Strategic Planning

Gary Boomer, Boomer Consulting, Manhattan, Kansas, writing in Accounting Today, says that firms can no longer stick to their core competencies and still be prepared for the future. Strategies must change to meet the demands of the changed and changing environment. Sticking to the basics won’t work.  Aggressive leadership is required to meet this challenge. Firms have to change their attitudes with respect to the management function—not just the managing partner, but all the people in the firm who manage.  Billable hours can no longer be valued over managing. He recommends:

• Choose a strong managing partner or CEO who is oriented to the future.
• Build a learning organization.
• Know the importance of technology as it relates to the future of the firm.
• Get rid of politics and red tape.
• Create an intelligence function in the firm to improve awareness of changes inside and outside the firm.
• Be sure to keep bringing young talent to the firm.
• Have a succession plan for leadership at all levels of the firm.
• Make certain your strategic plan focuses on the future.

For more, see Accounting Today November 29, 2004, or http://www.webcpa.com/article.cfm?articleid=9481&;pg=acctoday