As the saying goes: “it’s lonely at the top.” Nowhere is this truer that for the managing partner of a regional accounting & advisory firm. Surrounded by talented partners who have a personal stake in every decision made, the managing partner needs a place to get objective help, understand the competitive landscape and show his…
Every CPA firm has a signature strength that provides a competitive advantage and can be leveraged for growth. Often, when we ask partners to identify that strength, they are not aware of it. Let’s look at a few examples of “hidden” signature strengths. One firm’s partners pointed to the real estate practice as the firm’s…
We used to think that copying others or repeating the same actions because they are institutionally easy or have worked in the past was very non-strategic behavior. Experience has shown us that in some cases it may be the most strategic behavior for particulars firm when it comes to expanding geographically and expanding specialties. How…
Measuring productivity at accounting and advisory firms is different from doing so for other industries. This concept was brought home to me recently in a conversation with a former colleague who is now working for a large industrial company. His organization had just announced a downsizing which led him to quip: “We’re just going to…
This is the fifth in a series of blogs on the subject of accounting firms and their operating models: Centralized Model – Locally Integrated Model – Regionally Integrated Model – Nationally Integrated Model – Federated Model The Federated Model: Firms that take this approach establish federated relationships with other firms in different major US cities, typically…
This is the fourth in of a series of blogs on the subject of accounting firms and their operating models: Centralized Model – Locally Integrated Model – Regionally Integrated Model – Nationally Integrated Model – Federated Model The Nationally Integrated Model: Firms that take this approach establish offices in major cities in each region of…
This is the third in of a series of blogs on the subject of accounting firms and their operating models: Centralized Model , Locally Integrated Model, Regionally Integrated Model, Nationally Integrated Model, Federated Model The Regionally Integrated Model: Firms that take this approach establish offices in major cities in a given geographic area. A good example…
An excerpt from Accounting Today’s article by Richard Stanger and Carolyn Carlson, Winning the War for Talent. There are two components to hiring great experienced partners and staff: sourcing and interviewing. Staff referral programs can be a good source for experience partners and staff. However, in today’s market many times experienced staff come from recruiters.…
This is the second in of a series of blogs on the subject of accounting firms and their operating models: Centralized Model Locally Integrated Model Regionally Integrated Model Nationally Integrated Model Federated Model The locally integrated operating model: This is when firms establish satellite offices in areas close to the firm’s central office. A good…
Firms in the accounting industry have been expanding rapidly over the last few years, both organically and through mergers and acquisitions. This has included significant geographic expansion beyond the firm’s core location. As this pattern continues, it is becoming imperative for firms to commit to one of several operating models to enable strong governance, attract clients…