L. Gary Boomer, of Boomer Consulting in Manhattan, Kansas, tells of a recent survey indicating that two-thirds of accounting firms don’t have strategic plans. And half of those that have them don’t reveal them to staff. Excuses include:

• Partners can’t agree. Agreement won’t come easily or quickly but can be a goal that can be achieved over time.
• Not enough time. It doesn’t take as much time as people think.
• Don’t know how. The process doesn’t have to be overly complex.

Boomer says firms that can’t retain people will have difficulty attracting new people. You can’t retain or attract talent without a shared vision. People want to work for firms with the following:

• A set of core values to which partners are committed.
• Staff knowledge of, and accountability for, support of core values.
• Communication of plans with staff, prospective staff, and clients.

Characteristics of such firms include:

• A resolute CEO.
• Plans that are tied to individual partner and staff plans.
• Strong people in critical leadership positions and areas such as CEO, CFO, CIO, HR, marketing, and training.
• Agreements that safeguard the firm ahead of the partners.
• Retirement programs with limitations that assure continuation of the firm.
• Succession plans at all levels.
• Technology that is viewed as strategic, not as overhead.
• Training that includes soft skills.
• Balanced scorecards used in owner compensation.
• Policies, procedures, and standards followed by everyone.

It doesn’t take months to develop a strategic plan. Too often accountants seek perfection. What is needed instead is progress. A strategic plan can be created in days and can be one page. On one side include vision, mission, values, and strategic objectives. On the other side include a repeat of objectives plus measurements, assignments, and due dates.

From Accounting Today, August 21, 2006, SourceMedia Inc., One State Street Plaza, 27th Floor, New York, NY 10004. For the complete article, click on the following link: http://www.webcpa.com/article.cfm?articleid=21547&;pg=acctoday.