Phil Mullis is a partner at Top 20 accountancy firm Wilkins Kennedy LLP, where he is rapidly gaining a reputation as the firm’s retail sector expert. Here he offers BDLN readers five pieces of hard-won professional wisdom.
Lesson 1: Become an expert in a sector you love and you won’t go wrong
I love retail and wholesale. It’s my thing. I’m fascinated by how quickly the sector changes, how it’s driven by fashion and fads, and by the psychology of why customers buy. I’m inspired by the agility that retailers must show to succeed.
Because I’m engaged by what they do, I learn a lot from my clients and use the insights to help the firm and me. I immerse myself in their businesses and put them at the centre of everything I do. I wouldn’t be able to do that so effectively if I wasn’t passionate about retail. Loving the sector helps me to delight the client, which is always my aim.
Having a passion for retail and wholesale also helps my blogging. To try to stand out in my sector I often write articles on LinkedIn to share insights; I listen to clients’ problems, think about how they can be solved and share my knowledge.
It’s important to be yourself when you blog and although there are times when you have to sit on the fence, there are occasions when you should tell people what you really think. It encourages potential clients to get in touch. I make the time to blog because I love what I’m writing about.
Lesson 2: General practitioners have had their day
Too many accountants are all things to all people. You can’t be passionate about everything and you can’t know everything. I believe clients need accountants who understand their industry inside out. If you try to cover everything you soon get overwhelmed and you don’t deliver effectively or on time. In medicine your GP refers you to a specialist. The same should be the case in professional services.
Lesson 3: Your background doesn’t matter
When I was a kid I wanted to work in the music industry and left college with one A-level. For a while I sold double-glazing and worked in McDonald’s. It was hard work and made me think: ‘I don’t want to do this for the rest of my life’. I applied to lots of accountancy firms and eventually started at a small independent in London. That was the first step in my career.
Lesson 4: It takes time to find your true home
Later I joined MacIntyre Hudson, where I loved going out to see clients and finding out about their businesses. Next I was recruited by KPMG’s forensic accounting department, who liked my ‘paper bag’ experience – the fact I’d worked with clients who often gave me incomplete bags of receipts and half-finished books. I enjoyed my time at both firms but wasn’t engaged enough to stay and progress.
Then I had my first child. My partner had a good job and I was lucky enough to be able to take a two-year career break. That re-energised me. I thought – yes I do want to be an accountant, but I need to fit in; I need to find a firm with the right culture for me.
Seven years ago I joined Wilkins Kennedy. What sold the firm to me were the people. I knew straight away it was the right place for me. So it took me many years to find a firm where I feel I truly belong.
Lesson 5: The only thing stopping you being a partner is you
When I joined Wilkins Kennedy I was very clear on what I wanted to achieve and how to achieve it. The message that came back was clear: the only thing stopping you being a partner is you.
To become a partner you have to push yourself to the front and say ‘you need me’, but not at the expense of others. You have to bring people with you on your journey. I joined Wilkins Kennedy as manager and have now been a partner for three years.
It was at KPMG where I learned that it isn’t just partners who should be identifying opportunities to cross-sell, up-sell and network. Everyone should be doing it, from the office junior up. That was a good lesson and one that contributed to me becoming a partner later in my career.