{"id":69659,"date":"2020-01-12t13:00:23","date_gmt":"2020-01-12t18:00:23","guid":{"rendered":"https:\/\/48e130086c.nxcli.net\/?p=69659"},"modified":"2020-01-17t08:16:17","modified_gmt":"2020-01-17t13:16:17","slug":"reward-partners-for-performing-like-partners","status":"publish","type":"post","link":"\/\/www.g005e.com\/2020\/01\/12\/reward-partners-for-performing-like-partners\/","title":{"rendered":"reward partners for performing like partners"},"content":{"rendered":"

\"piggy<\/a>partnership is no time to coast.<\/strong><\/p>\n

by marc rosenberg<\/i>
\nthe rosenberg practice management library<\/i><\/a><\/p>\n

any of you who started out as sole practitioners surely remember that it was you<\/strong> \u2013 no one else \u2013 who made your firm successful. you<\/strong> brought in the business. you<\/strong> did top-notch work and delivered it on time. you<\/strong> nurtured and grew your client relationships so they came back asking for more. when you hired staff, you<\/strong> who were responsible for keeping them busy and training them how to do the work.<\/p>\n

more: <\/b>merging in sellers: what you need to know<\/a> | 8 ways comp systems get partners to do what the firm needs<\/a> | buyers name 20 big merger turnoffs<\/a> | why governing by partner ownership is bound to fail<\/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

if you took days off from these activities, guess what? no one did it for you and your firm suffered as a result.
\n
\nthen your firm evolved. you brought on a second partner, and a third. instead of one or two staff, you had six or eight. you added admin staff to free the partners up to do more client work. your firm continued to grow. possibly you merged into another firm. and now you\u2019re a partner in a 10-partner, $14 million firm with 80 people.<\/p>\n

the standards for performance when you were a sole practitioner were sky high. why should these standards be any lower now that you are a partner in a $14 million firm? they shouldn\u2019t be.\u00a0 but if you\u2019re like most firms, the standards have eased considerably.<\/p>\n

this post suggests that you should keep your partner performance standards high. here\u2019s how.<\/p>\n

    \n
  1. when you are a partner, there are no guarantees<\/strong>. all partners should look at themselves in the mirror every morning and ask, \u201cwhat am i going to do today to make money for my firm?\u201d to paraphrase the famous jfk quote, \u201cask not what your firm can do for you; ask what you<\/strong> can do for your firm.\u201d i see far too many partner comp systems with two or three tiers of income, one of which is a minimum base salary that in many cases is equal or nearly so for each partner. and the total of this tier is often 50 percent or more of total partner income. when i ask these firms why they have the guarantee, the response is something to the effect of \u201cit represents a minimum salary that we are all entitled to.\u201d hogwash, i say. all it does is reduce by at least half the extent that your compensation is truly performance-based. partners should not be paid for merely showing up.<\/li>\n
  2. every year, partners need to earn their compensation.<\/strong> no coasting because that\u2019s what retirement is for. no complacency for when complacency sets in, stagnation quickly follows. revenues to each client should not stay the same each year \u2013 partners need to grow the fees to their clients over time. a meaningful amount (at least 20 percent) of total partner income should be based on \u201cwhat did you do for me lately?\u201d (what did you do to build the firm this<\/strong> year?). it\u2019s ok to pay for historical performance, but make sure you pay handsomely for current<\/strong> performance too.<\/li>\n
  3. partners should be accountable for their behavior and performance 24\/7.<\/strong> no one is above the law. all firms should have partner performance appraisals, especially upward partner evaluations by the staff, because everyone<\/strong> can and must improve. a common apocryphal partner quote goes like this: \u201ci\u2019m all for partner accountability … as long as it doesn\u2019t affect me.\u201d don\u2019t let this become the standard attitude among your partners on accountability.<\/li>\n
  4. why do 70 percent of all cpa firms fail to implement their strategic plans? because they create a wonderful, innovative, creative plan and stop there. they fail to do the most important steps: (a) assign goals and action steps to the partners to help the firm achieve its plan, (b) establish accountability for performing these goals and (c) don\u2019t use goal achievement as a factor in allocating partner income.<\/strong> the easy part is creating the plan. the heavy lifting is the execution and that\u2019s what the partners need to do.<\/li>\n
  5. ask a group of partners at any conference if their staff are just as important as their\u00a0\u00a0 clients. almost everyone says yes. but take a look at their partner comp systems and show me where a meaningful amount of partner compensation is linked to the job they do mentoring, nurturing, training and retaining staff<\/strong>. you\u2019ll have to look long and hard because it\u2019s really hard to find. i\u2019ve heard this maxim hundreds of times over the years:\u00a0 partners should be doing two main things: messing with your clients and messing with your staff.<\/li>\n
  6. if you\u2019re not a builder or a driver, you shouldn\u2019t be an equity partner.<\/strong> go back to your days as a solo. back then, you had no choice but to be a driver. firms need to keep the bar high for what it takes to become<\/strong> a partner and what it takes to remain<\/strong> a partner. yes, bringing in business is a big part of being a builder. but there are many other important leadership factors that partners do to drive the firm.<\/li>\n
  7. embrace and be passionate about the one-firm concept.<\/strong> partners should contribute to the firm\u2019s ongoing succession plan by continually asking themselves this question: \u201cif i should suddenly leave the firm, will my clients stay?\u201d answering yes to this question requires partners to function as a team member, not a lone ranger. they should be creating multiple touch points (meaningful personal contacts) at their clients so that if the main partner is not available, the client has someone else to call whom they know well<\/strong>. partners should be good teammates to their other partners, bringing them in to their clients when needed and assisting others when requested. no partner should ever<\/strong> hoard clients and billable hours when the work can be delegated to other firm members.<\/li>\n<\/ol>\n

    in addition to the usual production metrics (finding, minding and grinding), the above performance attributes should be cherished in your firm and be important factors in allocating partner income.<\/p>\n","protected":false},"excerpt":{"rendered":"

    partnership is no time to coast.<\/strong>
    \nby marc rosenberg<\/em>
    \n    the rosenberg practice management library<\/a><\/em><\/p>\n","protected":false},"author":1339,"featured_media":52068,"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":[1363,3120,3002,2266],"tags":[],"class_list":["post-69659","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-pro-member-exclusive","category-special","category-partner"],"acf":[],"yoast_head":"\nreward partners for performing like partners - 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\/2020\/01\/12\/reward-partners-for-performing-like-partners\/\" \/>\n<meta property=\"og:locale\" content=\"en_us\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"reward partners for performing like partners - 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