don’t have them all? pick one and get started.
by august j. aquila
price it right
everything the firm does from this moment on flows from this decision, including the firm’s strategy, reputation, the ability to attract critical talent and how well it will execute its plans.
more: checklist: 18 essential steps to effective billing | 6 steps to making your new pricing happen | preparing to change pricing philosophy | ethical issues in pricing | how utility and value affect pricing | understanding the product pricing life cycle | 4 ways a production orientation can harm a firm
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selecting the strongest rainmaker or the longest tenured partner, no matter how well liked, can quickly send the firm in the wrong direction if the candidate is underprepared or an inadequate leader.
after speaking with several managing partners from firms around the world, i have developed a list of leadership skills that will be required in the near future.
- taking technology from the back room to the front room. firms have been successful in automating their back-room operations. that, however, won’t be enough to be successful in the future. leaders will have to understand how to respond to clients in real time, how to maximize social media presence and how to use all the evolving online channels.
- valuing and utilizing diversity. future leaders will solve problems by utilizing the perspective that others bring because of their gender, nationality, race, etc. leaders will have to embrace the richness of diversity that is sorely lacking today.
- becoming more global. along with utilizing diversity, leaders will need to develop a greater cultural sensitivity, especially as globalization continues to shrink the world. this may require leaders to have enhanced language skills to enable cross-cultural relationship building as well as a greater understanding of local laws and business arrangements.
- execution skills. while many firms today have a strategic plan, few are able to execute it with any degree of excellence. future managing partners will need to craft a meaningful path forward and drive the plan’s execution.
- growing revenue. boosting revenue will certainly be a number one priority for every size firm. while firms may continue to merge, the real challenge will be to create new revenue streams from product sales and new service lines.
- redefining risk management. while traditional risks will continue for audits and tax work, firms will have to be worried about cybersecurity, reputational risk and even perhaps vendor risks.
- leadership skills. new leadership models show that tomorrow’s leaders will need to do four things very well – set the firm’s direction, gain the partners’ commitment, execute the plan and be the role model for the firm’s values.
- build a winning team around you. leaders will need to select the best people qualified to carry out the task. this may be a young partner or even someone who is not yet a partner. the days of having an executive committee comprised of “buddies” is over.
- practice ego management. be aware of your own biases, both conscious and unconscious. leaders will also need to manage the egos of team members by rewarding collaborative behavior.