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