How to succeed as a new manager
Even for the most gifted accountants, moving up to your first management role can be tough. You’ll face plenty of challenges, so we’ve gathered some practical tips to help you hit the ground running. Give them a try and you’ll soon be thriving in your new accounting role.
Challenge 1: Organisation
When everything on your to-do list seems to be fighting for your attention, it’s time to get organised. How? By setting priorities. One method is the three-folder system. On your actual and/or virtual desktop, create three folders and label them: priority (for immediate action), urgent (for completion within the week), and to-do (for completion within the month or quarter).
Put tasks in the relevant folders as they arrive. Work through your priority folder until it’s empty, then move on to the next. Shift tasks up through the folders as deadlines approach, and also block out time each week to stay on top of basic admin.
Remember you’re a manager now. There will be some tasks that only you can carry out, but you’re not expected to do everything yourself. Your job is to assign tasks and oversee execution.
Challenge 2: Project Management
Broadly speaking, your work will be made up of ongoing processes and temporary projects. For example, if your remit includes completing financial checks on new clients, that’s an ongoing process. But if you’re asked to improve the vetting method, that’s a project.
Projects usually need the collaboration of other departments, such as sales and IT. As project manager, it’s down to you to liaise effectively with all parties, and keep a close eye on timing and costs.
You’ll find it easier to do this if you map out a plan of action. Put a series of ‘milestone deadlines’ in place and make it clear who is doing what, by when. There will be bumps in the road but these regular check-in points will help you deal with issues promptly, and move the project to a successful conclusion.
Challenge 3: Managing People
As a new manager, one of your biggest challenges is to build an effective team. Your soft skills will help you here, such as active listening. The ‘active’ part involves really paying attention when you have conversations with your team members. Don’t interrupt and, when they’ve made their point, show you’ve understood by paraphrasing: ”So, you’re saying that …”.
First-time managers should also avoid the temptation to micromanage. Know your team’s skillsets and capabilities, and have confidence in them. Make it clear you’re available to answer any queries but then let them get on with their work. Research shows that empowered employees are more committed and perform better, which is good news for the whole team.
Finally, if conflict arises, deal with it – don’t avoid it. The longer you wait, the more credibility you lose. Uncover the issues quickly, and come to a resolution as soon as possible.
Challenge 4: Growth Mindset
Managers with a growth mindset have a zest for learning, an openness to give and receive feedback, and an ability to confront and overcome obstacles. The term was first coined by Stanford psychologist Carol Dweck. Her research found that while some people shrink in the face of problems and give up, others approach challenges as a way to grow.
The good news is that you can develop a growth mindset. When you come up against something you can’t do well, Dweck suggests adding “not yet” to the end of your statement. For example, “I’m not great at assessing strategic risk – at least not yet.”
Accountancy is a fast moving industry with working practices and regulations evolving all the time. With a growth mindset, you’ll embrace training opportunities and take the initiative to improve your skill set. You will face challenges along the way, but approaching them as a chance to grow will help you cope better.
Over to you
So there you have it. A set of effective strategies to smooth your path as a new manager. Being promoted is a clear sign your firm values your skills and trusts you to handle more responsibility. Now’s the time to celebrate your achievements to date and use our tips to help make a success of this role. Then, when you’re ready to step up to the next level and need more qualifications to get you there, have a look at our courses to see what we offer. The sky’s the limit!