How the Strong Survive

Source: Partner's Report

Excerpts reprinted with permission from IOMA, Inc.

Even when the economy is especially challenging, a good firm can surmount many obstacles that would topple a weak one. At a recent AICPA Practitioners Symposium, the senior owners of four strong firms talked about their strategies.

In addition to focusing on performance and on how they can better serve clients now, the panelists recommended several best practices that are working for them:

• Emphasize training. If you have extra time now, use it to train people. And training is about more than CPE. Emphasize training at all levels to help partners and staff participate in providing information for reengineered practices.
• Keep seeking staff feedback. Bad times or good, make sure to keep the lines of communication open. Several of the panelists' firms have staff advisory groups that meet regularly with the managing partner. Staff surveys bring input to help the partners understand staff concerns.
• Continue relationships with colleges and universities. One panelist said that schools know her firm is happy to provide a speaker for various events. The firm also has an extern/intern program that brings in a group of 20 to 25 students for a week-long taste of CPA firm practice. A handful are chosen at the end of the week and offered semester-long internships.
• Pay attention to collections. One managing partner at a larger firm hired a full-time collections person who follows up and identifies service issues and lets him know about this and related activities. Small firms could try to devote some time by an administration person to collections or the work could be outsourced.
• Be a leader. Your firm needs leadership most of all during difficult times. What, exactly, is a leader? One panelist's definition: “A leader is a person with vision, a person who says, ‘I know where we're going. C'mon and go with me.'”

For the complete article, click here.

From Partner's Report, The Monthly Update for CPA Firm Owners, Institute of Management and Administration, Inc., [email protected], June 2009, p. 1, “Opportunities Are There—for Leaders Who Pursue Them.”