and 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.
even 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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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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management 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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“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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and 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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new 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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and 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 →
