Axiom CPA, P.A. - Axiom CPA Blog

Shortly after college I was challenged by a successful professional to become an expert in my industry. According to him all I needed to do to become an expert was spend 10-20 minutes reading material relevant to my chosen profession, EVERY DAY. He claimed that in five years anyone could become a noted expert in his or her industry if they followed this advice. I tried this for a few weeks, but I wasn't disciplined enough to stick to it. A friend of mine did. About seven years later we ran into one another and I discovered he had kept up the habit of reading for about 15 minutes during his lunch hour, every day. At the time of our meeting he was known as a national expert on a new computerized financial reporting language called XBRL (in March of 2008 the Securities and Exchange Commission required all large publicly traded companies to submit their financial information via XBRL by December 15, 2008).

Most of us as business owners get bogged down in the day-to-day running of our businesses, and if we're smart we pull back and work "on" the business to make sure our strategy and tactics are appropriate to the situation. We work on staff development, sales, business planning and a whole host of other executive tasks, not to mention the unexpected crisis or two that keeps life interesting every month. But how many of us have continued on in our role as students since leaving high school and college? I would say not many, and a guy named Jerrold Jenkins probably agrees with me. He's compiled the following statistics:

One-third of high school graduates never read another book for the rest of their lives.

58% of the US adult population never reads another book after high school.

42% of college graduates never read another book.

80% of US families did not buy or read a book last year.

70% of US adults have not been in a bookstore in the last five years.

57% of new books are not read to completion.

But who cares? Is this really important? Well it turns out it's only important if you want to lead your industry. This is a crucial point. You don't have to become an expert in your industry. You can continue to be subject to the whims of your competitors. You can continue to let economic conditions dictate your success. You can continue to be at the mercy of your business partners. You can continue to experience the same flat or incremental revenue growth. You can even keep those customers you would love to hand over to your competition. If you're satisified with the status quo then by all means never pick up another book or spend another day in training. But if you want more keep reading.

Jenkins focused on books in particular and so do I, for good reason. Magazines and trades are great for keeping abreast of who is doing what, but sooner or later you'll need to dig into the meat of a good book to learn something you need to know. Newspapers and trade publications are notorious for getting it wrong in an effort to get it quick. Peer reviewed journals are somewhat better, but their ideas have not been proven in the broader industry landscape. Books are the primary means by which experts in any industry build their knowledge, insight and wisdom. So how do you get started?

Find out what to read
I do this in a couple of ways. First, I'm always on the lookout for good books to read. I ask friends, colleagues and other business owners what they are reading right now. I write down their answers in my little notebook and later I check out book reviews on Amazon to see if it's a book I might be interested in reading. I also keep an eye out for book titles or authors that are mentioned in other books or trade publications that I am reading. I write these down and do the same thing.

A second way that I find things to read is by just going to the book store. I'm a bit of a book geek so it's really enjoyable for me to find myself with an extra hour to spare wandering the aisles of Barnes and Noble or Books-a-Million. Sometimes I go with a particular topic or idea in mind, but usually I just browse. I thumb through the contents and maybe read a few pages from a chapter in the middle of the book. If it grabs me I buy it. If I'm hesitant I put it back on the shelf.

Make it easy to read
Reading is much easier when you surround yourself with books. I read anywhere from three to ten or twelve books at a time. It makes sense. We need variety. How many people do you know that watch an entire television series start to finish before flipping to another channel? Reading a variety of books allows you to pick up something that coincides with the mood you are in at the moment. I have books everywhere. There's a stack on my nightstand. There are two or three in my briefcase. I have an entire bookshelf at the office with probably 70 or 80 books on it.

If you want to get serious about increasing your industry knowledge and prowess you need to make reading books a higher priority than reading a newspaper. Take a book to the deli with you when you go to lunch. Get to the office a few minutes early and read a chapter before you crack the first file or make the first phone call. When you are at home spend a few minutes before going to bed with a book rather than the TV remote. You will be surprised how much reading you can get in between the commitments, chores and everyday happenings of your life.

Apply what you read
When you read do so with a pen in hand. I don't believe books are meant to be kept in pristine shape. I underline, highlight, write in the margins, take notes on the inside cover, stick post it notes in between pages and occasionally index my books. You need to digest what you are reading so you understand it and remember to apply it later. Not everything you read will be noteworthy. But if you are looking for those little nuggets with a pen or highlighter at the ready you are more likely to get something meaningful you can use. I am amazed how quickly the things I read find application in my work or home life. It is not uncommon for me to take something I've read that morning and use it with a client in the afternoon. This is the true magic of continuing to be a student every day. The stuff you read should find application very quickly. If it doesn't you might be reading things that are not relevant to your industry or business.

Whether you read fifteen minutes a day or during every waking moment I hope you find these tips helpful. Share with me your thoughts on becoming an industry expert and what role reading plays in your business life.