The Five Fundamental Truths of Firm Management

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The Five Fundamental Truths of Firm Management

• Strategies For Owners and Managers

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Getting Started
GA p
MANAGERS
OWNERS
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Truth 1

• Partners/Owners Say Think Like An Owner But
  Never Tell Managers What That Means.

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Challenge

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

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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

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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

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Truth 2

• Partners/Owners Give Responsibility To Their
  Managers But They Fail To Give The Authority.

Authority
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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

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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

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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

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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.

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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.

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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

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Solution

• Develop a committee of owners, managers and
  staff.
• Listen more than you talk.
• Try new ideas dont 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.

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Truth 4

• Partners/Owners Say They Want Managers To Manage,
  Then Spend All Their Efforts Pushing Billable
  Time.

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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

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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!

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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

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Truth 5

• Partners/Owners Understand That
  Training/Learning/Mentoring are Keys to a
  Managers Success. However, They Allocate Little
  Time or Money to the Efforts.

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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.

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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!

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Solution

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

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Owners 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

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Managers 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

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Recommended Books
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Thank you!

• sandra.wiley_at_boomer.com
• www.boomer.com