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

Getting Started GApGAp OWNERS MANAGERS

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

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

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

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

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

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

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

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

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”.

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….

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

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.

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

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

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!

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

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.

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.

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!

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

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

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

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