june2022 - 5

FEATURE
Move Beyond Wishful Thinking
By Garrett Wagner, CPA
IMAGINE FOR A moment that you had the power to be granted one wish. This
power could come from a genie or a magic wand, really the source of the wish
doesn't matter. What matters, is what would you use said wish for, and, more
importantly, would said wish actually benefit you or just like all those stories
and movies, would your wishes lead you down the wrong path?
We have all thought to ourselves while
watching that movie about the genie that we
wish we had the power to make a wish and get
whatever we want. Be it wealth, fame, fortune,
what have you, the impulse is human nature.
So, let's pretend for a moment that you had
the magical power of one wish. Right now, as
you read this article, you could grant yourself
one wish, with the only caveat being that it
is related to your job.
If this were true, what
would you wish for, what are you thinking
right now as you read this article?
Are you wishing for money, do you want
more employees, more customers, a bigger
office, no longer having to do annual CPE?
No matter your wish, we are all thinking of
something. Making the wish is the easy part;
the hard part is making the right wish.
FAILED WISHES
Stories often tell an important tale about the
human condition, and, in the case of wishes,
they show the failure of humans to make
impactful wishes that really make a difference
in their lives. How many stories/movies/books
have a premise that focuses on the protagonist
getting the ability to make wishes, making
those wishes, and then regretting the result?
When we really think about it, your wish
you were just thinking about most likely falls
into that category.
It was the first thing that
came to mind and filled an immediate need.
Perhaps you wished for another employee who
is just like you. As you have felt for a long time
that if you just had another one of you, you
would be so much more successful.
Sadly, research of organizations has shown
us that having a team of people with the exact
same mind set and skills is never beneficial.
Just like the ill-advised wish, it appears great
at first to have everyone think and act
the same, but you would quickly realize
that your skills, behavior, and decision
making are far too narrow. You are
never able to do things differently or
consider a different plan or option.
Your group think is a mind of one,
doomed to repeat the same bad
decisions.
Similarly, many
people
would wish for more money,
because who wouldn't want
more money? Sadly, research by
Dan Gilbert, psychology professor
at Harvard University, has shown
that the payoff of making more than
$90,000 is negligible when it comes
to happiness. That is, human beings
overestimate how much pleasure and happiness
they will get with having more money.
We have all seen this movie play out
before. The real key is understanding what is
the right wish you should be making and that
starts with the right question.
THE RIGHT QUESTION
The key to making the right wish or in the
real world, taking the right action, is about
understanding the right question to ask. You
see it isn't as simple as just what would you
wish for. That is far too broad and open ended,
which leads to the failed wishes. Solving any
problem involves asking multiple questions
and dare we say some actual thought.
Focusing on one magic wish to fix everything
avoids any thought about understanding
the problem, the issues at hand and more. A
great way to think about why this won't work is
why we teach people on our team how to solve
problems vs. just always asking for the answer.
Only through understanding can we ever
achieve true knowledge and without said
knowledge, we can never answer, let alone
ask, the right questions. We lack the key
foundation to build from.
THE RIGHT WISH
You first need to ask the right questions
and then actually put in the hard work of
solving the problem which is a journey and
not just a destination. One of the aspects
that made Steve Jobs brilliant was his
ability to ask the right questions and
then think about the impact of
those questions and impacts in
the micro and macro level. He
didn't just make simple minded
random decisions without
thought. He would famously
analyze situations, current
trends, future trends, supply
chain issues, technology trends,
customer behavior, and more to
make the smallest of decisions.
That ability provided him with the
key foundation and knowledge so
when it came time to make a decision, he had
the knowledge he needed to know the path
to take.
FINDING SOLUTIONS NOT MAGIC
Think about what you wished about before
as you were reading this article. Write down
what that wish was and now think about why
you made that wish. Challenge yourself to
look past that easy wish you came up with.
Instead focus on asking the right questions
to really understand the issues you are faced
with. Abraham Maslow famously said, " If your
only tool is a hammer, then every problem
looks like a nail. "
Expand your thinking, move past the easy
answer, and go on a journey to determine the
problem at hand. If you can learn those skills, it
will set you on the path for true success, make
you a better advisor, and if you ever get the
chance to make a wish, it won't be wasted. ■
JUNE 2022 ■ www.CPAPracticeAdvisor.com
5
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june2022

Table of Contents for the Digital Edition of june2022

The ProAdvisor Spotlight: QuickBooks Online Recertification Window Open Through June 30, 2022
From the Editor: Summertime Blues
From the Trenches: Your Firm and Your Upgrades: Throw It Out!
2022 Tax Season Review: The Good, The Bad and The Ugly
Technology In Practice: Post Tax Season: 10 Tips for Getting the Most Out of Your Tax Season Debrief Meeting
2022 Most Powerful Women in Accounting
The Labor Law Advisor: Pregnant Employees and Employer Obligations
The Risk and Rewards of Big Data
How Businesses Can Defund Against Payment Fraud
The Staffing & HR Advisor: Return to the Office: How to Ready Your Team for the New "Disruption"
The Leadership Advisor: How to Create a Better Advisory Relationship
The Millennial Advisor: Firm Management Lessons from the Grocery Store
7 Principles for Becoming a Better Listener
Creating Digital Experiences is the Future of Remote Work
7 Ways to Improve Your Work-Life Balance as a Firm Owner and Accountant
Independent Contractor Update
Why CPA Firms Need a Top-Notch Website
8 Steps to Finding the Right Software Solutions
R&D Tax Credits Can Help with Software Development
Marketing Your Firm: How Accounting Firms Can Target a Niche Using SEO
Is Your Firm at the Crossroads of Change?
The Secure Act and the Growing Popularity of Roth Conversions?
How to Know When You're Ready to Move to Advisory Services
AICPA News: A round up of recent association news and events
Bridging the Gap: Your Firm's Next Hire: A Project Manager
june2022 - 1
june2022 - The ProAdvisor Spotlight: QuickBooks Online Recertification Window Open Through June 30, 2022
june2022 - 3
june2022 - From the Editor: Summertime Blues
june2022 - 5
june2022 - From the Trenches: Your Firm and Your Upgrades: Throw It Out!
june2022 - 7
june2022 - 8
june2022 - 2022 Tax Season Review: The Good, The Bad and The Ugly
june2022 - Technology In Practice: Post Tax Season: 10 Tips for Getting the Most Out of Your Tax Season Debrief Meeting
june2022 - 11
june2022 - 2022 Most Powerful Women in Accounting
june2022 - 13
june2022 - The Labor Law Advisor: Pregnant Employees and Employer Obligations
june2022 - The Risk and Rewards of Big Data
june2022 - How Businesses Can Defund Against Payment Fraud
june2022 - The Staffing & HR Advisor: Return to the Office: How to Ready Your Team for the New "Disruption"
june2022 - The Leadership Advisor: How to Create a Better Advisory Relationship
june2022 - The Millennial Advisor: Firm Management Lessons from the Grocery Store
june2022 - 7 Principles for Becoming a Better Listener
june2022 - Creating Digital Experiences is the Future of Remote Work
june2022 - 7 Ways to Improve Your Work-Life Balance as a Firm Owner and Accountant
june2022 - 23
june2022 - Independent Contractor Update
june2022 - Why CPA Firms Need a Top-Notch Website
june2022 - 8 Steps to Finding the Right Software Solutions
june2022 - 27
june2022 - 28
june2022 - R&D Tax Credits Can Help with Software Development
june2022 - Marketing Your Firm: How Accounting Firms Can Target a Niche Using SEO
june2022 - Is Your Firm at the Crossroads of Change?
june2022 - The Secure Act and the Growing Popularity of Roth Conversions?
june2022 - How to Know When You're Ready to Move to Advisory Services
june2022 - AICPA News: A round up of recent association news and events
june2022 - Bridging the Gap: Your Firm's Next Hire: A Project Manager
june2022 - 36
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