{"id":63425,"date":"2019-07-19t12:00:24","date_gmt":"2019-07-19t16:00:24","guid":{"rendered":"https:\/\/48e130086c.nxcli.net\/?p=63425"},"modified":"2019-07-21t17:24:43","modified_gmt":"2019-07-21t21:24:43","slug":"7-succession-planning-best-practices","status":"publish","type":"post","link":"\/\/www.g005e.com\/2019\/07\/19\/7-succession-planning-best-practices\/","title":{"rendered":"7 succession planning best practices"},"content":{"rendered":"

\"woman<\/a>none of it works without the managing partner’s backing.<\/strong><\/p>\n

by <\/i>august j. aquila<\/i><\/a><\/p>\n

succession planning today is more complex for professional services firms than it was 15 years ago. practices have become more complex, the traditional business model that served firms so well in the 20th century no longer works today and clients have become more sophisticated.<\/p>\n

more:<\/b> 8 steps to make cross-selling work for your firm<\/a> | the eternal riddle of being an effective leader<\/a> | 7 pieces of leadership advice<\/a> | tomorrow\u2019s leader in 9 bullet points<\/a> | 5 ways to get clients to accept a new pricing philosophy<\/a> | 11 alternative pricing methods<\/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

fifteen years ago, it seemed that succession planning was nothing more than having the current firm leader announce who was going to take over the firm. and for the most part that process seemed to work. today the process is more complex.
\n
\nthrough my work with many professional services firms in this area, i have identified the following succession planning key best practices.<\/p>\n

1. deploy a succession management process.<\/strong><\/p>\n

there needs to be a process that the firm will follow. different sizes of firms require a different process. the key element is that firms need to make succession planning an integral process by linking succession planning and the firm\u2019s overall business strategy. this link is critical because it gives succession planning the opportunity to affect the firm\u2019s long-term goals and objectives. furthermore, in case of an unexpected event, the firm should know how the next leader will be selected. otherwise, the firm may be open to civil war or implosion.<\/p>\n

2. identify future leaders.<\/strong><\/p>\n

smart firms don\u2019t wait until it\u2019s time to elect a new managing partner or other key player in the firm. they use a continuous identification process to focus on future leaders. they have developed for their firm a unique set of technical, professional, client and leadership competencies.<\/p>\n

3. develop future leaders.<\/strong><\/p>\n

best-practice firms create specific, individualized development plans for each employee. these plans identify which developmental activities are needed. in larger firms this is handled through the human resource group. the hr group will help develop or purchase training programs and will also monitor employee followup in the developmental areas. many smaller firms look to their state cpa society for executive-type programs in leadership and personal development.<\/p>\n

in additional to the developmental activities described above, i have noticed that the best practice firms embrace daily mentoring and coaching. finally, the best way to develop future leaders is by on-the-job training. future leaders are involved in key firm projects either as team members or team leaders. these projects range from developing new services, new internal business processes to having p&l responsibility.<\/p>\n

4. measure results.<\/strong><\/p>\n

best-practice firms realize that if it is not measured it is not important. these firms develop measures and targets for success. targets are specific and may include the number of employees and partners who have completed a specific training program and can effectively utilize the knowledge from the program in their daily work schedule.<\/p>\n

5. keep it simple.<\/strong><\/p>\n

the best succession management process is simple and logical. everyone has enough to do as it is without creating a bureaucratic and cumbersome practice.<\/p>\n

6. align succession with the firm\u2019s overall strategy.<\/strong><\/p>\n

when you align succession with the firm\u2019s overall objectives, it makes it more real and present. partners can visualize how and why succession is important. they are also more likely to support the process that ties into the firm\u2019s goals.<\/p>\n

7. support the process.<\/strong><\/p>\n

i\u2019ve seen many firms that are in dire need of a succession plan, but the managing partner becomes the biggest restraining force. he simply does not support it. unless you have the high-level support and endorsement for the process, none of the above best practices will work. from a managing partner\u2019s perspective, the best practice is to know when to step down.<\/p>\n

the goal of any good succession plan is to get the right person in place for tomorrow\u2019s job. the way to accomplish this is to get a match between the firm\u2019s future needs and the aspirations of individuals.<\/p>\n","protected":false},"excerpt":{"rendered":"

none of it works without the managing partner’s backing.<\/strong>
\nby august aquila<\/a><\/em><\/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":[1363,3120,3002,2298],"tags":[],"class_list":["post-63425","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-pro-member-exclusive","category-special","category-succession"],"acf":[],"yoast_head":"\n7 succession planning best practices - 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\/2019\/07\/19\/7-succession-planning-best-practices\/\" \/>\n<meta property=\"og:locale\" content=\"en_us\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"7 succession planning best practices - 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