Creating a firm where all the partners 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.
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.
MORE on LEADERSHIP: Why Your Firm Should Be a Republic | 5 Questions About Your Firm’s Direction | 6 Reasons to Keep Partners from Retiring | 6 Reasons Why CPA Firms Fail in Innovation | 6 Steps to Handle Staffing Problems in a Merger | 7 Signs Your Firm Is Headed for an Implosion | It’s Not Always about Money: 16 Tweaks for Your Comp System | Eight Key Goal Areas for Partners | Like Herding Cats: Partners Must ‘Walk Together’ | Managing Partners Must Remember Partners’ Needs | New Times Call for New CPA Firm Metrics | Partners Have Love-Hate Relationship with Leadership | 6 Things Leaders Must Do | 8 Financial Ducks to Line Up Now| Partnership Is About Persuasion
So, how do you create a firm where all of the partners work to create an even better firm?
Here are 11 ideas:
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August J. Aquila
About the Author
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August J. Aquila is an internationally known speaker, consultant and author and has held leading positions in the accounting profession for more than 25 years. He is CEO of AQUILA Global Advisors, a full-service consulting firm to accounting and other professional service firms in the US, Canada UK and India. August focuses his consulting on designing compensation plans, resolving organizational and partner issues, transition planning and developing strategic plans.
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Before starting AQUILA Global Advisors, he held several executive leadership positions with American Express Tax and Business Services, Inc. He was also a partner in a top-50 firm and regional marketing director for Coopers & Lybrand (now PWC) in Chicago. In 2003 he was elected into the Association for Accounting Marketing’s Hall of Fame and has been selected as one of the “Top 100 Most Influential People in The Accounting Profession” by Accounting Today for several years.
He is the author of hundreds of articles and several books on practice management; mergers and acquisitions and compensation plan designs. Recent books include The CA Firm of the Future (Bombay CA Society, 2013), Performance is Everything (AICPA 2012), Compensation as a Strategic Asset (AICPA 2007) and Client at the Core (John Wiley & Sons 2004). August is also a co-author, with Robert J. Lees and Derek Klyhn, of Leadership at its Strongest: What Successful Managing Partners Do (Bay Street Group LLC, 2013), the ground-breaking research on how managing partners drive improvements in their firm’s competitive and financial performance
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