Strategies for Today’s Environment

Source: Accounting Today

Gary Boomer has some sage advice for accountants to help them deal with the economic downturn. He warns that management deficiencies, which are often obscured by good times, can be fatal in bad times. Here are some highlights:

• Avoid mediocrity in staffing.
• If terminations are necessary, don’t focus solely on lower-level jobs.
• Ask clients about the effects of the downturn on them, and help them deal with their problems and exploit their opportunities.
• Don’t let yourself become busy doing work for which you won’t get paid. Make sure you are doing the right things.
• Don’t focus on cutting costs to the exclusion of developing new business opportunities.
• Here are some strategic opportunities:
  • Create a culture of creativity. Creativity brings new opportunities.
  • Develop trust within the firm. When you have trust in your colleagues, you make better and faster decisions, which saves expense.
  • Review internal processes, procedures, and technology to reduce inefficiencies.
  • Pay attention to collections to avoid reducing cash flow. If certain partners are not good at it, remove them from the process.
• Being a good leader does not make you a good manager. Leaders envision the future, while managers make it happen. Your firm needs both.

For the complete article, click here and select the article “Boomer’s Blueprint: Strategies for Uncertain Times” in the November 17, 2008, issue.

From Accounting Today, November 17, 2008, SourceMedia Inc., One State Street Plaza, 27th Floor, New York, NY 10004, 800-221-1809.