Today's Features

Partner Pay: Open vs. Closed Compensation Systems

Businessman ogling money over another's shoulderBoth have advantages.

By Marc Rosenberg
Partner Comp: Art & Science

“If people are concerned about their absolute level of compensation, then they can be satisfied. However, if their focus is on relative standing, then they can never be satisfied.”

Andrew Grove, former chairman, Intel

An open compensation system is one in which all partners know the earnings of all partners.

MORE ON PARTNER COMPENSATION: 5 Other Systems for Paying Partners | 3 Non-Performance-Based Comp Systems | 3 Subjective Compensation Systems | Partner Compensation 101 | How Partners View Compensation: It’s Not All about the Money | Why Most Partner Comp Systems Are Performance-Based

A closed system is one in which a limited number of partners are privy to this information. In closed systems, the only partners with access to all partners’ income are usually the managing partner, the compensation committee and/or the executive committee.
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The Importance of Goals and Affirmations

Young man fixing collar in mirrorWhat are you telling yourself?

By Jassen Bowman
Tax Resolution Systems

Every day, you should go through your goals checklist.

MORE: Use Checklists to Manage Your Tax Firm | Checklists for Your Tax Resolution Office Setup | Case Study: Building a Tax Resolution Business | Marketing Requires Ruthless Accountability | First, You Need Clients | The Tax Resolution Client Intake Checklist
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Whether you do this just at the beginning of the day, or also at the close of the business or actual day, be sure to include

  • empowering daily questions,
  • affirmations and
  • goals.

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9 Steps to a Great Open House

Business people meeting over healthy foodConsider partnering with others.

By Sandi Leyva

Hosting an open house is an extremely successful way to attract new clients and provide education and perks to existing clients.

MORE SMALL FIRM GROWTH STRATEGIES: Make the Most of Trade Shows | Speaking: How, Where and Getting Leads from It | The A-B-C’s of Getting Started with Advisory Services | 3 More Kinds of Referrals | Turn to the ABCs for Client Feedback | Use Client ‘Touch Plans’ to Stay in Touch
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An open house is a great option for accountants who have a large number of clients who are located in the same geographic area. If you have a small number of clients, then you can partner with other noncompeting professionals to increase your turnout.
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3 Ways to Get ‘Unstuck’

Diagram of objectives
[Click for larger view]
A process for overachievers.

By Bill Reeb

I was looking for a process that was logical, yet would be dynamic enough to respond to life as it unfolds around us.

MORE from Reeb: When the Inmates Are Running the Asylum | The Two Most Common Management Styles | Different Roles for Different Partners | How Big ‘Books’ Hurt Firms | Developing a Three-Year Vision [VIDEO]
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For example, when I am hired to help an organization create a strategy and then implement it, I call upon a formal process to get us from vision through execution. However, often the reason I am called in the first place is because someone or some organization realizes they are stuck.
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The Puck That Tracks Your Time

Tiller in actionBilling by the hour? This could help.

By Rick Richardson

Do you ever wonder how long you spend reading emails or doing research?

MORE TECH THIS WEEK: Robots Invade News Reporting | Check Devices for BlueBorne, a Silent Bluetooth Vulnerability | Magnify Your Smartphone Screen | Hackers Using Hotel WiFi to Spy, Steal Data
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A little device named Tiller may be able to get you an answer.
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Your Clients on Your Terms

Two businesswomen shaking handsWho should dictate how to run things? And are your accountants doing too much admin work?

By Rob Nixon

It’s interesting how accounting practices evolve with their clients. It seems that over the years, the clients have just turned up (via referral mainly) and you have accepted all who walk through your door – almost like your firm is a community service or a charity.

MORE ON STRATEGY: Mindset Is Everything | Accountants Are the Last Trusted Advisors | Why Average Project Value Matters | The Bizarre Habits of Accountants | Sales Is Like Workflow Management | Marketing Objectives Determine Marketing Amount | Turn Your Knowledge Into Products | How to Create 4 New Billable Hours per Day | Is Your Business By Design or Default? | The World Is Flat | The Profession Disrupted: Compliance Commoditized
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As time passes, the clients stay with you and many of them are not that enjoyable to deal with. Many of your current clients do not fit your direction and they supply information in a format and timeframe that suits them. It’s not your clients’ business, it’s your business!
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Use Checklists to Manage Your Tax Firm

Green checks being made on checklistDon't let marketing be an afterthought.

By Jassen Bowman
Tax Resolution Systems

In an ideal world, every business day would feel like the movie "Groundhog Day."

MORE: Checklists for Your Tax Resolution Office Setup | The Ins and Outs of Hiring and Firing | Market to Your Ideal Clients | One-Step vs. Two-Step Marketing | Tax Resolution: A Lucrative Opportunity | 5 Reasons Your Firm Training Needs Nano Learning
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The same things would happen at the same times, day in and day out. Your business would run like a well oiled machine that simply puts out marketing, takes in clients and cashes checks.
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