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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

Text of The Five Fundamental Truths of Firm Management

  • The Five Fundamental Truths of Firm ManagementStrategies For Owners and Managers

  • Getting StartedGApOWNERSMANAGERS

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

  • ChallengeOwners understanding what they really wantManagers understanding the desires of the owners A communication method that gives both groups what they need

  • OpportunityFor owners to have managers ready for the next stepFor managers to support the overall vision of the firmFor firms to have a well-rounded firm with leadership at more levels

  • SolutionDevelop a Strategic Plan with all Owners and Managers involvedInsure everyone owns a part of the planTask the Owners with making a list of expectations of the Managers

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

  • ChallengeResponsibility is the taskAuthority is the leadershipWithout one, you cannot effectively exercise the otherManagers cannot grow without both responsibility AND authority

  • OpportunityOwners can effectively implement a succession plan Managers can see their futureFirm can sustain itself for the long termStaff gains confidence in and respect for emerging generation of leaders

  • SolutionImplement goal setting and accountability:Game Plans (Quarterly/Seasonal)Person-to-Person ConversationsGive new tasks and authority oftenEncourage growth through higher level work

  • Truth #3Partners/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.

  • ChallengeOwners feel that this is just a phaseManagers feel that they are differentNo one really knows how to communicate on this subjectLife means more than work.

  • OpportunityIncrease the communication between owners and managersIncrease the quality of life for both owners and managersUse managers to identify new ways to make working and living better

  • SolutionDevelop 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.

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

  • ChallengeOwners can set goals for what they know billable timeManagers want to be evaluated on MORE than one area of performanceFirms need to have leaders who are adept at: Technical SkillsClient RelationsExceptional Soft SkillsIT Skills

  • OpportunityOwners can learn new ways to manage their businessManagers can be a part of building a new and exciting firm modelFirms can not only survive but thrive!

  • SolutionMove to the Balanced Scorecard form of accountabilityHold owners and managers accountable to goalsOwners need to spend more time communicating with managers

  • Truth #5Partners/Owners Understand That Training/Learning/Mentoring are Keys to a Managers Success. However, They Allocate Little Time or Money to the Efforts.

  • ChallengeOwners 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.

  • OpportunityRe-prioritize and be ahead of your competition during the upswing Manager-specific training that encompasses leadership, business development and communicationOwners are able to delegate more and do the things they are best at!

  • SolutionMentor Programs Pump it up or get it startedOwners InvestManagers Go, Learn, Use

  • Owners Solutions Action Plan Firm-wide Strategic PlanList of manager expectationsImplement quarterly game plansCommit to person-to-person meetingsDevelop a life/work committeeIdentify opportunities to learn about generational differencesImplement the Balanced Scorecard for owners first and then managersSupport and participate in the firm mentor programSupport manager training with your investment, your time and your wisdomCommit to participating in the development of managers

  • Managers Solutions Action Plan Participate in the Strategic Plan processComplete and participate in the quarterly game plan processAsk for new tasks and authorityParticipate in the life/work committeeSuggest new ideas that make sense to youHold and attend manager meetings to discuss ways to improve communication with owners and staffLearn to be a great mentor and a great menteeAttend manager training with an open mind and a positive attitude

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