I'd like to slightly modify my answer to What you know vs. Who you know. See my posting to an answer on LinkedIn.
Comments appreciated.
Monday, April 28, 2008
Thursday, April 17, 2008
Spring Cleaning!
I apologize to my fans (Hi Mom!) for not sharing my thoughts over the past few weeks. I was too busy Spring Cleaning.
I didn't think you'd believe me.
However, Spring Cleaning is a great concept. For some, this is just theoretical.
With spring in the air, I recommend you clean these two important things.
1) Clean up your Personal Work Space.
Whether you have a cubicle, desk, or a corner office (which I hope to have one day soon), organizing those papers by either filing or recycling will do you a world of good, and reduce that feeling of "I'm Overwhelmed".
Try it. You'll like it.
But if your boss sees all that space around you and thinks you have room for more projects, please don't shoot the messenger.
2) Clean up your Work Team.
If you are working in any supervisory capacity, it's time to look at the team that reports to you and say "Are these the best people to work with me and help me deliver for what I am responsible for?". If you cannot say "Yes" without delay, it's a good time to think about what your team should look like, and go out and find them.
Spring is a time that many employees are considering change, and you could be their next new long-term employer.
Follow my advice, and not only will your work area be less cluttered, you'll have time to enjoy the weather outside.
I didn't think you'd believe me.
However, Spring Cleaning is a great concept. For some, this is just theoretical.
With spring in the air, I recommend you clean these two important things.
1) Clean up your Personal Work Space.
Whether you have a cubicle, desk, or a corner office (which I hope to have one day soon), organizing those papers by either filing or recycling will do you a world of good, and reduce that feeling of "I'm Overwhelmed".
Try it. You'll like it.
But if your boss sees all that space around you and thinks you have room for more projects, please don't shoot the messenger.
2) Clean up your Work Team.
If you are working in any supervisory capacity, it's time to look at the team that reports to you and say "Are these the best people to work with me and help me deliver for what I am responsible for?". If you cannot say "Yes" without delay, it's a good time to think about what your team should look like, and go out and find them.
Spring is a time that many employees are considering change, and you could be their next new long-term employer.
Follow my advice, and not only will your work area be less cluttered, you'll have time to enjoy the weather outside.
Thursday, April 3, 2008
Building an Accounting Firm... to last
This week I saw an ad for a merger between mid-sized accounting firms. And it got me thinking...
Great professional service firms are able to grow into great businesses. This may require merging practices from time to time. The Big 4 accounting firms are a great example, having merged their way into an oligopoly for their market (serving public companies).
For many accounting (and legal) firms, survival of their business beyond the second (or first) generation of partners hardly ever happens. In my opinion, while the founding partners may be great rainmakers and are able to build their empire by themselves, they are not able to transfer responsibility and clients to the next generation.
Which is really a shame. We speak to a number of practising professionals that after a significant period of time with their firm, are looking to change their employer. They tell us that even though they enjoy their current firm, they are looking to leave because they do not see room to grow. They are afraid their senior rainmaker partners will eventually retire or pass on, without giving them the opportunity to become a senior rainmaker themselves. So these solid professionals leave to greener pastures, usually leaving the weaker ones to stay behind and close the lights.
Retention of professionals in a firm starts with giving them real opportunities for growth, and not being afraid to transfer knowledge, know-how and clients. Successful senior partners should be hitting the golf course often when they hit 55, giving their team members opportunities to shine.
The senior partners I know that are enjoying their years as they move to (or beyond) retirement, have a team of smart, dedicated and competent people running the firms that they built. Their firms are built to last. Is yours?
Great professional service firms are able to grow into great businesses. This may require merging practices from time to time. The Big 4 accounting firms are a great example, having merged their way into an oligopoly for their market (serving public companies).
For many accounting (and legal) firms, survival of their business beyond the second (or first) generation of partners hardly ever happens. In my opinion, while the founding partners may be great rainmakers and are able to build their empire by themselves, they are not able to transfer responsibility and clients to the next generation.
Which is really a shame. We speak to a number of practising professionals that after a significant period of time with their firm, are looking to change their employer. They tell us that even though they enjoy their current firm, they are looking to leave because they do not see room to grow. They are afraid their senior rainmaker partners will eventually retire or pass on, without giving them the opportunity to become a senior rainmaker themselves. So these solid professionals leave to greener pastures, usually leaving the weaker ones to stay behind and close the lights.
Retention of professionals in a firm starts with giving them real opportunities for growth, and not being afraid to transfer knowledge, know-how and clients. Successful senior partners should be hitting the golf course often when they hit 55, giving their team members opportunities to shine.
The senior partners I know that are enjoying their years as they move to (or beyond) retirement, have a team of smart, dedicated and competent people running the firms that they built. Their firms are built to last. Is yours?
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