here’s what you’re looking for: august j. aquila

leadership

innovate or die

photo of a skunkuse a ‘skunk works’ mentality so the compensation trap doesn’t ruin you.

by august aquila
creating the effective partnership

the focus on most cpa firms is on billable hours. while there is nothing inherently wrong with this focus, it has become the overriding focus of firms.

more on leadership for pro members: 3 ways to halt a poor leader | 5 questions for every mp to answer honestly | does your dashboard need fine-tuning? | the 4 best ways to use your senior partners | how to tell a culture change is due | today’s top six partner compensation trends | 11 steps to building a better partnership team | why your firm should be a republic | 8 financial ducks to line up now | partnership is about persuasion

there is nothing wrong with making money today, but what about building for the future? with “today” being the dominant focus, what is the encouragement to cpas to innovate? in most firms there is no alignment with innovation and compensation.
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leadership

3 ways to halt a poor leader

checkmateand 8 things these people have in common.

by august aquila
creating the effective partnership

many accountants could add to this list, but here are some of the surefire signs that a firm has weak leadership driving the firm toward implosion.

– the way partners resolve issues is by finger pointing.

– the firm is in a spiral downward trend.

– the best producers often decide to leave the firm or just look out for themselves.

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leadership

partners must show unified front

five cheetahs strolling on a patheven if behind the scenes it’s like herding cats.

by robert j. lees, august j. aquila and derek klyhn
creating the effective partnership

in our work with managing partners, we always talk about the importance of the partners “walking together,” of sharing that common vision.

but if the partners are to share the vision, they have to play an active part in determining the firm’s direction – and, critically, how it’s going to get there.

more on leadership for pro members: 11 steps to building a better partnership team | why your firm should be a republic | it’s not always about money: 16 tweaks for your comp system

in most firms, and particularly those with multiple locations, the partners typically give their proxy to the managing partner and the executive team to come up with the options they believe face the firm in its drive for sustained high performance.
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leadership

5 questions for every mp to answer honestly

businessman's hand separating letter blocks spelling "im" from those spelling "possible"before you can change your firm, you have to gauge where it is now.

by robert j. lees, august j. aquila and derek klyhn
creating the effective partnership

how do successful managing partners respond to the internal and external challenges they face?

more on leadership for pro members: 6 practical ways to innovate | the 4 best ways to use your senior partners | how to tell a culture change is due | 11 steps to building a better partnership team | why your firm should be a republic | partnership is about persuasion

without exception, all of the partners we spoke to talked about the need to have a clear sense of direction that the partners, in particular, could coalesce around. but what they considered even more important is the translation of that direction into a compelling vision and the strategies for achieving it.
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leadership

partners love, hate leadership

aquila leadership context modelmanagement can’t be left to others. (drat!)

by robert j. lees, august j. aquila and derek klyhn
creating the effective partnership

regardless of their ownership structure, most firms either operate as partnerships or would prefer to operate as partnerships.

more on leadership for pro members: 8 ways leaders destroy firms | the 4 best ways to use your senior partners | 11 steps to building a better partnership team | 6 things leaders must do | how to build a growth-centric pricing strategy | how to combine two firms after merger: carefully

the tensions between being a business and the loss of the values and ethics of being a partnership feature strongly in our research.
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leadership

8 goal types for leadership, accountability

numbered running track at a stadium“production” and “client service” aren’t specific enough. nail it down.

by auqust aquila
creating the effective partnership

as leaders of a firm, partners need to do more than pay for themselves and contribute to overhead expenses. their duties to the firm and to each other extend to bringing in new business, improving their own skills as well as developing skills in others, contributing to strategy and a passion for continuous improvement in all things.

more on leadership for pro members: 8 questions that staff ask in a merger | does your dashboard need fine-tuning? | 6 practical ways to innovate | the 4 best ways to use your senior partners | today’s top six partner compensation trends | why your firm should be a republic | partnership is about persuasion | 6 things leaders must do

most firms don’t take enough time to develop meaningful partner goals because it is a very time-consuming process. but, if you want to get better results in this highly competitive environment, this is the road you need to take.
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mergers & acquisitions

8 questions that staff ask in a merger

group of businesspeople hiding their faces behind question mark signs at officeand 6 steps to handling the process.

by august aquila

to get your employees’ commitment to a merger, they must understand how it impacts them personally and see the opportunities for themselves.

more on leadership for pro members: does your dashboard need fine-tuning? | 6 practical ways to innovate | 8 ways leaders destroy firms | the 4 best ways to use your senior partners | how to tell a culture change is due | today’s top 6 partner compensation trends | why your firm should be a republic | partnership is about persuasion | how to build a growth-centric pricing strategy | how to combine two firms after merger: carefully

let’s assume that the announcement for the upcoming merger or sale is handled properly. in other words, it was not leaked or there were no rumors on the street. you can be sure that once the announcement is made, employees start thinking about one thing – how does this event affect me? this is about self-preservation; it’s an emotional and psychological question that everyone will ask themselves.
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pro member exclusive

does your dashboard need fine-tuning?

chalkboard illustration of the balanced scorecard conceptnew times call for new cpa firm metrics.

by august aquila
creating the effective partnership

don’t kid yourself – it’s a new world out there. accounting firms need to become more transparent. partners and employees need to truly understand the firm’s vision and value proposition. they need to see how their daily actions move the firm toward its goals. mission and vision can no longer be vague, fluffy statements that mean nothing to your clients, employees and partners, and prospects.

more on leadership for pro members: 6 practical ways to innovate | 8 ways leaders destroy firms | the 4 best ways to use your senior partners | how to tell a culture change is due | today’s top six partner compensation trends | 11 steps to building a better partnership team | why your firm should be a republic | 8 financial ducks to line up now | partnership is about persuasion | 6 things leaders must do | it’s not always about money: 16 tweaks for your comp system | how to build a growth-centric pricing strategy | how to combine two firms after merger: carefully

this new environment requires firms to actually implement their goals by looking at specific objectives and measures. performance and execution are the key operatives. the old measures, by themselves, won’t do the job anymore. they are still valuable, but new measures are needed today. firms no longer compete with the firm down the street in terms of mere marketing. they now compete in how they
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pro member exclusive

6 practical ways to innovate

41457714_llisten to your clients for your initial ideas.

by august aquila
creating the effective partnership

the focus on most cpa firms is on billable hours. while there is nothing inherently wrong with this focus, it has become the overriding focus of firms.

more on leadership for pro members: 8 ways leaders destroy firms | the 4 best ways to use your senior partners | today’s top six partner compensation trends | why your firm should be a republic | 8 financial ducks to line up now | it’s not always about money: 16 tweaks for your comp system | how to build a growth-centric pricing strategy

there is nothing wrong with making money today, but what about building for the future? with “today” being the dominant focus, what is the encouragement to cpas to innovate? in most firms there is no alignment with innovation and compensation.
read more →

leadership

8 ways leaders destroy firms

smug boss wearing crown, with figures of his subordinatesand 3 ways to stop them.

by august aquila
creating the effective partnership

many accountants could add to this list.

more on leadership: the 4 best ways to use your senior partners | how to tell a culture change is due | today’s top six partner compensation trends | 11 steps to building a better partnership team | why your firm should be a republic | 8 financial ducks to line up now | partnership is about persuasion | 6 things leaders must do | it’s not always about money: 16 tweaks for your comp system | how to build a growth-centric pricing strategy | how to combine two firms after merger: carefully

but here are some of the surefire signs that a firm has weak leadership driving the firm toward implosion: read more →

pro member exclusive

the 4 best ways to use your senior partners

senior businessman mentoring two younger workersand 6 reasons you need them around.

by august j. aquila
creating the effective partnership

there may be some senior partners who want to spend their remaining years basking in the sun or playing golf.

more on leadership: how to tell a culture change is due | today’s top six partner compensation trends | 11 steps to building a better partnership team | why your firm should be a republic | 8 financial ducks to line up now | partnership is about persuasion | 6 things leaders must do | it’s not always about money: 16 tweaks for your comp system | how to build a growth-centric pricing strategy | how to combine two firms after merger: carefully

but given the negative and low returns of the stock market the last few years, more senior partners will be concerned about their economic future and will want to stay involved in the profession. this can be a win-win situation for both parties or it can be a lose-lose. read more →

pro member exclusive

how to tell a culture change is due

businessman sitting in office chair, covering his face with his hand7 signs your firm may be in trouble.

by august aquila
creating the effective partnership

accountability, according to the merriam-webster online dictionary, is “the obligation or responsibility to accept responsibility or to account for one’s actions.” let’s explore what this definition means.

first, there is an obligation. an obligation is a promise to do something. if a company has a financial obligation and fails to meet it, it may go into bankruptcy. if individuals fail to meet their obligations they also fall into a state of bankruptcy – i.e., failure.

more on leadership for pro members: today’s top six partner compensation trends | 11 steps to building a better partnership team | why your firm should be a republic | 8 financial ducks to line up now | partnership is about persuasion | 6 things leaders must do | it’s not always about money: 16 tweaks for your comp system | how to build a growth-centric pricing strategy | how to combine two firms after merger: carefully

second, it is a personal responsibility. each individual needs to account for his or her own success or failure.

impact of lack of accountability

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pay & compensation

today’s top six partner compensation trends

money in hand

why so many pay-for-performance plans are a flop.

by august aquila
creating the effective partnership

many of us, including myself, thought that the right compensation plan would solve the answer to underperformance and motivation. over the last ten years or so, firms have moved from a formula-based plan to a pay-for-performance plan which takes into consideration, production, business development, value enhancement and behavioral factors. and, while this has helped place more emphasis on performance, it hasn’t been a magic bullet. why are so many firms still missing the boat when it comes to motivating partners and staff to perform at a higher level?

more on leadership: 5 questions about your firm’s direction | 6 reasons to keep partners from retiring | 6 reasons why cpa firms fail in innovation | 6 steps to handle staffing problems in a merger | 7 signs your firm is headed for an implosion | it’s not always about money: 16 tweaks for your comp system | eight key goal areas for partners | like herding cats: partners must ‘walk together’ | managing partners must remember partners’ needs | new times call for new cpa firm metrics | partners have love-hate relationship with leadership | 6 things leaders must do | 8 financial ducks to line up now| partnership is about persuasion

janice kaplan, in the new book, “the gratitude diaries: how a year looking on the bright side can transform your life,” refers to a survey on gratitude in which some 80% americans say that receiving gratitude makes them work harder, but only 10% of the survey respondents managed to express gratitude to others on a daily basis.

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