{"id":110353,"date":"2023-04-14t11:57:58","date_gmt":"2023-04-14t15:57:58","guid":{"rendered":"\/\/www.g005e.com\/?p=110353"},"modified":"2024-08-07t23:09:24","modified_gmt":"2024-08-08t03:09:24","slug":"eight-ways-managing-partners-make-a-real-difference","status":"publish","type":"post","link":"\/\/www.g005e.com\/2023\/04\/14\/eight-ways-managing-partners-make-a-real-difference\/","title":{"rendered":"eight ways managing partners make a real difference"},"content":{"rendered":"

\"friendly<\/a>want to play at the peak of your game?<\/strong><\/p>\n

by august j. aquila<\/i>
\nwhat makes a great partnership<\/i><\/a><\/p>\n

so, what do the truly successful managing partners do that differentiates them from their peers? in this short post i will quickly summarize the results of my research, which entailed interviewing 150 practicing and managing partners in a cross-section of consulting, accounting and law firms across europe and the u.s., before focusing on the things great managing partners did to ensure they were always at the top of their game.<\/p>\n

more: <\/b>ten steps to a new managing partner<\/a> | five ways to keep your edge as a leader<\/a> | managing partner: the toughest job in the world<\/a> | why partners need written goals<\/a> | eight criteria for partnership<\/a> | how you can get partners to change<\/a>
\n\"goprocpa.com\"exclusively for pro members. <\/span><\/strong>log in here<\/a> or 2022世界杯足球排名 today<\/a>.<\/span><\/p><\/blockquote>\n

the model<\/h3>\n

this model of what successful managing partners do is adapted from the leadership model in \u201cwhen professionals have to lead,\u201d which rob lees co-authored with tom delong and jack gabarro. i have used the same overarching dimensions of direction, commitment, execution and personal example and added context to reflect its impact on what firm leaders need to do.
\n<\/p>\n\n\n\n\n
direction<\/strong><\/p>\n

\u2022 provide a compelling direction and strategy<\/p>\n

\u2022 know where the firm \u201cis\u201d and what is possible<\/p>\n

\u2022 focus people\u2019s attention and actions around key priorities<\/p>\n

\u2022 constantly assess the firm\u2019s markets and determine when and how to respond<\/p>\n

\u2022 share successes that clarify what the future looks like<\/td>\n

commitment<\/strong><\/p>\n

\u2022 take the partners with them<\/p>\n

\u2022 motivate, empower and trust their partners<\/p>\n

\u2022 keep repeating the message<\/p>\n

\u2022 balance being a business and a profession<\/p>\n

\u2022 focus on the people who want to go with them rather than the people who don\u2019t<\/td>\n<\/tr>\n

execution<\/strong><\/p>\n

\u2022 initiate activities that drive and support the strategy<\/p>\n

\u2022 appoint people who help them get things done<\/p>\n

\u2022 help the partners be effective leaders<\/p>\n

\u2022 help clients and the firm\u2019s people exceed their expectations<\/p>\n

\u2022 stay on top of the firm\u2019s finances<\/td>\n

personal\u00a0 example<\/strong><\/p>\n

\u2022 demonstrate an unswerving commitment to being the best<\/p>\n

\u2022 seek and listen to the opinions of others but know when it\u2019s time to act<\/p>\n

\u2022 reinforce the need for sustained high performance through their own actions<\/p>\n

\u2022 stay close to their\/the firm\u2019s key client relationships<\/p>\n

\u2022 avoid the minutiae of management<\/p>\n

\u2022 make the tough people decisions<\/p>\n

\u2022 ask for help when they need it<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

the key activities that underpin the model<\/h3>\n

with differentiation in professional services only achieved through delivery, the key task for any managing partner is to ensure that everything the firm does is aligned with what it has to do to be successful in its markets. while the model outlines the behaviors that the successful managing partners demonstrated, they also did lots of other things that enabled them to consistently operate at the top of their game \u2013 and ensure the firm did too. naturally, there were lots of things we could include but these are the key ones:<\/p>\n

keep your eye focused on the external market.<\/strong><\/p>\n

the great managing partners always did that but they did more. they were constantly searching their competitors and other firms in professional services and beyond to find new ways of doing things. they built burgeoning networks and used them extensively in their search for best practices. as one managing partner told me, \u201ci see it as my job to beg, steal or borrow things that will make the firm better. naturally, we have to work out how to make things work in our environment, but why would we try to figure everything out ourselves when the answers or ideas are usually out there somewhere?\u201d and when the ideas weren\u2019t out there, they got their top people together with outsiders, who could contribute to the debate, to come up with ideas and potential solutions. in short, they never lost sight of the need for the firm to be the best at everything it did and never settled for second best.<\/p>\n

appoint the right team.<\/strong><\/p>\n

the smart managing partners knew the importance of getting the right people in place, not just in the key management or client-serving positions but in the professional management group. the challenge for all appointees is to help the managing partner get things done through their personal contributions and their ability to influence the other partners. to do that they have got to have the trust and respect of the partnership and in the case of the professional management group that\u2019s not always easily given, making the selection of the right people key. all too often i heard about managing partners who effectively subcontracted the selection process to an executive search firm but here\u2019s how the best managing partners made sure they got the appointments right \u2013 they knew what \u201cgood\u201d was (in learning, for example) and could engage the candidates around their own expertise and, consequently, were able to judge their likely fit much more effectively.<\/p>\n

know where the firm \u201cis.\u201d<\/strong><\/p>\n

one of the consistent messages from my research is that the successful managing partners had great antennae. they constantly took the temperature of the partnership and knew when and how to suggest things. they never got too far in front of the partners but deliberately intervened to help sway the partners\u2019 mood and opinions.<\/p>\n

create a sense of intimacy.<\/strong><\/p>\n

\u201cwho would have thought a simple voicemail, not an email, could have made such a difference?\u201d in medium-sized and large partnerships (especially multi-country ones), keeping in touch with the partners and making them feel an active part of the firm can be difficult and the best managing partners used many different channels to communicate with the partners and try and create a sense of intimacy, of involvement. one of the most successful we heard about was the weekly voicemail message, in which the managing partners talked about the firm but also shared personal thoughts and stories. to many people it sounds trite but in all the circumstances we heard about it really worked.<\/p>\n

accept that failure is part of the process.<\/strong><\/p>\n

professional services firms typically react badly to failure but, when the firm is endeavoring to keep aligned while constantly responding to the challenge of being the best, failure should be seen as a natural part of the process. and failure is acceptable as long as it\u2019s learned from. this is especially the case when firms want their people to innovate. in one example i heard about, an office in a multilocation firm strongly believed that reorganizing its service provision around the life cycle would significantly enhance client service and profitability. no one else did, including the managing partner. but the office was allowed to reorganize and, when the experiment failed to deliver, the managing partner helped the office to return to their previous organization. but, he did two other critical things. the first was not to attach any blame, and the second was to ensure everyone in the firm understood why the experiment didn\u2019t work and could use that information in any future planning.<\/p>\n

remember you\u2019re dealing with professionals.<\/strong><\/p>\n

professionals are different. they have distinct motivational dynamics and managing partners forget them at their peril! so, for example, all of the best managing partners made sure their plans were thoroughly researched and stood the analytical test they were undoubtedly going to face. they also understood the need to ensure that the partners\u2019 sense of self, which comes from their professional expertise, standing in the community, etc., was not challenged and that any attempts to add to their expertise were supported. the managing partners always pitched the changes as making the partners even more effective. it might seem like wordsmithing but psychologically it\u2019s key.<\/p>\n

create a sense of momentum.<\/strong><\/p>\n

the successful managing partners did whatever they could to accelerate the drive to be the best. they focused people\u2019s energies on the key priorities, kept repeating the message about why and how and constantly shared success stories across the firm.<\/p>\n

and the focus on success is crucial. all people, but especially professionals, like to be associated with success so the best managing partners kept sharing stories of all different scales of achievement, which played to that need.<\/p>\n

be out there consistently beating the drum.<\/strong><\/p>\n

the most successful managing partners were always out there. they were constantly on the road, attending partner meetings, meeting partners in small groups or individually, talking on training programs, meeting clients. in short, they were accessible.<\/p>\n

they knew that the partners as the implementers of the firm\u2019s plans were the key people in the firm and that the managing partner\u2019s job was to help them in any way they could.<\/p>\n

one final thing<\/h3>\n

it is crucial for the firm that the right person is playing at his or her peak. and this is where the fifth element of the model, context, comes in. my research confirmed, unsurprisingly, that choosing the right person for the circumstances the firm is facing is absolutely critical. so the challenge for every firm is to make sure they develop a group of potential managing partners capable of dealing with the different challenges the firm may face in the future. that way, they can select the right person for the role, knowing they have a leader capable of taking the firm forward, of ensuring it is and remains \u201cbest in class.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

want to play at the peak of your game?<\/strong>
\n\"\"<\/a>
\nby august j. aquila<\/i>
\nwhat makes a great partnership<\/i><\/a><\/p>\n","protected":false},"author":1331,"featured_media":49056,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","footnotes":""},"categories":[1908,3120,3002,2266],"tags":[],"class_list":["post-110353","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-management","category-pro-member-exclusive","category-special","category-partner"],"acf":[],"yoast_head":"\neight ways managing partners make a real difference - 卡塔尔世界杯常规比赛时间<\/title>\n<meta name=\"description\" content=\"actionable intelligence for tax, accounting, and financial professionals\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"\/\/www.g005e.com\/2023\/04\/14\/eight-ways-managing-partners-make-a-real-difference\/\" \/>\n<meta property=\"og:locale\" content=\"en_us\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"eight ways managing partners make a real difference - 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