Today's Features

Why Accountability Falls to Managing Partners

Businesswoman working at deskHow committees kill firms.

By Bill Reeb and Dominic Cingoranelli
CPA Trendlines / Succession Institute

As we have said so many times before, everyone likes the idea that “I” will hold “me” accountable. But few like the idea of “anyone else” holding “them” accountable.

MORE ON PERFORMANCE MANAGEMENT: The Job of Managing Partner: Empowered or Emasculated? | Partners as Role Models: The Good, Bad & Ugly | Managing the Managing Partner | Pay Varies When Performance Varies | Accountability Is for Everyone | Who Decides What? | CPA Firm Performance Assessments: 15 Core Competencies, 21 Questions

So, once it is decided that accountability is important and someone needs to be responsible for implementation, the discussion quickly shifts to “let’s form a group of people, like an executive committee or a compensation committee to hold us accountable.”
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Do You Want to Keep This Employee?

Ed Mendlowitz CPA The Practice Doctor Q and AHow to decide whether employees deserve raises... or jobs.

By Ed Mendlowitz
The CPA Trendlines Practice Doctor

QUESTION: I have a longtime employee who asked me for a 33 percent salary increase, or she said she would have to explore options. How do you suggest I handle this?

MORE PRACTICE DOCTOR Q&A: Not the MP, Still a ‘Managing’ Partner | 34 Ways to Make More Money | Why This Help Wanted Ad Is All Wrong | Why Credentials Are Worthwhile | I Made Partner, Now What?

Additional information: She works five hour days every day and is paid by the hour. She gives me no added time during tax season. She also gets paid for an extra six days – which is for half of the firm’s allowed holidays – and for eight days for combined sick, vacation and personal days, and I pay her for half of her required CPE time (payment for 20 hours) and all the registration costs.

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Why You Need a New Partner

Man looking at 5 keysPlus 27 thresholds and core competencies.

By Marc Rosenberg
How to Bring in New Partners

Bringing in new partners is vital to keeping your firm strong. Here are some key concepts that are important to understand:

  1. Criteria for making someone a partner. As I focus mostly on how to bring in new partners, I assume that you have already decided that they qualify to be partners. Nonetheless, criteria for making someone partner are listed below. These criteria have been prepared based upon best practices at the finest firms in the country.

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Fix Gender Bias at Your Firm

Businesswoman opens door to brick wall5 ways women get shoved aside.

By Ida O. Abbott
Sponsoring Women: What Men Need to Know

Gender bias reflects entrenched beliefs and assumptions about women based on stereotypes about appropriate roles and behaviors for women.

MORE ON SPONSORING WOMEN FOR LEADERSHIP: 3 Changes for Men to Make | 3 Ways Women Benefit When Seen as Leaders | Sponsor or Mentor? | 4 Firm Benefits of Sponsoring Women as Leaders | Being the Best Means Including Women

Unconscious thoughts about the kinds of work women are and are not suited for, especially if they are mothers, remove highly qualified women from consideration for leadership opportunities and positions.
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How to Set the Managing Partner’s Compensation

Businessman holding multiple dollar signsA management stipend keeps the MP "whole."

By Marc Rosenberg
Partner Comp: Art & Science

Many firms, especially under $10 million, have a partner on board with the title of managing partner who in reality functions more as an admin partner. This post only addresses how the true MP should be compensated.

MORE ON PARTNER COMPENSATION: How Large and Small Firms Allocate Income | Integrating Partner Comp with Strategic Planning Partner Pay: The Declining Importance of Book of Business | 3 Non-Performance-Based Comp Systems | 3 Subjective Compensation Systems | Partner Compensation 101

OK, for those of you dying to know what a true MP is, here’s the scoop. A true MP:
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How to Calculate Your Growth Target

Hands using a calculatorBreak it down into appointments needed. You might be surprised.

By Martin Bissett
Business Development On a Budget

Calculating your growth target is not simply a matter of saying you want to grow by a specific amount within a specific time. It’s a little more complex than that, so let’s look at it item by item.

MORE ON BUSINESS DEVELOPMENT: Preventing Buyer’s Remorse | Close the Deal and Get Paid | Handle Objections Effectively by Preparing for Them | The Five Fastest Ways to Kill a New Opportunity [VIDEO] | Understand the DNA of Business Development Success | Do You Deliver on Your Website’s Promises? | The Science of Pipelines | Prepare Your Next Generation of Professionals

You start with a supposed growth target of $100,000.
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Set Cross-Selling Goals

Businesswoman at desk smiling as she talks to manMarketing to existing clients offers greater ROI.

By Ed Mendlowitz
The CPA Trendlines Practice Doctor

Tracking the additional revenue generated by cross-selling is not as important as setting a budget to obtain the additional revenue.

MORE ON MARKETING: Adopt a Marketing Mindset

The budget should be something that can be reasonably attained. For example, a goal to generate at least one new engagement a month from May through December should not overwhelm anyone.
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Work Together Better in 11 Steps

11 peoples in a circle looking down at cameraTo achieve your vision, your team must work in unison.

By August Aquila
Creating the Effective Partnership

As the saying goes, a picture is worth a thousand words. Your vision is a journey to some place in the future. It's not where you are today. It may even take generations to get there. It becomes even more compelling when it's somewhere your people want to go.

MORE ON LEADERSHIP FOR PRO Members: The Checks and Balances Your Firm Needs | How to Build a Better Firm Through Teamwork | 8 Questions to Analyze Your Pricing | 24 Points for AFTER the Deal Is Done | 5 Questions for Every MP to Answer Honestly | 6 Practical Ways to Innovate | How to Tell a Culture Change Is Due

While it's the ultimate destination that people engage with, the journey there is also important. If the end point is exciting and has benefits that your people share, they will be more engaged in the journey. And, when partners are engaged with the firm's future, they perform better.
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Embrace Disruption

Objects and furnishings flying about office4 questions you'll have to face.

By Jody Padar
The Radical CPA

With revolutionary change, comes disruption. You knew that, right? The three laws of disruption say that:

MORE ON RADICALISM: New Thinking Brings New Results | 10 Questions to Prepare for Radical Change | Who’s Your Competition? EVERYONE | How the ‘New Firm’ Was Born | Radical Firms Embrace 4 Values | Radical or Complacent? You Choose | 3 Questions to Ask If You Dare

  1. Disruption comes to us all. So, if you’re reading this, you’re going to be disrupted. Congratulations, that’s a good thing!
  2. Disruption comes because of changes in the product-market fit.
  3. There are only three methods to change the product-market fit.

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