here’s what you’re looking for: dom esposito

who understands midsize firms better than another midsize firm?

by domenick j. esposito

technology has become crucial to business success, as it allows businesses to

• feverishly collect vast quantities of data,
• qualify the value of that data and
• employ that information to benefit their customers.

more on strategic planning: 36 consulting services you might be overlooking | how to implement industry practice groups | what is ‘acceptable’ performance? | 6 measures of partner performance | is hr ready for your partner pipeline? | is your pyramid upside down? | taking a balanced scorecard to your partners | seizing the $10 trillion opportunity
exclusively for pro members. log in here or 2022世界杯足球排名 today.

businesses are forming relationships with their customers and, in turn, are being entrusted with even more information that translates into fine-tuned marketing approaches with greater returns.
read more →

industry specialization can provide the added value you need.

by domenick j. esposito
8 steps to great

you know you need marquee clients, but how do you attract, develop and retain them? you do it by attracting, developing and retaining partners with industry, consulting and technical skills.

more on strategic planning: why you need marquee clients | how to drive consistent partner behavior | cpa firm partner performance: different activities, different metrics | develop the partners you already have | how many partners do you need? | how to develop tactics for your strategic plan | the big eight: harsh realities for firms today
exclusively for pro members. log in here or 2022世界杯足球排名 today.

my basic belief is that accounting and auditing partners are the principal relationship partners in a cpa firm. they are the key to your business and the key to becoming a mid-market sustainable brand.
read more →

build your credibility, not just your bank account.

by domenick j. esposito
8 steps to great

every ceo i have interacted with over the years looks at the partner complement as those with basic accounting, auditing and tax skills and for brand extension and diversification into higher margin lines of business with advisory and consulting skills.

more on strategic planning: how to drive consistent partner behavior | what is ‘acceptable’ performance? | 6 measures of partner performance | is hr ready for your partner pipeline? | is your pyramid upside down? | taking a balanced scorecard to your partners | seizing the $10 trillion opportunity
exclusively for pro members. log in here or 2022世界杯足球排名 today.

the best way for a firm to obtain maximum advantage of their relationships with clients and with attorneys, investment banks, private equity groups and industry peer groups is to have access to all of the firm’s capabilities.
read more →

bonus: partner performance evaluation balanced scorecard.

by domenick j. esposito
8 steps to great

presented below are excerpts, including some illustrations, of two forms to be used to drive consistent partner behavior:

more on strategic planning: what is ‘acceptable’ performance? | net profits: how much to whom? | how to drive partner performance with a smart compensation plan | 3 tools to boost your metrics | how many partners do you need? | how to develop tactics for your strategic plan | taking a balanced scorecard to your partners

1. individual partner balanced scoreboard
2. individual partner goal achievement form

read more →

and how does it translate into base pay adjustments?

by domenick j. esposito
8 steps to great

once you’ve decided to measure performance, you need to set the standards.

more on strategic planning: net profits: how much to whom? | cpa firm partner performance: different activities, different metrics | 6 measures of partner performance | how to drive partner performance with a smart compensation plan | develop the partners you already have | is hr ready for your partner pipeline? | 3 tools to boost your metrics | how many partners do you need? | is your pyramid upside down? | start with sound firm governance, economics | how to develop tactics for your strategic plan | taking a balanced scorecard to your partners | as tax season ends, strategic planning seasons begins | the big eight: harsh realities for firms today | seizing the $10 trillion opportunity | learning to ‘run with the big dogs’
exclusively for pro members. log in here or 2022世界杯足球排名 today.

an example of identifying the range of acceptable performance is presented here:
read more →

and the 5 steps to take to get started.

by domenick j. esposito
8 steps to great

let’s say your firm has five offices that handle audit/tax compliance services and two advisory and consulting lines of business (tax consulting and management consulting). let’s refer to them as business units and let’s also say that net profits were generated as in the chart at right:

more on strategic planning: cpa firm partner performance: different activities, different metrics | 6 measures of partner performance | is hr ready for your partner pipeline? | is your pyramid upside down? | seizing the $10 trillion opportunity | learning to ‘run with the big dogs’
exclusively for pro members. log in here or 2022世界杯足球排名 today.

let’s keep the example simple. let’s assume that each of the seven business units is self-sustaining, and that certain high-performing business units do not have to “give” profits to others and that lower-performing business units do not have to “take” profit from others.
read more →

with breakouts by clients, people, and firm.

by domenick j. esposito
8 steps to great

there are a variety of ways to measure these differing activities or capabilities for partners and team.

more on strategic planning: 6 measures of partner performance | how to drive partner performance with a smart compensation plan | 3 tools to boost your metrics | start with sound firm governance, economics | as tax season ends, strategic planning seasons begins
exclusively for pro members. log in here or 2022世界杯足球排名 today.

but some are better than others.

read more →

it’s time to use the balanced scorecard.

by domenick j. esposito
8 steps to great

once the basic compensation pools have been established, your partners need to understand how they can “win” and get rewarded.

more on strategic planning: how to drive partner performance with a smart compensation plan | develop the partners you already have | how many partners do you need? | how to develop tactics for your strategic plan | the big eight: harsh realities for firms today

 

exclusively for pro members. log in here or 2022世界杯足球排名 today.

each individual’s balanced scorecard will be the basis of performance measurement. i recommend six areas for evaluation:
read more →

how to use compensation as a way of running your firm.

by domenick j. esposito
8 steps to great

“show me your compensation plan and i’ll show you your strategy.”
– dom esposito

as you strive to become a mid-market sustainable brand, your firm needs to become a performance-driven organization if you want to take advantage of future opportunities and drive growth and profitability. an effective performance management and compensation plan (pmcp) is critical to making your firm’s strategic plan a reality.

more on strategic planning: develop the partners you already have | is hr ready for your partner pipeline? | is your pyramid upside down? | taking a balanced scorecard to your partners | seizing the $10 trillion opportunity

the basic premise is that compensation rewards first look to:
read more →

how to attract new partners, including laterals.

by domenick j. esposito
8 steps to great

as ceo, ask yourself this tough question: why would someone want to be a partner in your firm?

more on strategic planning: 3 tools to boost your metrics | how many partners do you need? | is your pyramid upside down? | taking a balanced scorecard to your partners | seizing the $10 trillion opportunity | learning to ‘run with the big dogs’

do you have a good answer?
read more →

includes implications during transition, structure for the future and critical success factors.

by domenick j. esposito
8 steps to great

“if you pick the right people and give them the opportunity to spread their wings – and put compensation as a carrier behind it – you don’t have to manage them… this whole game of business revolves around one thing: you build the best team, you win.”

– jack welch
former ceo of general electric

now that you are equipped with a strategic plan that is realistic and focused on implementation and accountability, and you have a sound governance and economic model, let’s chat about what else it takes to build a mid-market sustainable brand.

more on strategic planning: 3 tools to boost your metrics | how many partners do you need? | how to develop tactics for your strategic plan | the big eight: harsh realities for firms today

it begins by recognizing that all partners are not created equal. you need a combination of
read more →