The Five Fundamental Truths of Firm Management

1. The Five Fundamental Truths of Firm Management Strategies For Owners and Managers

2. Getting Started GA p MANAGERS OWNERS

3. Truth #1 Partners/Owners Say “Think Like An Owner” But Never Tell Managers What That Means.

4. Challenge • Owners understanding what they really want • Managers understanding the desires of the owners • A communication method that gives both groups what they need

5. Opportunity • For owners to have managers ready for the next step • For managers to support the overall vision of the firm • For firms to have a well-rounded firm with leadership at more levels

6. Solution • Develop a Strategic Plan with all Owners and Managers involved • Insure everyone “owns” a part of the plan • Task the Owners with making a list of expectations of the Managers

7. Truth #2 Partners/Owners Give Responsibility To Their Managers But They Fail To Give The Authority. Authority

8. Challenge • Responsibility is the task • Authority is the leadership • Without one, you cannot effectively exercise the other • Managers cannot grow without both responsibility AND authority

9. Opportunity • Owners can effectively implement a succession plan • Managers can see their future • Firm can sustain itself for the long term • Staff gains confidence in and respect for emerging generation of leaders

10. Solution • Implement goal setting and accountability: • Game Plans (Quarterly/Seasonal) • Person-to-Person Conversations • Give new tasks and authority often • Encourage growth through higher level work

11. Truth #3 Partners/Owners Talk The Talk When It Comes To Life And Work Balance, But Then Show In Their Actions Their True Feelings Of “Balance Is For Wimps”.

12. Challenge • Owners feel that this is just a phase • Managers feel that they are different • No one really knows how to communicate on this subject • Life means more than work….

13. Opportunity • Increase the communication between owners and managers • Increase the quality of life for both owners and managers • Use managers to identify new ways to make working and living better

14. Solution • Develop a committee of owners, managers and staff. • Listen more than you talk. • Try new ideas – don’t just instantly dismiss them. • Educate yourself and others on generational differences. These should not be used as an excuse by either side for non-performance.

15. Truth #4 Partners/Owners Say They Want Managers To Manage, Then Spend All Their Efforts Pushing Billable Time.

16. Challenge • Owners can set goals for what they know – billable time • Managers want to be evaluated on MORE than one area of performance • Firms need to have leaders who are adept at: • Technical Skills • Client Relations • Exceptional Soft Skills • IT Skills

17. Opportunity • Owners can learn new ways to manage their business • Managers can be a part of building a new and exciting firm model • Firms can not only survive – but thrive!

18. Solution • Move to the Balanced Scorecard form of accountability • Hold owners and managers accountable to goals • Owners need to spend more time communicating with managers

19. Truth #5 Partners/Owners Understand That Training/Learning/Mentoring are Keys to a Manager’s Success. However, They Allocate Little Time or Money to the Efforts.

20. Challenge • Owners want to cut expenses due to economic uncertainty – TRAINING! • We will just take this time to “maintain”. • We need to concentrate on our clients and will not have the time to mentor this year.

21. Opportunity • Re-prioritize and be ahead of your competition during the upswing • Manager-specific training that encompasses leadership, business development and communication • Owners are able to delegate more and do the things they are best at!

22. Solution • Mentor Programs – Pump it up or get it started • Owners – Invest • Managers – Go, Learn, Use

23. Owner’s “Solutions” Action Plan • Firm-wide Strategic Plan • List of manager expectations • Implement quarterly game plans • Commit to person-to-person meetings • Develop a life/work committee • Identify opportunities to learn about generational differences • Implement the Balanced Scorecard for owners first and then managers • Support and participate in the firm mentor program • Support manager training with your investment, your time and your wisdom • Commit to participating in the development of managers

24. Manager’s “Solutions” Action Plan • Participate in the Strategic Plan process • Complete and participate in the quarterly game plan process • Ask for new tasks and authority • Participate in the life/work committee • Suggest new ideas that make sense to you • Hold and attend manager meetings to discuss ways to improve communication with owners and staff • Learn to be a great mentor and a great mentee • Attend manager training with an open mind and a positive attitude

25. Recommended Books:

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27. Thank you! sandra.wiley@boomer.com www.boomer.com