review. But if you’re hoping for the kind of meeting that might result in a pay rise, you’ll have to demonstrate how your successes create value.

Did you come up with a new procedure that improves accuracy or invent a processing technique that saves your colleagues time? Identifying the ways in which your contributions create measurable gains for your agency can help you reach your professional goals.

Performance reviews might cause anxiety, but they’re also a tool for evolution and growth. The employees who prepare, identify problem areas and illustrate the ways in which they’ve created value are most likely to see this process pay off.

Productivity secrets to success

Whether you’re punching deadlines or juggling coursework with an internship at a taxation firm, you’ll know that few things are as effective as squeezing the most out of your working hours.

Despite this, taking control of your time can often appear fraught with challenges of its own. Bad habits and disorganised work practices usually mean giving in to the urge to procrastinate. Luckily, there’s no shortage of secrets that can send your productivity levels sky-high. Here are a few foolproof tactics for getting more done.

The Pomodoro Technique

Invented in the 1980s by Francesco Cirillo, the Pomodoro Technique is a much-loved productivity method designed to preserve clarity and minimise mental fatigue. The technique invites people to spend 25 minutes on work and then take a five-minute break. After four Pomodoro ‘rounds’, they enjoy a longer 20-minute rest. This strategy is based on the idea that constantly timing your activities drives you to complete tasks more quickly while avoiding the temptation to waste time. It also uses regular work-free intervals to keep motivation intact.

Trello

If you’re juggling multiple commitments, it’s easy to feel swamped by your tasks. That’s why Trello – an easy-to-use app that lets you create ‘boards’ for every project, track to-do items and collaborate with other team members – is a godsend if you’re serious about upping your productivity. Trello also offers total visibility of your projects and allows you to understand your progress at every stage. This makes it easier than ever to allocate your time.

The Cornell System

Ever found yourself sitting in an accounting class bombarded by information you need to record? The Cornell System can work wonders for your efficiency. The system invites you to jot down big-picture ideas, embrace abbreviations and use a ‘recall column’ to list specific words and phrases. It’s a powerful note-taking strategy that lets you capture essential information without needing to fill in the gaps in the future.

Schedule your most important tasks first

Few time-management tactics are as effective as getting your critical tasks accomplished first. If you schedule your most pressing responsibilities for the start of the day, there’s less chance of squandering time on admin and non-urgent work. It will also ensure your workday is in line with your priorities.

From project management apps to scheduling habits, there are countless ways to chase away distractions and optimise your hours. What are your tried-and-tested productivity secrets?


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A helping hand up the career ladder

Ralph Waldo Emerson once declared: “What I need is someone who will make me do what I can.” As it turns out, it’s not only poets who need a helpful push to reach their potential.

How a mentor can help you

"The first step to finding a good mentor is, of course, coming to terms with the fact that you actually can benefit from having one," says billionaire Richard Branson. Undertaking the right tax course is necessary to have a career in the tax industry, but a mentor can help that career become great.

A wise and experienced mentor can:

• Prevent you from making rookie mistakes.
• Let you tap into their network of contacts.
• Reassure you and motivate you when you experience setbacks.
• Provide advice on how to improve both your technical and people skills.
• Act as a sounding board when you need to make big decisions, such as whether to invest in more tax training.
• Diplomatically point out your weaknesses and show how to improve them.
• Identify your strengths and suggest how you can better leverage them.
• Provide the kind of perspective that only comes from age and experience.

Finding a mentor

The good news is that finding a mentor has never been easier. Many companies – including all the 'Big Four' firms – have mentoring programs, and you can also find a mentoring match through the Small Business Mentoring Service or the Australian Businesswomen's Network.

If you want to identify and approach someone without going through a middleman, you can always attend the networking events featured on The Tax Institute's calendar and see if you run into anyone inspiring.

It can even be as simple as picking up the phone, reaching out via LinkedIn or sending an email to someone you admire to ask them to mentor you – they're likely to be flattered you even asked.

How to be good a mentee

Unless they are retired, your mentor is probably going to be someone in a senior position with lots of demands on their time. Respect the time they are selflessly giving to you by turning up to appointments and arriving well prepared with a list of issues you want to discuss. Mentor–mentee relationships can take many different forms, but keep in mind that it is meant to be a business-focused relationship and your mentor may not wish to hear about, or provide advice on, your personal life.

Finally, always show your mentor gratitude and respect, especially when bringing the relationship to a close.


Take the next step in your tax career with the Graduate Diploma of Applied Tax Law 

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How LinkedIn can boost your career opportunities

There are now nearly 400 million LinkedIn users across the world. Today's employers are moving to LinkedIn – instead of job boards – to find and recruit top talent. This means that having an optimised and up-to-date LinkedIn profile can help tax students with career prospects now and in the future.

Social professional networks are now considered an essential tool to reach out to potential employers. According to LinkedIn’s Australia & New Zealand Recruiting Trends 2016 report, 40 per cent of surveyed talent leaders say using social professional networks is an essential and long-lasting trend for employer brands to guarantee quality hires. So if top-tier employers are looking to LinkedIn for their next round of hires, it’s important your profile meets the grade.

While LinkedIn may be the online equivalent of traditional networking, the tactics you employ to guarantee success apply in a different way. Here’s how you can attract the eyes of higher-ups from top-tier tax firms with your LinkedIn profile.

Show off your skill set

As with a traditional CV, the skills portion of your LinkedIn profile is an important area that demonstrates your industry expertise. While on a CV the skills may appear as standalone claims, LinkedIn allows your connections to endorse your attributes, showcasing your top 10 skills based on endorsements on your profile. 38 per cent of employer recruiters consider sourcing highly skilled talent as their top priority as we move into 2016. Having active connections offering real-time accolades for your skill set will prove to be a valuable feature on your profile.

Feature any industry-specific memberships

If you belong to accredited organisations in the tax industry – such as The Tax Institute – use the organisations section to highlight your membership and status. LinkedIn is a keyword-rich site, so any opportunity to optimise your profile with relevant search terms will increase the odds of it being viewed by a recruiter or HR manager.

Include tax-specific coursework

As a recent tax graduate or current student, one of the most attractive traits you possess is your education. While a degree is an achievement in itself, it is also worthwhile to highlight any industry-related coursework that could impress potential employers. This might include any on-the-job training or work offered by organisations while you were studying. This section can prove to be particularly valuable if you see yourself entering a niche area of tax.

Join relevant groups

There are thousands of LinkedIn groups you can join. They range from general interest to industry specific and can be a great place to find out about news and changes in the tax industry. Join The Tax Institute LinkedIn group to build your tax knowledge and engage with industry peers.

Being active in groups can also make you more attractive to potential employers who are members. Keep in mind that if you start a conversation, it's important to follow up on comments and questions.

An active LinkedIn profile can improve the odds of your name being seen by potential employers, creating opportunities that have long-term benefits for your tax career.