Six Steps Toward a Clear Vision for Your Firm
Source: AICPA CPA Insider
The following includes excerpts, reproduced with permission, from an article by Jennifer Wilson.
When firm leaders are unable to formulate and articulate a clear vision, their ability to make decisions and drive change becomes hampered. When you develop a vision for your firm, you'll benefit from increased inspiration and engagement, clarity of direction, definition of scope, and enhanced unity. Consider taking these steps:
- Designate a vision committee. Include partners, younger up-and-comers, and key administrative managers.
- Establish ground rules. No subject is off limits.
- Establish scope for the vision. Develop a vision of where your firm will be in five years in terms of differentiation, industry and service specialties, size, leadership and management, M&A activity, and so on.
- Do your homework prior to formulating your vision. Conduct competitive analysis in each of your key markets and undertake an honest SWOT (strengths, weaknesses, opportunities and threats) analysis.
- Think big, take risks and make tough decisions. Developing a vision requires a willingness to dream about the future and identifying a stretch outcome through which your team can get very energized.
- Integrate your vision plan into the day-to-day business. Communicate your vision and provide ample time for questions and feedback.
For the complete article, read “Does Your Firm Have a Vision for Its Future?”
From AICPA CPA Insider, January 30, 2012, http://www.CPA2biz.com.