This week's newsletter has two sections:

• Lead With Your Accountant
• The Value of Public Speaking

Lead With Your Accountant

How often have we seen the accountants pushed aside, the decision-makers not respecting their input on the company's plans. “Oh, what do you know about the business” is typically the unspoken attitude. However, in these economic times, accounting and finance play an even larger role in the company's plans. Let's face it; at the end of the day, businesses need to make money. If we can't position the company or enterprise to accomplish this goal, then we will be out of jobs as our companies, one after another, file for bankruptcy. Accountants are similar to the quality control people, establishing quality systems, keeping a careful eye on our P&L activities, and helping us avoid financial failure.

Accountants often get a bum rap. They are frequently the butt of many jokes. I particularly like the one that describes the difference between an economist and an accountant. The economist is the individual that didn't have the personality to become an accountant. Yes, most accountants are schooled to look at the world conservatively. When we compare this view of the world with the confident view that most sales and marketing individuals possess, somewhere in between lies the appropriate answer for success. In an economic downturn, we need to be more careful when assessing the probabilities that a particular strategy can be achieved. In such times, the pendulum of responsibility favors the conservative attitude of the accountant and leaders must be willing to listen.

The challenge we face now is assessing the probability of whether the economy will improve. Financial professionals can help with these assessments and suggest strategy based on their keen insights. They can remind us that if we behave like the economy will turn around and it really doesn't, then we may be left holding the proverbial bag. With capital markets closed down there is even a greater responsibility to generate free cash flow. Most financial experts will agree that it's a foolhardy risk to think that the economy will bail us out. To err here is almost the kiss of death.

Now that doesn't mean close down all the strategic initiatives that are underway. What it does mean, however, is to look at those activities in context to the rest of the world and the competitive landscape. Any financial executive will say that all companies are dealing with the same economic environment and now is the time to do those activities that will enable you to persevere until there is overall economic improvement. As I once heard in a meeting, let's get rid of the appendages (headcount and discretionary spending) that we do not currently need. We can grow them back when conditions improve.

Also, for those companies that have a product that is on the margin, you will likely have a tough go of it. The value proposition must be very clear and there is not a lot of room for “nice but not necessary” products or services. Again, your financial staff can help you quantify this value proposition.

Compare your accountant's conservative plans with those aggressive plans from others. Herein lies perspective on the business. Assess the risk and model out what the likely scenarios might resemble. In slow times, careful assessment can't be careful enough—especially when it may mean having cash or not.

Each leader needs to ask the tough questions and identify the relative risks of any particular strategy. Let your accounting team make sure your strategy doesn't leave you with empty pockets.

Now ask yourself... Am I a Leader?

The Value of Public Speaking

Every organization's leaders are asked to speak publicly at various venues. Whether it is a team meeting inside the company, back at your school reunion, to investor conferences, or even at public shareholder meetings, every executive is asked to stand on his or her feet and address an audience.

It is suggested that the number one fear of most individuals is the thought of public speaking. For better or worse, it comes with the responsibility of being a leader. We all know that some speakers have more natural talent than others, but speaking skills can be developed, over time, by practicing.

The benefits of good public speaking are enormous. High-quality public speaking can make a deal go through, it can inspire employees to a much higher level of performance, and it can make things happen that might not otherwise happen.

When I work with individuals, I am often asked whether I think leaders are born or developed. I usually respond that they are much like athletes. Some individuals have more natural talent than others, but with practice, individuals can improve enormously. The same can be said about public speaking. Do you think Bill Clinton or Colin Powell's way with words was that good when they first started? Of course not! It took many years of practice. This was truly on-the-job training.

Leadership and public speaking go hand-in-hand. You won't become good at it by reading books or observing from the sidelines. It is often a contact sport and to become first-rate, we need to get into the game.

Where can you gain confidence without feeling self-conscious? Toastmasters International is a perfect organization to seek out if you want to develop and practice you speaking skills. Toastmaster Clubs are like McDonalds— they are everywhere! The clubs offer self-development programs where each participant works at his or her own pace. Like any independent endeavor, the amount of effort that you put in will determine the value of your results. Simply put, Toastmasters is a great place to hone your skills and gain the confidence to move ahead with public speaking and your leadership skills. The cost? Approximately fifty US dollars a year! By any measure, that is quite a deal.

Practice makes perfect!

A Year Ago – Reflections on 9/11

I found myself weeping the other day as I read the letter from my sixth-grade son's school telling us of the elaborate preparations they have taken to be ready for tomorrow. They will have an all-school meeting and the school psychologist will be available for the kids and their parents. They are taking every precaution to be sensitive to the possible anxiety and unsettling behaviors that might ensue.

As I flash back to last year, my oldest son was 50 yards from ground zero in an adjacent building. He has now relocated to Denver and started a new life with his wife. Over Labor Day weekend, he was visiting with us in New Hampshire, celebrating our family life together. At one point, we were having a discussion and on the television was a reference to 9/11. He still has memories burned into his mind (I'm sure they will never leave) that caused him to have an emotional outburst. I didn't fully understand it then, but on reflection, it makes sense. After all, terrorists invaded his and our collective lives, changing us forever.

We had a spirited debate at the dinner table about American civil liberties and whether we, as a nation, are going too far to limit our freedom in the interest of nailing the terrorists. On one hand, my father-in-law thinks we are going too far in limiting our freedom—forever taking away our civil liberties. My son, on the other hand, thinks we should search and destroy until we find the perpetrators. I guess if I had been 50 yards away, I'd feel the same way.

It is difficult to return to a normal life after a traumatic event like this happens. All loss needs to be mourned and this was a tremendous loss, by any measure. Mourning will occur for a long time and it may take years for many to understand the implications of this tragic event. I know I need to be more tolerant with those who are especially affected by the aftermath of September 11th.

When an event like this happens, do you feel like all the good you do in your lives is not really worth it or do you redouble your efforts and press ahead even more vigorously? I suggest we look at the world as it can be, the possibilities for a safe and happy world, one where we can live in harmony with each other. When you go home tonight, turn to the person closest to you and give them a big hug. After all, this is what living is all about.