both tax and audit partners can achieve margin goals, but in different ways.

by bill penczak

i was leading a midyear review of the 2023 strategic plan for one of my cpa firm clients, one that has experienced exponential growth (you’re welcome) in the past few years but simultaneously is facing the positives and negatives that accompany rapid growth. as we delved into the goals and objectives in the six strategic areas, it dawned on me that partner focus – and the ensuing measurement and related compensation – should be narrowed to just two things, which i will address in a bit.

more bill penczak: how to boost profits by (omg) sharing the upside | bill penczak: stop forcing smart people to do stupid work | chase birky: overcoming paralysis by analysis | dustin verity: keep an open mind and constantly learn | five ways to put success into succession planning | o.d. lanier: stepping into advisory | secret to success? a growth and abundance mindset | from tax to transformation | five steps to building advisory work | the six essential kpis for managing partners | the great resignation: five reasons accountants are quitting | five tips for better decision-making | your marketing sucks: six reasons why | five global cpa leaders: four survival strategies | are you too generous with your write-offs? | nine smooth moves to build client satisfaction | planning for success in 2021 | re-thinking today’s firm with five global leaders | 5 things your firm should do differently this summer | do you have the guts to beat the covid crisis? | how to inoculate your firm against covid competition | ‘found money’ delights clients | don’t buy a rolodex, buy a process | the three r’s for beating the corona crisis | 6 reasons why your marketing sucks
exclusively for pro members. log in here or 2022世界杯足球排名 today.

the polar opposite of this kiss approach was the managing partner of a $100 million-plus firm that wound up being gobbled up by one of the supernationals almost 10 years ago. he was brilliant – he could look at an excel spreadsheet and, in “rain man” fashion, immediately identify wrong entries or formulas. (for those readers on the younger age spectrum, “rain man” was an academy award-winning film from 1988 starring dustin hoffman and tom cruise.) being the king of excel, this managing partner had created a 20-column rating sheet for each partner to measure their performance. in the words of one partner at the time, “there was so much detail, we didn’t even know what to focus on.”

time for wapner, indeed.

read more →