Evaluating the Firm’s Health
Source: Accounting Today
Troy Waugh, CEO of Five Star LLC in Nashville, Tennessee (615-373-9880), uses a strategic assessment tool to evaluate strategic direction of the firm. Here are some areas of focus:
- What services does the market want now and in the future? (Determine this dispassionately (i.e., without regard to your satisfaction in delivering the service.)
- Do we really care about our clients?
- What do we know about competitors? (Check their Web sites. Talk to their clients and employees. Try to get a copy of a proposal.)
- Would the firm be healthier without certain clients?
- What do our clients really think of us? Why do they use us? Would they refer others to us?
- Do we know the real reason why clients left? (Talk to them.)
- Should certain staff members be replaced with more talented people?
- Are there heavy hitters who are unsupportive of the firm’s strategic vision and culture?
- How do our financial metrics compare with the profession?
For the complete article, click here and select the article Have You Assessed Your Firm Lately? from the December 17, 2007, issue.
From Accounting Today, December 17, 2007, SourceMedia Inc., One State Street Plaza, 27th Floor, New York, NY 10004, 800-221-1809.
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