Develop Your Firm's Future Leaders

Source: Optimum Strategies, LLC

Plant yourself in most CPA firms and you will hear a common owner's refrain: “There are no future owners in this place” or “There just aren't enough folks like…” So what are you prepared to do to create future partners? Here are some very realistic training steps for firms of all sizes.

Insist On Practice Management Dialogue
Your staff must be required to read articles and blogs related to practice management. The topics can be selected by the owners or left to the staff. At least once a week, including during busy season, there must be a 30-minute conversation on the topic. The sooner in one's career that this happens the better, but practically, it may be best to start this practice after two years of experience.

Reintroduce The Notebook
All of your staff must maintain either an electronic or old-fashioned notebook in which they journalize what they learn at client meetings, prospect meetings, and any practice management forums. The notebook must be available for conversation and review with the owners on a monthly basis.

Use Live Case Studies
Your clients represent real case studies from which all staff members can learn. Staff must put together written ideas for improving a client condition and must be permitted to evaluate the firm and the owners' performance on a job.

Showcase Clients
Invite key successful clients to come in to share their story, get to know your full team, and potentially take one or two under their wing.

Incentivize Performance
Use a rewards program that builds incentive into your compensation structure and ties the package into production, realization and sales. Create notoriety.

For the complete entry, read “Are You Raising Future Partners?”

From the blog of Optimum Strategies, LLC, February 8, 2013, http://optimumstrategies.typepad.com/my-blog/.