What separates a good accounting firm from a great one? Crunching numbers is just the start. The mindset, the vision, and the willingness to step outside the comfort zone needed to start an accounting firm are perhaps even more important.
Vamsi Polimetla, a leadership development coach with experience at Apple and SpaceX, offered valuable insights on running an accounting business during his appearance on the “Building the Premier Accounting Firm” podcast hosted by Roger Knecht. Together, they offer insights to help ambitious leaders achieve quantum leaps in their businesses and lives. Listen to the full episode here.
Vamsi’s Journey: From IT to Leadership Coaching
Vamsi’s path to becoming a leadership coach is far from typical. Born in India to middle-class parents, he initially followed the conventional route into the IT industry. For 23 years, he climbed the corporate ladder, eventually working in Singapore and the United States. Despite his success, Vamsi felt a pull towards something more.
A mentor’s advice became the catalyst for change.
“Something new comes into your life, or something new comes out from you,” Vamsi recalled.
For Vamsi, it was both. An unexpected opportunity to move into management presented itself. Although initially excited, his first keynote speech was a disaster, riddled with nerves and self-doubt.
However, his boss saw potential, offering a compliment that turned everything around. This moment sparked a commitment to personal growth, leading Vamsi to invest in himself and ultimately shift his career towards coaching and leadership development.
Embracing Change and Overcoming Self-Doubt
Knecht highlights the power of Vamsi’s story, pointing out two crucial takeaways. The first is that change, whether internal or external, requires embrace to become a catalyst. The second is the crippling effect of self-doubt. How often do we sabotage our potential by reverting to what’s comfortable?
Growth demands stepping outside that comfort zone. It means acknowledging the “am I worthy?” questions but pushing forward despite them. It’s about recognizing that true potential lies beyond the familiar.
This ties into a recent study by the American Psychological Association, which found that individuals who actively challenge their self-limiting beliefs are more likely to achieve their goals. Recognizing these patterns is the first step toward breaking free from them.
The Impossible is Possible: Stepping Out of Your Comfort Zone
Vamsi asserts that addiction to the comfort zone prevents us from achieving our desires. He uses the analogy of an alligator. It’s nearly impossible to harm a hungry alligator. However, it’s easy to overcome one that is full. Likewise, feeling satisfied prevents individuals from moving outside their comfort zones. This satisfaction comes in the form of a steady paycheck and other guarantees.
Stepping outside opens countless possibilities. The key is recognizing that the potential rewards outweigh the perceived risks. For Vamsi, this realization came when he left his $30-a-month job in India for a $3,000-a-month opportunity in Singapore. It wasn’t just about the money. It was about the possibilities that opened up.
This concept is backed by research from Harvard Business School, which indicates that individuals who take calculated risks in their careers experience greater long-term success and fulfillment. The moment individuals leave their comfort zones, possibilities expand.
Advice for Accounting Professionals Starting Their Journey
For listeners in the startup phase, Vamsi offers concrete advice:
- Create a Clear Vision: Spend time defining a moonshot vision for your life, envisioning where you want to be in ten years. Reverse engineer this vision to create actionable steps.
- Connect with Your Vision: Regularly spend time with your vision, imagining its realization. This reinforces your commitment and helps identify actions aligned with your goals.
Without a clear vision, results are vague. Many people spend more time planning a two-week vacation than they do planning their ten-year life. Create a crystal-clear vision so you can operate from that vision.
The Power of Reverse Engineering Success
Knecht emphasizes the importance of reverse engineering your life, mirroring Vamsi’s advice. Clarity of vision allows you to determine the necessary steps and timeline for achieving your goals. More importantly, it simplifies decision-making.
When faced with a choice, ask yourself: Does this move me closer to my goal, or is it a distraction? This clarity keeps you on task, accelerating your progress. With clear intentions, it’s easy to say, “This is what I need to do next.”
Life Lessons from Mentors: Authenticity and Fulfillment
Vamsi shares a pivotal lesson learned during his corporate years. As an advisor to the CEO, he observed that many high-level executives wore “masks,” behaving differently in the boardroom than outside of it. This lack of authenticity troubled him.
An experience at a Tony Robbins event provided a contrasting perspective. Robbins served people from the heart, finding fulfillment in solving their problems. This resonated deeply with Vamsi, contrasting with the often-unfulfilled leaders he saw in the corporate world.
This insight led him to prioritize serving others and pursuing a path aligned with his values. It’s not always about teaching. Sometimes, all it takes is one insight. Even if you read 100 books, if you don’t get any insight and act on that, there’s no point.
Finding Your Keys Where the Light Is
Vamsi uses an analogy of an old man searching for his lost keys under a streetlight, even though he lost them elsewhere. When asked why he looks there, he replies: “Because there is a light here.” This illustrates the tendency to seek solutions in familiar places, even if they are not the most effective.
In the boardroom, executives often seek validation and success in their careers while neglecting other areas of their lives, such as family and health. Instead, focus on finding that thing you want most.
Tony Robbins and Proactive Living
Reflecting on his Tony Robbins experience, Vamsi shares that seeing things differently was the first takeaway. Then he wrote himself a letter saying that he would quit his corporate job by the end of the year. This decision, made in the supportive environment of the event, led him to leave his corporate job and pursue his coaching career.
This highlights the power of association. We become who we associate with. Surrounding yourself with ambitious entrepreneurs can accelerate your growth.
The Opportunities and Challenges of Slowing Down
Vamsi emphasizes the importance of slowing down to recognize opportunities and avoid burnout. He likens life to a video game, where each level presents new challenges. Rushing through life can lead to missed opportunities and exhaustion.
Dan Sullivan, a strategic coach, advocates for “free days” where you disconnect from work and focus on personal reflection. Slowing down allows you to assess your relationships, finances, and overall well-being. When you slow down, you see so many things. The importance of “free days” is a lesson that Vamsi says he spent five figures to learn.
Starting Before You’re Ready: Overcoming “Someday”
Vamsi challenges the idea of waiting until you’re “ready” to start. He points out that many people postpone their dreams, saying they’ll pursue them “someday.”
He illustrates this with the concept of an “eighth day” of the week called “someday.” This elusive day is where all our postponed dreams go to die. The graveyard is the most expensive place in the world.
Instead, he encourages starting before you feel fully prepared. You don’t need complete clarity about the future. You only need to know the next few steps. Life is all about experiments. With every experiment comes a win, either materialistic or experiential.
A Practical Approach: The Four-Four Rule
Vamsi offers a practical tool for getting started: the four-four rule.
- Four Hours: Dedicate four hours to writing down your vision and clarifying what you want to create.
- Four Days: Commit the next four days to working on your vision, building momentum.
- Four Weeks: If the four days bring happiness, dedicate the next four weeks to creating something tangible, like a proposal.
- Four Months: If the four weeks bring excitement, commit the next four months to fully immersing yourself in your vision, blocking out distractions.
If, at any point, you lose enthusiasm, you’ve only invested a limited amount of time. This approach allows you to test your ideas and make progress without significant risk.
The Destination and the Journey
Knecht emphasizes that starting with the end in mind is about defining the destination, not dictating the journey. Just as there are multiple routes to Disneyland, there are multiple paths to achieving your goals.
Don’t wait for everything to align perfectly before you start. Be comfortable with red lights and obstacles along the way. These pauses provide opportunities for reflection and adjustment. There will be many obstacles, but in the end, you will get to the destination just fine.
The Essence of Achievement: Focus and Action
Vamsi’s closing thought reinforces the importance of focus. If you chase two rabbits, it’s tough to catch either. He advises choosing one thing and going all-in. This focused approach, combined with the willingness to start before you’re ready, is the key to creating significant results.
Final Thoughts
This conversation between Knecht and Vamsi is a powerful reminder that building a premier accounting firm is about more than just technical expertise. It requires a growth mindset, a clear vision, and the courage to step outside your comfort zone. By embracing change, overcoming self-doubt, and focusing on your goals, you can achieve the seemingly impossible and create a thriving business aligned with your values.
For more information on how you can start an accounting firm and implement Vamsi’s strategies, call 435-344-2060 to speak with Universal Accounting Center’s team, or listen to the full episode of the podcast.
