Run Your Firm Like a Five-Star Restaurant

Source: Accounting Office Management & Administration Report

Marketing plans are not just for clients. Marketing to staff is essential for improved performance and retention. Staff value the following in the order listed:

• Meaningful work.
• Work-life balance.
• Job security.

David Maister, consultant to the accounting profession, recommends asking staff how satisfied they are. Ask them how much of their jobs they love, tolerate, or hate. If more than 20 percent to 25 percent end up in the “hate” group, there is a problem. Maister says 40 percent to 60 percent should be in the “love” group.

Troy Waugh, CEO of Rainmaker Academy, says CPA firms can achieve this benchmark by emulating five-star restaurants:

• Taking the order—Hiring, orientation, etc. are like setting the table and greeting patrons.
• Presenting what was ordered—The firm trains its people, provides feedback, helps with career development, and mentors staff. This helps distinguish the firm from the competition, just as a five-star restaurant does when it delivers the order.
• Assessing the level of satisfaction—Five-star restaurants ask patrons if they are satisfied, and they act on the responses. Do the same with staff.
• Dessert—This establishes the tone of your recollection of the experience in the restaurant. At the CPA firm, it is the expression of thanks that will be remembered by staff.
• Collecting—Getting paid is crucial. So are other factors, such as providing interesting work for staff.

When a five-star restaurant makes a mistake, it takes immediate action to correct it. Do the same with staff at your firm.

Partners should coach and mentor staff. And they need to be trained in how to perform these functions. Being an introvert is not a handicap so long as the introverted partner is interested in the relationship.

Waugh says, “Many firms are over-managed and under-led.” Focusing on leadership can help with marketing to staff:

• Be sure partners are honest with staff.
• Develop and follow a clear strategic direction.
• Mentor and coach staff.
• Develop effective systems in billings, marketing, and technology.
• Make sure all operational systems of the firm are coordinated.

From Accounting Office Management & Administration Report, October 2007, p. 1. For subscription information contact Institute of Management & Administration, Inc., 3 Park Avenue, 30th Floor, New York, NY 10016-5902. One-year subscription $399. 212-244-0360, [email protected]. For the complete article, click here.