are your projections sending your firm backward?
by martin bissett
passport to partnership
how do you react to challenges?
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ask yourself and answer these questions when considering the current and future “challenges” behaviors that you’ll employ.
- what is my first reaction to being notified of a client complaint?
- how well do i understand the role that everyone else plays in the firm, especially the challenges faced by its leadership?
- is my focus on making myself look good or solving issues for the firm and its clients as effectively and efficiently as i know how?
a case study
michael had gotten to the end of a tiring and challenging financial year. he was pleased with the fruits of his labors as he had hit both his billing and profitability targets that had been set for him by his managing partner 12 months earlier.
in preparing for his review of this financial performance with the managing partner, his sense of achievement made the challenges that had come his way over the year – including some internal roadblocks that seemed to be trying to prevent his success – seem worthwhile and it was with an air of quiet satisfaction that he entered the managing partner’s office.
“michael…” began the managing partner, “i and the partners are pleased that you’ve managed to demonstrate that you are equal to the expectations that we’ve had of you in terms of your financial performance.
“however, this year has seen an unprecedented rise in staff salary increases, corporate benefits such as your new car and increased utility, technology and maintenance bills across the entire firm.
“as one of our rainmakers therefore, we have reviewed your forecasts for the next 12-month period and are disappointed to see a budgeted increase of less than the rate of inflation, which if this is all you achieved, would mean the firm taking a backward step in terms of your contribution to our revenues over the next year.”
“whoa, hang on a minute!” exclaimed michael, practically yelling. “these figures are the best performance any senior manager has ever posted in this firm and i dare to say a lot better than some of the other partners too. we’re at capacity with the work i’ve introduced. i asked you for increased staff provision for this next year six months ago and it was refused, with my instruction being to increase productivity from existing resources. well, we’re at breaking point now and what you’re asking is unworkable.”
“really? at breaking point? explain to me then why there is no one from your department moving any faster than a normal walking pace around this building? why are we allowing extended lunch breaks with no catch up…”
“you won’t authorize overtime!”
“…michael, you’re going to get one warning about raising your voice in front of me, before disciplinary action is brought against you.
“as i was saying, there are numerous extended lunch breaks and your team have got time to chat at the water cooler and i’ve yet to hear a conversation about work topics go on there.
“you need to stop thinking you’ve made it just because you’ve hit your numbers for once. you need to understand that every wage rise, every extended lunch break, every perk that we offer is funded out of profitability.
“my job is to manage the cash flow of this firm among other things and your job is to wake up, stop patting yourself on the back and revise these forecasts in line with our stated objectives for growth next year as can be found in the strategic plan.
“you’ve had a good year michael, and there’s a lot of goodwill for you here, but when it comes to the numbers, you’re only as good as today’s performance. let’s see what you can really do in this firm.”
2 responses to “good enough is not enough”
brian davis
i don’t understand what this case study is supposed to show – that michael needs to understand that if he isn’t producing more he isn’t good enough, or that the managing partner is going to drive out employees who won’t put up with that stuff? frankly if i was michael i would turn in my notice and go find another firm after hearing that.
victoria martin
i hope that the article is conveying that the mp is out of touch, but like you, i am not sure. i agree that michael may need to be challenged even more than he is, but if he did what they asked him to do, then i would ask why is this not good enough? although we all want more, more, more out of our people, sometimes people start to reach a breaking point and after the last 3-5 years (even before covid) with all the law changes, regulations, etc. it is quite a bit more than most people can take. i am a boomer and have most years worked harder than others in the firm, but i also respect that i have a different lifestyle with no kids and have a desire to make it to the top of the pyramid. others may value certain life choices and want to feel like they are making a contribution and a difference as well. we need all types of players and no one doing what they are expected to do should be made to feel anything less than proud!