“C’Mon Man!” is a segment of the pre-game shows broadcasted before NFL games. During the show, each broadcaster will describe a play or series of plays from the previous week’s NFL games that were player mistakes or bad coaching judgment calls that made the broadcasters scratch their heads and say “C’Mon Man!” We have come up with some common pitfalls we have seen in the public accounting environment and have created our own C’Mon Man! list.
- Not disengaging clients with low realization rates and then paying staff overtime to work on these clients during the busiest time of the year.—C’Mon Man!
- Sustaining an analysis-paralysis type of culture (no sense of urgency) when it comes to making important/tough decisions that affect the firm’s future. Or, continuously holding off making time sensitive decisions to the next partner’s meeting.—C’Mon Man!
- Experiencing heightened fee sensitivity and competition with traditional commodity type services and not developing/acquiring value added and solutions oriented services to offer to clients and the marketplace.—C’Mon Man!
- Running the practice day to day as a preferential strategy over developing a strategic plan for three to five year intervals with partner accountability for implementing the plans.—C’Mon Man!
- Believing that a firm can be successful in the long-term without strong leadership at the Managing Partner level.—C’Mon Man!
- It’s acceptable to fail at implementing action items from annual retreats because the partners are too busy and thinking that the tasks at hand will eventually be accomplished. —C’Mon Man!
- Using partner compensation criteria/structure that primarily rewards “book of business” and places little emphasis on initiatives that will benefit the future success of the firm.—C’Mon Man!
- Paying staff annual bonuses every year that they consider part of their annual compensation rather than linking the bonuses to performance objectives and achieving personal goals.—C’Mon Man!
- Blaming the marketing director for slow revenue growth when the partners are not successfully implementing their personal practice development plans and are not held truly accountable for their lack of new business efforts and results.—C’Mon Man!
- The assumption that past success of a firm guarantees future success.—C’Mon Man!
- Continuing to promote managers who have no chance of becoming an equity partner to non-equity partner status and creating a top heavy firm that is succession challenged.—C’Mon Man!
- No succession planning/transitioning and formal grooming of the next managing partner in firms where the current managing partner is nearing retirement age.—C’Mon Man!
As we approach playoff time in the NFL, keep in mind that leading and managing a firm is like coaching a football team—you play the game to win, not just to play it.