Choosing the Right Goals for Partners

Source: CPA Practice Management Forum

According to consultant Gary Adamson, there's no good reason why partners should not establish goals for each other, just as they do for their staff. Adamson offers several tips for making the process more effective:

1. The managing partner – who is responsible for coaching and mentoring partners – should work together with each partner to set realistic, achievable goals, and to conduct follow-up meetings to monitor progress and ensure accountability.
2. Goals should not include routine job functions, such as time and billing activities or meeting attendance.
3. Goals should be linked to overall firm performance, and there should be a direct link between goal achievement and compensation.
4. Firms should not set the same goals for all partners. Rather, they should consider the differences in partners' roles and develop goals accordingly.
5. Although certain goals should be private, most should be publicized throughout the firm, which improves accountability and the chances of success.

If appropriate, firms should consider using an outside coach to help the managing partner with his or her personal goals, to work with practice or office leaders, or even to work with all of the partners.

For the complete article, read “Management Essentials: Make Your Partner Goal-Setting More Effective.”

From CPA Practice Management Forum, Vol. 8, No. 10, October 2012, p. 12.