with more firms adopting a compensation committee system to sort out a partnership’s touchiest issues, marc rosenberg provides a 12-item checklist of best practices.
the list covers how to frame the committee’s mandate (“full reign”) to how its decisions should be treated (“no appeals. no approval needed.”). read more →
a sign of economic recovery and increased competition.
bringing in new business and finding top-notch staffers to handle anticipated growth are emerging as the new, most pressing challenges for cpa firms today.
with a rebounding economy, the aicpa says in its new pcps “top issues survey” that client retention, which had been a significant concern for firms in the 2009 survey, has been overtaken by a tilt toward growth issues.
“finding qualified staff” was a top issue from 1997 to 2007 for all but the smallest firms, but disappeared entirely from top 5 lists in 2009. now it’s back.
by august aquila
author of “leadership at its strongest”
and “how to engage partners in the firm’s future“
research shows that managing partners and marketing directors are still facing some major challenges when it comes to getting their firms to implement change. why?
here are four key issues firm leaders today face.
1. getting partners to buy in.
2. creating a firm vision that gets all partners on the same page.
3. helping develop a culture of accountability.
4. being asked to accomplish too many goals.
when the managing partner and the chief marketing officer work together they have a better chance of being successful in these areas. you may ask what do these four factors have to do with the marketing director? and i would answer – everything.
overcoming these four issues will make the firm more competitive, efficient and profitable. here’s how the best managing partners work with their marketing directors: read more →
start with a clean spreadsheet.
by sandi smith, cpa
accountant’s accelerator
there are dozens (and maybe hundreds) of ways your practice can leak money. here are three ideas that are fairly simple to implement and may be some great goals for you to consider.
more for soloists and small firms: new client opportunities with mobile apps / six questions to launch your strategy sessions / what most accountants miss in the five simple steps to get more clients / 10 ways to add a “money maker” hour to your day / 11 sources of wealth we can celebrate / nine value-adds to command a higher fee / how to design your business around your strengths / how to make it easy for clients to hire you / 12 fast, low-cost tips for a stress-less practice
the new practice management discipline.
by august aquila
author of leadership at its strongest
no profits, no mission, as one of my partners is fond of saying.
while leadership, balanced life, outstanding client service and efficient processes are critical for success, they mean nothing if the firm is not sufficiently profitable to make investments for the future and compensate performers. i want to focus on ten ways to make your practice more profitable.
these ten areas form the basis of a practice operational review. read more →
15-item checklist on effective staff management.
ed mendlowitz, cpa, abv, pfs
author of “implementing fee increases”
question: my staff doesn’t listen to me. to be able to manage and control my business i need them to prepare a monthly schedule of what they plan on doing that month. i further need to know each morning if they did what they were supposed to do the previous day, and whether there was anything not done, or anything extra that wasn’t planned on. my problem is that they don’t give me the schedule and then don’t call or email me to tell me what they did. i really need to know this stuff and can’t figure out how to get them to do it. what can you suggest? read more →
from personal assistant to true coo: how firms are delineating the job. sophisticated cpa firms are adding the position of firm administrator at an increasing rate. but there is still little consistency in what that entails. some firm administrators have … continued
in a 43-item checklist based on surveys of the best-run firms in the nation, marc rosenberg, author of “cpa firm management and governance: the managing partner’s guide to running a cpa firm like a business,” details the allocation of duties and responsibilities that distinguish the separate roles of the managing partner as ceo and firm administrator as coo.
it’s easy to see why the managing partner should be the executive most responsible for holding partners accountable. but other questions are not so clear: who manages the banking relationships? who works with partners to set goals? who’s responsible for profitability?
the answers may surprise you. if they don’t, then you’re already doing everything right.
here’s the checklist:
by marc rosenberg
author of what really makes cpa firms profitable?
at a monthly roundtable of 25 managing partners from most of chicago’s largest local firms, several highlights emerged, including insights into:
especially in these trying times, partners must show leadership by accepting the consequences of their actions – or their inaction.
accountability is the essence of your success, according to management consultant august aquila, author of “leadership at its strongest: what successful managing partners do.”
“i don’t think that the average partner takes accountability seriously,” aquila says. “if they did, they would take their individual goals more seriously and not let their fellow partners down.” read more →
the position of firm administrator or coo is quickly gaining in importance, and just as quickly evolving.
according to marc rosenberg, author of “cpa firm management and governance: the managing partner’s guide to running a cpa firm like a business,” there are at least ten duties that are both critically important to the firm and that define the job of the coo.
they are:
by august j. aquila
author of “leadership at its strongest”
everyone knows that partner unity is one of the keys for success. and we know the benefits of having greater partner unity than the next firm – better client service, less employee turnover, superior profitability.
the problem that many firms face is this: they don’t know how to create partner unity.
this article shows you:
by bruce w. marcus professional services marketing 3.0 while some firms have explored the idea of client service groups, and leading thinkers like patrick mckenna have been training firms in the concept for several years, few firms have developed the … continued