How Managing Partners Can Effectively Implement Change

Source: Accounting Today

In this article August Aquila points to research showing that managing partners face considerable challenges when trying to lead their partners to institute beneficial changes. According to Aquila, firm leaders should enlist the help of their marketing directors to usher in new ideas that will ultimately improve the firm's performance.

Aquila says that managing partners face four major obstacles to change:

1. Convincing partners that the change is necessary and beneficial – Aquila recommends that the managing partner and marketing director take time to listen to what the other partners hope to accomplish, as a group and individually. Understanding each leader's point of view will make it easier to “speak their language” when asking them to come on board with a new idea or initiative. Of course, new ideas with a tie-in to compensation are more likely to be embraced as well.
2. Having a clear shared purpose – In order to help firm members set and reach smaller goals, managers and marketing directors must help the firm develop a mission and foundational values, which will guide all other decisions and practices.
3. Establishing clear expectations – Without well-defined expectations and a system for enforcing them, individuals within the firm may or may not choose to do their best, take personal responsibility for failures, etc.
4. Simplify your priorities – Trying to implement too many changes can keep firm leaders from effectively implementing any change. Managing partners and marketing directors should work together to prioritize the most important changes to be tackled. Aquila recommends no more than three changes at one time.

For the complete article, read “Count the change.”

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