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Source: Journal of Accountancy
A pervasive theme in this article regarding CPA husband and wife teams is operating all small firm partnerships as marriages.
Several firms were interviewed, ranging in size from about 2 to 10 people. Here is a summation of advice:
- Don’t be stingy about administrative help. An office manager is particularly important.
- Each partner should be responsible for a designated part of the practice.
- Both partners should agree on acceptance of any new client or engagement.
- Strategy should be a subject of continuous discussion.
- Conduct an annual retreat and include administrative staff in at least some of it. Retreat subjects may include:
- Compensation methods
- Preparing staff for succession
- Use technology to:
- Keep staff requirements down
- Assist in marketing
- Allow work from remote locations
- Keep up with CPE by attending programs sponsored by the AICPA, state societies, law firms, banks, chambers of commerce, large firms, universities, and professional associations. Reading (including on the Internet) is also an effective means by which to stay current.
- Consider taking vacations from midweek to midweek. If taking an extended vacation, consider taking a portable fax machine, and communicating via cell phone and e-mail.
- Small firms can specialize. There are opportunities in areas such as helping clients achieve growth objectives.
- Develop a network of trusted specialists so you can better serve your clients.
Here are some tips on recruiting staff:
- Place ads even when you don’t have a need. Consider hiring a good person and reducing your own income.
- Use personality tests and do background checks.
- When hiring, think about succession, but also think about whether candidates are sincere about their strengths.
- Offer flexible work arrangements.
- Focus on training. Don’t be afraid of losing someone because you’ve helped him or her reach the next level.
- Reward people for their new business production.
From Journal of Accountancy, December 2005. For the complete article, click on the following link: http://www.aicpa.org/pubs/jofa/dec2005/millner.htm. |
