Richard A. Lindsey, CPA

Lindsey & Waldo, LLC – Certified Public Accountants

  • Apr 27

    In business, doing what others don’t do can often give you an edge. It can position you head and shoulders above your competition. It helps you stand out in a positive way, and when you do, people are attracted to you and your business, and your success grows stronger, deeper, and more durable.

    Asking for feedback is a simple way to gather information for improving our businesses, but many of us never take the time to ask. We get so wrapped up in the day-to-day running of the business that we fail to pause and ask people, “How are we doing?” Others are simply intimidated by the process – and afraid of what they’ll hear.

    According to the book The 29% Solution by Ivan Misner and Michelle R. Donovan there are five main reasons why we don’t ask for feedback: (1) we’re afraid the response will be negative; (2) we don’t know who to ask; (3) we don’t know when to ask; (4) we don’t know how to ask; (5) we don’t want to take up other people’s time. With all these objections, the thought of asking for feedback can give us heartburn, but it’s worth the pain; the potential for growth can be tremendous.

    Whether positive or negative, feedback should be considered constructive, because it helps our business develop new products, improve existing services, and sometimes adopt a whole new approach.

    Fear of a negative response may be what keeps many of us from asking for feedback. Nobody is eager to be criticized. But, as difficult as it to receive, negative feedback is actually a gift. It’s a reality check; it reminds us that no matter how good we are, we can always improve. It’s also a reminder that we can never make everyone happy. If you’re willing to ask for feedback, you’re going to get some negative feedback along the way. It’s your attitude toward it that will turn that negative feedback into an opportunity. Don’t ask for feedback unless you’re ready to hear it – and respond to it constructively.

    Whom should you ask for feedback? One answer is everybody. Ask your coworkers, supervisors, subordinates, partners, customers.

    When is the best time to ask for feedback? That depends. A professional development trainer might ask for feedback several times. During a session, so it can be tailored, the end of a session, and three or four months afterwards. She’ll ask different questions at different times. Someone selling a product might need to give the customer time to use it, or might not. Someone selling professional services might want to ask shortly after the services have been delivered.

    What if you don’t know how to ask for feedback? The easiest, and most logical, way is make it part of your sales process. Many companies use a questionnaire; some hand it out upon completion of the assignment, some e-mail it afterward, and some mail it as a follow-up in a few weeks. How you choose to do it depends on your customer base.

    The last reservation that a lot of us have is that we are reluctant to take someone else’s time by asking for feedback. What a cop-out. Adults have the option of saying no. It’s our responsibility to ask. Increase the likelihood that you’ll get useful feedback by making the request simple and timely. If it’s too complicated, or if you set a hurry-up deadline, your requests may end up in the circular file. Make the deadline too far off, and people will set it aside and forget it.

    I dare you – do something few others do. Stand out from the crowd. Ask for feedback. And be ready to turn it into opportunities for your business.

  • Apr 14

    When was the last time you reviewed your will? People generally make wills to guarantee the proper disposition of their money and property, which is why it’s a good idea to consult your CPA when it’s time to create or update your will.

    We recommend that you revisit your will every time you experience a major life event, such as marriage, the birth of a child, retirement, or other significant milestones. Even if there is no meaningful change in your life, it’s smart to review the document every couple of years to ensure it still addresses all your estate concerns and reflects your wishes. Changes in the value of your investments – such as stock portfolio or real estate – may also require adjustments in your estate plan.

    Reviewing your will may raise questions about various areas of your financial life, including your retirement or estate planning, college savings, or other financial concerns. Be sure to turn to us for the perspective and advice you need to make the best choices.♦