We are happy to share some of the most popular RedZone posts from 2016. Thank you for providing your RedZone comments, feedback, ideas and thought leadership with us.
Predictions for 2017 and Beyond
The firms that will take full advantage of the huge opportunities for the accounting profession in 2017 and beyond will be those that attract and retain the best staff, offer more formal advisory and solutions-oriented services, and control their direct labor costs through process improvements and financial management of engagements.
Great Leadership and Managing Stars
One of the most essential goals for CPA firms is developing, attracting, and retaining highly competent partners who become the future Managing Partners (MPs) and leaders. Without the appropriate amount of partner “stars”, it’s unlikely that a firm can be successful in the long-term and develop a succession plan.
Leading with a Sense of Urgency
One of the most challenging problems of leading a CPA firm in this very competitive environment is the ability to implement organizational strategy and initiatives with a “sense of urgency.”
The Perfect Partner
Does the perfect partner exist? Probably not. I was asked at a retreat to define the attributes that the perfect partner should possess and came up with the following list.
Right Merger Strategy
Over the last 10 years, there has been an unprecedented number of small to medium-sized firms combining their practices with larger firms. More recently, these mergers have been an integral part of the firm’s long-term strategic approach, rather than as a remedy for short-term succession planning issues.
Succession Reality Check
A recent survey that the AICPA participated in found that 50% of the partner respondents have “challenges in replacing the skills of departing owners”, and 41% said that they have challenges “transitioning clients from retiring partners/principals” and with “partners’ reluctance to relinquish work relationships”.