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

The Five Fundamental Truths of Firm Management

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The Five Fundamental Truths of Firm Management. Strategies For Owners and Managers. Getting Started. GA p. MANAGERS. OWNERS. Truth #1. Partners/Owners Say “Think Like An Owner” But Never Tell Managers What That Means. Challenge. Owners understanding what they really want - PowerPoint PPT Presentation

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Page 1: The Five Fundamental Truths of Firm Management

The Five Fundamental Truths of Firm Management

Strategies For Owners and Managers

Page 2: The Five Fundamental Truths of Firm Management

Getting Started

GAp

OWNERS MANAGERS

Page 3: The Five Fundamental Truths of Firm Management

Truth #1

Partners/Owners Say “Think Like An Owner” But Never Tell

Managers What That Means.

Page 4: The Five Fundamental Truths of Firm Management

Challenge

Owners understanding what they really want

Managers understanding the desires of the owners

A communication method that gives both groups what they need

Page 5: The Five Fundamental Truths of Firm Management

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

Page 6: The Five Fundamental Truths of Firm Management

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

Page 7: The Five Fundamental Truths of Firm Management

Truth #2

Partners/Owners Give Responsibility To Their Managers

But They Fail To Give The Authority.

Page 8: The Five Fundamental Truths of Firm Management

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

Page 9: The Five Fundamental Truths of Firm Management

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

Page 10: The Five Fundamental Truths of Firm Management

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

Page 11: The Five Fundamental Truths of Firm Management

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”.

Page 12: The Five Fundamental Truths of Firm Management

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….

Page 13: The Five Fundamental Truths of Firm Management

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

Page 14: The Five Fundamental Truths of Firm Management

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.

Page 15: The Five Fundamental Truths of Firm Management

Truth #4

Partners/Owners Say They Want Managers To Manage, Then

Spend All Their Efforts Pushing Billable Time.

Page 16: The Five Fundamental Truths of Firm Management

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

Page 17: The Five Fundamental Truths of Firm Management

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!

Page 18: The Five Fundamental Truths of Firm Management

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

Page 19: The Five Fundamental Truths of Firm Management

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.

Page 20: The Five Fundamental Truths of Firm Management

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.

Page 21: The Five Fundamental Truths of Firm Management

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!

Page 22: The Five Fundamental Truths of Firm Management

Solution

Mentor Programs – Pump it up or get it started

Owners – Invest Managers – Go, Learn, Use

Page 23: The Five Fundamental Truths of Firm Management

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

Page 24: The Five Fundamental Truths of Firm Management

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

Page 26: The Five Fundamental Truths of Firm Management

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