Welch LLP’s new downtown Toronto office

I recently read an article that quoted a PWC Survey (Cities of Opportunity) wherein they found Toronto to be the second best city in the world for economic opportunities, second only to New York City. I was very excited to read this as we’re launching our Toronto office July 2011.

I was particularly interested to see the high ranking in the areas of “positive entrepreneurial environment” and the “ease of starting a business”. This represents two major focus areas of our practice: providing the expertise required of today’s established entrepreneurs, as well as the budding entrepreneur.  

We are very aware of the first class professional advisors already in Toronto. However, we are confident that we can make an impact on the SME market with our full range of client services.

We look forward to hooking up with all our associates, clients and friends in the Toronto area and working with them to help integrate our new office into the Toronto scene.

-  Micheal Burch, CA, CFP
Managing Partner
Welch LLP

Sens record icy due to lack of leadership

The present state of the Ottawa Senators provides a good opportunity to compare leadership and management. Like many other Ottawa  residents, I am a keen observer of our professional hockey team. I have no inside knowledge of the workings of the team or the current relationship amongst management and leadership. However, I do note that it is a common theme, amongst commentators, that there appears to be a lack of leadership.  I suspect they are referring to “on ice” leadership, however, I think they need to look a little further up the chain of command.

The team is at a point in time where leadership may be more critical than management.  What is the leadership group’s plan to get this franchise back to a state of long term health and success (assuming success is judged by the performance on the ice)?  Who is the leadership group that is responsible for this task?

I am certain this is all being addressed right now at the highest levels and should result in a plan for the next three to five years. Now is the time for leadership to set a road map for success and let the stake holders know what the route is. Trusted leadership is necessary to instil confidence in the organization and its management team.

From a management perspective, I think the assets of this team have been mismanaged over the last few years resulting in the current lack of talent. To a certain extent this is a natural process and you cannot plan to always be at the top of the standings though there are teams who seem to be capable of sustaining a high level of competitiveness year in and year out).

The management team needs to be supplied with the road map and assume the responsibility to fulfill the goals of leadership.  As the plan produces positive results leadership may take a back seat to management once again. At that time the role of management may become more critical.

-  Micheal Burch, CA, CFP
Managing Partner
Welch LLP

How Much “Leader” Do We Really Need?

I wonder if we are misjudging the importance of leadership in the performance of everyday tasks.

“Leadership” seems to be all the rage these days  - everyone is talking about “building future leaders.” Who the heck are all these future leaders going to lead? I am, rightly or wrongly, coming to the conclusion that this leadership thing is currently over hyped .

There is no question in my mind that people want to be a part of something that is greater

than what they can create on their own. With this in mind it may be important for one person to emerge as a decision maker/take charge individual who can motivate the entire group and provide a sense of direction. However, in the grand scheme of our everyday work lives this motivating factor is not generally required. In fact if it is, we may need to reconsider the quality of the work force we are employing.

Having said that, management, on the other hand, is the skill required to control the process and ensure we are all pulling in the right direction. Management provides the frame work in which our individual tasks combine to create the expected results. Management provides the data necessary to evaluate the processes and keep us on course. Management is the ongoing monitoring and tinkering that is required at all times.

As noted in my previous comment there will be times when leadership is required in an organization/group. This leadership can be provided by one or more people at different levels in the enterprise. At certain critical times this leadership absolutely must come from someone with both the authority and the skills to make a difference and motivate the entire organization.  When this happens, hopefully, this individual will be at the top of the chain of command.

– Micheal Burch, CA, CFP
Manager Parter
Welch LLP

Leadership vs Management – it’s all about direction

I have been following a string of discussions on a Leadership Group on Linked In (“Leadership Think Tank”). Much to my benefit someone has posed the question “What is the difference between Management and Leadership?” What I have been able to glean from this forum is:  If people are not following you, then you are managing. If people are successfully completing their day to day tasks and simply look to you to assist in the performance of these tasks, then you are managing. If, on the other hand, people are looking to you to provide motivation and direction, then you are probably leading.

When people need to get somewhere specifically or figuratively and they are uncertain of the path they will look to a leader. The leader will be the one they most believe will get them to where they need to go.

You can successfully manage without leading, especially in good times. However, the time may arise when, as a group, a new direction is required. It often takes a leader to step up in this situation and lead the way.

I will continue to follow this discussion. I also welcome your thoughts.

- Micheal Burch, CA, CFP
Managing Partner, Welch LLP

The Dual Role of the Managing Partner

Michael Burch is the Managing Partner at Welch LLP. This is the first in a series of blogs exploring the role of management and his experiences managing the firm.

I quickly discovered there are two distinct sides to the role of managing partner. The first, and what I believe to be the easier side, is the pure management of the practice. This side of the job includes setting the goals for the entity, monitoring the results of operation, keeping the business on the rails and effectively managing the day to day activities within the organization. My training as a Chartered Accountant along with report generating tool, help me to effectively fulfill this responsibility.

The other side of the equation, the “leadership side,” is far more difficult to fulfill. There is so much information being produced about effective leadership that you can read about it until you are blue in the face. Unfortunately, in my opinion, all this reading does not make you a leader.

I struggle with this side of the position every day – what does it mean to be a good leader, how important is it to the success of the enterprise, can I delegate this responsibility, what do the people I work with expect from me in this area, am I delivering?

I would like to explore the two sides of this role, especially the leadership side, in the future by drawing on my own experiences and those of my colleagues.

- Micheal Burch, CA, CFP
Managing Partner, Welch LLP