How Healthy is Your Firm?

Source: Accounting Today

In this article, August Aquila suggests that you consider six things as you determine the health of your firm:

1. Does your firm know where it's headed and why? A lack of clear goals and purpose has a significant impact on critical decisions.
2. Does your firm allow procrastination to keep it from progressing? A healthy firm is driven to make or allow necessary changes.
3. Does it take your firm leadership a long time to make decisions? This could indicate unhealthy leadership relationships, or an unclear decision-making structure.
4. Does your firm have a culture of accountability? Partners should set the example by submitting themselves to be accountable for clearly defined yearly goals.
5. Has your firm set clear goals without determining how those goals will be met? Successful leaders will set goals and identify the right individuals to help accomplish those goals.
6. Has your firm set up a system of compensation or other benefits that directly correlate to your goals and the tasks required to meet those goals?

For the complete article, read “A prescription for firm malaise.” 

From Accounting Today, February 1, 2011, SourceMedia Inc., One State Street Plaza, 27th Floor, New York, NY 10004, 800-221-1809.