Six guidelines for managing partners:

1. Plan for the long term. What do you want your firm to be in five or ten years? The managing partner should be a visionary.
2. Talk to clients about the services they are getting from your firm, and really listen to what they have to say.
3. Ask these questions:
   1. In what areas should the firm provide service?
   2. Is the firm able to attract the type of clients that can, and will, pay the firm’s fees?
   3. Do the firm’s professionals have the right skills?
   4. Does the firm have experts who are needed in the market place?
   5. Are the firm’s clients growing, and is the firm keeping pace with them?
   6. Do employees enjoy working in the firm?
4. Keep up-to-date on industry benchmarks so you can best serve your clients and be aware of opportunities.
5. Determine what your services cost and whether you are making an adequate return on them. Alter you billing policies accordingly.
6. Think of the firm as a business. Manage the firm like successful businesses are managed. Don’t be obsessed with net profit. Invest in your greatest resource—people.

For more on this subject, see the “How CPA Firm Leaders Lead” in this issue.

For other articles in CPA Leadership Report on the role of the managing partner, click on the following links:

Motivating Staff by Doing Rounds

Is Your Managing Partner Managing or Just Administering?

From Partner’s Report—the Monthly Update for CPA Firm Owners, July 2006, p. 1. For subscription information contact Institute of Management & Administration, Inc., 3 Park Avenue, 30th Floor, New York, NY 10016-5902. One-year subscription $349. 212-244-0360, [email protected].