dom esposito, author at 卡塔尔世界杯常规比赛时间 - page 6 of 7

3 tools to boost your metrics

once again, accountability is key.

by domenick j. esposito
8 steps to great

in my experience, making sure that your economic model becomes reality only happens with persistent and consistent accountability.

more on strategic planning: 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’

to achieve accountability, i recommend three management tools that will help you create focus and improve performance:

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how many partners is too many?

hint: probably fewer than you have.

by domenick j. esposito
8 steps to great

more often than not, cpa firms support too many partners relative to the firm’s revenue, profitability and its anticipated growth rate. that usually means, too, that the partners are doing a lot of work that could or should be done by staff.

more on strategic planning: 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’

look at the average revenue per partner for the mid-market sustainable brands and you will see that the trend is to get more done with fewer partners, more staff and more effective use of technology.
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is your pyramid upside down?

identify the issues you face, then prioritize them.

by domenick j. esposito
8 steps to great

there is no question that the most profitable cpa firms (i.e., those with the highest average partner earnings) have figured out that leverage and a well-managed partner/staff pyramid is one of the key ingredients for success.

more on strategic planning: 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’

why is it then that so many firms today are struggling with just the opposite – an upside-down partner/staff pyramid where there are

too many partners and managers,
too few staff and
too little use of technology?

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why some partners don’t deserve equity shares

use these 7 sets of criteria to decide.

by domenick j. esposito
8 steps to great

i suggest two lines of business for a sustainable cpa firm brand. given that, let’s begin with a basic principle: every firm should have two classes of partners:

equity partners and
non-equity partners.

more on strategic planning: start with sound firm governance, economics | how to develop tactics for your strategic plan | the big eight: harsh realities for firms today | seizing the $10 trillion opportunity

equity partners are those partners who have demonstrated that they consistently build enterprise value through a combination of relationship, business development, technical and management skills. these partners contribute capital to the firm, usually each and every year.
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start with sound firm governance, economics

3 critical components of success.

by domenick j. esposito
8 steps to great

“growth is never by mere chance; it is the result of forces working together.”

– james cash penney
founder, jcpenney

your firm is a business and the vehicle for generating wealth for you and your partners. you need to operate it with strict governance processes, a system of accountability and a firm economic foundation.

more on strategic planning: 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’

balance sheets, usually funded by partner capital and a line of credit for seasonal working capital needs, need to be strong to protect your cpa firm from the loss of a senior partner, loss of a marquee client or just an overall poor economy that results in tepid growth for clients and therefore a reduced appetite for professional services.
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how to develop tactics for your strategic plan

‘failure to hold your partners accountable is unacceptable leadership.’

by domenick j. esposito
8 steps to great

once you know where you want to go and when you want to get there, the next step requires you to develop the tactics or steps on how you and your partners are going to get there.

more on strategic planning: 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’

let’s take an example. assume, for purposes of illustration, that your strategic plan and your firmwide balanced scorecard indicate that you will elect a new ceo in the next year or two.
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taking a balanced scorecard to your partners

without commitment, strategic planning is a waste of time.

by domenick j. esposito
8 steps to great

when an initial draft of the strategic plan has been agreed to by your initial strategy think tank, the next step requires you to expand the process to all the partners. this can be a very painful process, but it is a healthy one that must take place. it creates buy-in and will clarify who is on the bus and who isn’t.

more on strategic planning: 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’

lots of good things happen in this phase of the strategic plan. a number of your partners, who may be questioning if this firm is the firm that they want to be part of as they build their careers, will begin to see that your merely good firm is trying to transform itself into a mid-market sustainable brand.
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leadership

as tax season ends, strategic planning season begins

eight key elements to take your firm from good to great.

by domenick j. esposito
8 steps to great

it is often said that leading a cpa firm is like herding cats (everyone going in different directions), because many firms are very good at talking and planning about their future (it’s in their dna), but terrible at execution and implementation. it’s a little like the shoemaker’s shoes. partners get distracted with client service or low hanging fruit and give up too quickly in creating change within their own firms.

more from domenick j. esposito: the big eight: harsh realities for firms today | the coming battle below the big four | seizing the $10 trillion opportunity | learning to ‘run with the big dogs’ | the cpa success formula: ties that bind | 8 steps to great: the vast new opportunities for smart, aggressive firms | more…

if you are ready to take the first big step of moving from a merely good firm to a mid-market sustainable brand, then a strategic plan, with specific implementation tactics and accountability measures, is the absolute first step. i would encourage you to begin the process with your partners as soon as possible.

strategy

the big eight: harsh realities for firms today

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more from domenick j. esposito: the coming battle below the big four | seizing the $10 trillion opportunity | learning to ‘run with the big dogs’ | the cpa success formula: ties that bind | 8 steps to great: the vast new opportunities for smart, aggressive firms | more…

leadership

the coming battle below the big four

why ‘the next six’ are vulnerable to a new competitor.

by domenick j. esposito
8 steps to great

in the u.s. public accounting profession, there are three tiers of cpa firms. the top ten cpa firms are the sustainable brands. they are principally serving two different markets. therefore, i refer to them as tier one and tier two sustainable brands.

more from domenick j. esposito: seizing the $10 trillion opportunity | learning to ‘run with the big dogs’ | the cpa success formula: ties that bind | 8 steps to great: the vast new opportunities for smart, aggressive firms | and more…

in tier one, we have the giant four (deloitte, pwc, ey and kpmg), with a principal focus on serving the fortune 500, which have institutional, more sterile relationships with their cpa firms (as opposed to personal relationships with the partners; services provided are generally either compliance or consulting).

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seizing the $10 trillion opportunity

targeting the heart of american business – the vast market of mid-sized companies.

by domenick j. esposito
8 steps to great

let’s begin by answering two basic questions:

what is the mid-market?
what is a mid-market sustainable brand?

the mid-market is commonly defined as both private and public companies with annual revenues between $10 million and $1 billion. the estimated u.s. mid-market universe is nearly 200,000 companies, largely privately held.

more from domenick j. esposito: learning to ‘run with the big dogs’ | the cpa success formula: ties that bind | 8 steps to great: the vast new opportunities for smart, aggressive firms | and more…

these companies are a vibrant, resilient, but often neglected, segment of the u.s. economy. they represent 30 percent of all u.s. companies, one-third of all jobs and more than $10 trillion in combined annual revenue.

leadership

learning to ‘run with the big dogs’

today any firm can compete and win against the world’s largest firms.

by domenick j. esposito
8 steps to great

even these days – or, especially these days – there is room in the cpa firm market to build a powerful mid-market sustainable brand and, yes, potentially the category killer.

more from domenick j. esposito: the cpa success formula: ties that bind | 8 steps to great: the vast new opportunities for smart, aggressive firms | and more…

the opportunity is there for the taking.

but you need to focus on what matters if you want to “run with the big dogs.”

growth strategies

the cpa success formula: ties that bind

firms can only thrive with both a&a and consultants.

by domenick j. esposito, cpa
8 steps to great

the skills required to provide advisory and consulting services generally aren’t possessed by accounting, auditing and tax partners. that’s why many cpa firms, from the largest to the smallest, have and will continue to add advisory and consulting partners into their firms.

the accounting, auditing and tax business is a long-term relationship business. once the engagement partners establish a relationship with private company owners-operators and senior management, they become trusted business advisors. their dna is wired toward a relationship and their eyes are on providing value-added solutions to challenges facing senior management.

dom esposito

more at store.www.g005e.com

domenick j. esposito was the ceo of grant thornton, vice-chair of bdo, and national growth director at cohnreznick.

he is the author of "8 steps to great: the eight essential strategies driving success at the world's largest cpa firms. and how to apply the lessons at firms of all sizes," published by 卡塔尔世界杯常规比赛时间.

a life in public accounting

in 2016, esposito, then a former ceo of bdo, moved from a 46-year career in public accounting into the next phase of his professional life – consulting to cpa firms, launching a boutique advisory firm, esposito ceo2ceo, that provides advice to ceos, managing partners and other senior partners of cpa firms focused on the mid-market throughout the u.s.

with the launch, esposito authored “8 steps to great," a guide for ceos, managing partners, and other senior partners on how to move their firm to the next level.

cohnreznick national growth director

esposito was one of the most qualified individuals in the country to advise cpa firms on growth and profitability. through 2015, he was national practice & growth director and an executive board member of cohnreznick, llp, a mid-market sustainable brand and the tenth-largest cpa firm in the united states. he oversaw cohnreznick’s go-to-market industry specialization and consulting and advisory service lines. he was also intimately involved in the firm’s mergers and acquisitions and strategic and tactical activities for its public company and capital markets initiatives. dom joined the predecessor firm of j.h. cohn in 2002 as the chief operating officer and executive board member.

dom was also an independent director of ethan allen interiors inc. for several years (through 2014), dom was a member of the nasdaq listing and qualifications committee to the organization’s board of directors. he formerly served as the leader of the new york state society of cpas committee for large and medium-sized firms practice management. he also was an adjunct accounting professor at c.w. post/long island university.

bdo and grant thornton

through october 2002, dom was vice chairman at bdo, a mid-market sustainable brand and the seventh-largest international accounting and consulting firm in the u.s., with almost 50 offices and 3,400 employees. during his brief time with bdo, he was responsible for the alliance distribution network (at the time consisting of over 80 cpa firms, 10 law firms, and 25 consulting firms). he was also responsible for attracting and servicing a number of clients.

from 1979 through 2001, dom was with grant thornton, another mid-market sustainable brand and the sixth-largest international accounting and consulting firm in the u.s., with over 50 offices and 4,500 employees. he joined grant as an audit manager, became a partner in 1981, led the long island office from 1984 to 1986, became assistant managing partner of the new york office in 1986, and from 1988 to 1999, led the new york office. in 1999, esposito became a regional managing partner and for two years, through 2001, was the firm’s chief executive officer.

cpa, partner, mba, leader, influencer, media celebrity

between 1996 and 1998, and while he was ceo, esposito was on the partner board and was also on the board of grant thornton international – the worldwide umbrella organization. in these capacities, he developed strong experience in strategic thinking and execution, international relationships, corporate governance, partnership matters, branding, expense control, client relationships, and new business development.

as ceo, he took grant thornton to record earnings, consummated the largest line-of-business sale in the firm’s history, developed a major joint venture with axa financial, and made the largest practice acquisition in the firm’s history. from 1969 to 1979, esposito was with price waterhouse (now pwc), servicing ibm when he was promoted to manager in 1976.

dom was a cpa, has been quoted in national and local media, and has appeared on radio and cable tv.

esposito also testified before the securities and exchange commission.

he received his m.b.a. from st. john’s university and his b.s. from ferris state university. accountingtoday, one of the leading trade journals for the accounting profession, named esposito one of the most influential people in the profession for two consecutive years.

he passed away in 2021 at the age of 74.

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