The Carrots & Eggs of Leadership

Guest Blogger Cathy Carroll who is one of the speakers at our breakfast workshop, "Soft Skill Development for the Woman Business Leader" on August 27th.


What would you do in these two situations?  
 


A)  Jennifer is not living up to expectations on this project.  After a second try at delivering the results, she is late and the product is not useful.  Would you:
 

1. Empathize with her situation and show her how to do the work?
2. Emphasize how important this work is and set specific, measurable expectations for success the next time?
3. Get someone else to do the work, and move her to a different role or terminate her employment?
4. Get someone else to show her how to complete the task?
5. It depends.

B)  You are the guide of a group of hikers and as you crest the first hill, a hiker halfway back suddenly yelps in pain.  He has stepped into a hole and felt a quick sharp pain in his ankle, convinced that a snake bit him.  Would you:

1. Collaborate:  Gather the rest of the hikers, brainstorm options to pursue, then vote on each option?
2. Encourage:  Tell the hiker he’ll be OK, and then encourage the other hikers to help the victim as best they can?
3. Inspire:  Give a motivating speech to inspire the hikers to help?
4. Command:  Instruct one hiker to call 911 on his cell phone, instruct another hiker (who happens to be an EMT) to administer medical action, instruct a third and fourth hiker to return to the camp to coordinate help?
5. It depends.

These two scenarios are different, yet both demonstrate the value of having a broad set of leadership skills to achieve results.
 
In question A, if you ascribe to Ken Blanchard’s Situational Leadership model, the right answer is 5.  It depends.    He recommends that you assess the employee on two spectra:  Skill and Will.  If she lacks the skill, then drowning her in empathy isn’t going to get the job done.  Conversely, if she lacks the will, then just showing her how to do the work probably won’t help.  Instead, he recommends using the following model:

This model can be very useful, but it is important to remember that this model is situation specific, not person specific.  For example, ask yourself which leadership approach you would take if you asked a Navy Seal to complete a military mission?  Next, ask yourself which approach you would take if you asked that same Navy Seal to teach kindergarten. As for Question B above, I recommend answer 4. Command.  This is an emergency situation that requires quick, decisive leadership.  The "Command & Control" leadership style that was prevalent in the 1950s is unfashionable today, especially when used exclusively.  However, it remains an important tool in the leadership toolkit, as do authoritative, collaborative, encouraging, and inspirational styes, in certain situations. The art of leadership is knowing which leadership style to use in which situation.  We all have a default style, but any style of leadership used exclusively, can derail us from getting the results we want.  Watch out for those blind spots and remember this:  the hot water that softens a carrot, will harden an egg. Cathy Carroll is the founder of Legacy Onward, which provides business and executive coaching services for family businesses.  After growing up around her grandfather's business, Cathy enjoyed a 20-year corporate career before leading her father’s manufacturing business.  Following her coaching certification from Georgetown University, Cathy founded Legacy Onward to help family business leaders achieve greater profits through greater performance.  www.legacyonward.com

DE MINIMIS SAFE HARBOR

The Repair Regulations put in effect on January 1, 2014, contain several elections and safe harbors.  This article will focus on the de minimis safe harbor election.

Under the de minimis safe harbor election, an eligible taxpayer may generally deduct amounts paid for tangible personal property, where the per item or the per invoice amount does not exceed $5,000.  An eligible taxpayer is one that has an applicable financial statement, a written capitalization policy as of the first day of the tax year, and expenses amounts on its applicable financial statements consistent with the written policy.  

An applicable financial statement (AFS) is a financial statement provided to the Securities and Exchange Commission, or an audited financial statement used for creditors or other non-tax purposes.  In determining the per invoice or the per item amount with the $5,000 limitation in mind, it is important to note that transaction and other costs included in the same invoice as the item are also included in and allocated to the cost of the item.  

For taxpayers without an AFS, the rules and election still apply, however the dollar threshold is reduced to $500.  

It is important to note any materials and supplies purchased that fit within the de minimis safe harbor parameters are treated as expensed under this election and not under the rules for materials and supplies. The safe harbor must be applied to all amounts paid.  Please visit: http://www.koscpa.com/announcements/the-de-minimis-safe-harbor-election.

The de minimis safe harbor election is an annual, irrevocable election.  It is made by attaching a statement to the taxpayer's timely filed (including extensions) original tax return.  Please contact a KOS advisor today if you would like to discuss how this safe harbor may apply to you or the next steps needed to obtain available tax benefits under the new Regulations.

KOS to Host Breakfast Workshop: Soft Skill Development for the Woman Business Leader

Soft Skill Development for the Woman Business Leader

  

A breakfast workshop for women who understand the

importance of personal attributes on the job

Soft skills are increasingly becoming the hard skills of today's work force. It's just not enough to be highly trained in technical skills, without developing the softer, interpersonal and relationship-building skills that help people to communicate and collaborate effectively. Problem solving, delegating, motivating, and team building are all much easier if you have good soft skills. Knowing how to get along with people, displaying a positive attitude and carrying yourself well are all crucial for success. Soft skills revolve around personal relationships, character, and attitude. By developing these skills, you can increase your work performance, build stronger relationships, and take your career to the next level.

Workshop Details

When: Wednesday, August 27th

8:30am-10:30am

Where: Kessler Orlean Silver

1101 Lake Cook Road, Suite C

Deerfield, IL 60015

Cost: Free

RSVP: Kristin Kentra

847.580.4100

kkentra@koscpa.com

About the Speakers

The Impact of Psychology on Your Business

Paulette Janus, LCSW is a Licensed Clinical Social Worker and founder of Janus Behavioral Health Services with offices in Chicago and Wilmette. Paulette has over 15 years experience providing individual, couples, and family psychotherapy, specializing in children, teens, and families. She is also trained in and provides alternative dispute resolution interventions including family mediation, divorce coaching, and co-parent coaching.

The Carrots & Eggs of Leadership

Cathy Carroll is the founder of Legacy Onward, a leadership coaching firm specializing in family businesses.  Cathy had a 20-year corporate career with Hewitt Associates, Sabre Inc., and United Airlines before leaving to lead a turn-around of her father's manufacturing business. Legacy Onward helps leaders navigate the dynamic challenges of leadership, and Cathy has a knack for helping leaders identify and overcome the obstacles blocking them from the results they want.

Take Charge of Your Email Inbox

Bonnie Shay, Professional Organizer, is the founder of Mariposa Creative Solutions. Bonnie aims to create order out of disorder; she specializes in office organizing (home or professional), residential organizing, and photo organizing (printed and digital). Bonnie is also an expert in the field of email management and has recently published “Take Charge of Your Email Inbox”, a step by step guide of how one can “de-clutter” their inbox and maintain a streamlined inbox going forward.

Kessler Orlean Silver is Hiring Staff Accountants

Kessler Orlean Silver is hiring!  If you or anyone you know meets the following requirements, please forward a resume to hrmanager@koscpa.com.

Staff Accountant
A full time accountant will be responsible for preparation of year-end accounting journal entries and work papers as well as preparation of small business tax returns. He/she will also prepare quarterly payroll and sales tax returns, individual tax returns and trust returns.
 
The staff accountant will be responsible for the completion of small business and/or not-for-profit audits and review engagements under the supervision of managers and senior staff members working in a team environment.

Benefits:

• Competitive salaries
• Work-life balance
• Training
• Flexible schedules
• Medical insurance
• Dental insurance
• Life insurance
• Short term/long term disability insurance
• 401(k) plan
• Flexible spending accounts
• CPA Exam reimbursement
  

Desired Skills and Experience:

• Good people skills
• Strong computer and technical skills
• Bachelors degree in Accounting
• Work towards CPA designation
• CPA designation a plus

Is Retirement Confidence Lagging?

How confident are you that you have saved enough for retirement? The Employee Benefits Research Institute (EBRI), an independent research firm, recently released the results of its 24th annual Retirement Confidence Survey. According to EBRI, only 18% of the current workers it interviewed were “very confident” they would have enough money to live on comfortably in retirement, while 24% were “not at all confident.” These numbers show only a slight improvement from the prior year and are significantly lower than the years before 2008.