managing partners must learn when to say when.
by august j. aquila
while everyone learns by doing, we can certainly learn from others, especially those who have faced the same problem we are now facing.
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do it sooner than later. this is perhaps the most often heard bit of advice that i hear from firm partners. too often we wait too long to address an issue. we know what the solution needs to be, but we are either afraid to decide or are hopeful that the problem will resolve itself.
1 – spending too much time with partners who don’t want to change: leaders often fall into the trap of trying to convince the naysayers in the firm and spend all their energy with them. they would be better off working with those partners who are in line with the firm’s vision.
2 – sticking with a failed plan or person: it is critical to get the right people in the right seats at the firm. a service-line leader who is not producing or hasn’t produced needs to be replaced. a growth strategy that is not working needs to be changed or dropped.
3 – not getting your other partners involved: any strategy needs the endorsement of key partners in the firm. you can’t go off to the mountain like moses and bring the plan back. this becomes your plan and not their plan.
4 – not having specific goals for partners: even partners won’t know what to do if you don’t clearly set measurable goals that are tied to compensation rewards.
5 – communicate with complete clarity: whenever you communicate with the firm, make sure that the message you send is understandable. what do you want the recipient of the message to know, do or take away?
6 – don’t have any hidden agendas: it’s important to be transparent and truthful. if your partners don’t trust you, no one else in the firm will.
7 – play the long game: while current results are important, don’t forget to look at the future – not only for challenges but also for opportunities.
remember, you are not the only person facing these issues. they go with the territory. the issues are not the key concern, it’s how you react to them.