Managing the Practice to Enhance Growth and

Value

Managing the Practice to Enhance Growth and

ValuePotent and Pragmatic Strategies and Solutions to Help you

Grow your Business More EffectivelyPotent and Pragmatic Strategies and Solutions to Help you

Grow your Business More Effectively

BackgroundBackground

• Co-founder and Managing Partner of ReNew Group Shannon Vincent, CPA

• 15 years combined experience in public accounting, training, product development and consulting

• 1991-1996: KPMG, local firm• 1996-2001: RAN ONE• 2001-present: ReNew Group

• Co-founder and Managing Partner of ReNew Group Shannon Vincent, CPA

• 15 years combined experience in public accounting, training, product development and consulting

• 1991-1996: KPMG, local firm• 1996-2001: RAN ONE• 2001-present: ReNew Group

Session ScheduleSession Schedule

• Leadership and Firm Growth• Strategic Planning and Key Profit

Drivers• Marketing, Selling and Growth• Value Pricing – Myth or Reality• Team Member Expectations:

Breakdowns and Breakthroughs

• Leadership and Firm Growth• Strategic Planning and Key Profit

Drivers• Marketing, Selling and Growth• Value Pricing – Myth or Reality• Team Member Expectations:

Breakdowns and Breakthroughs

Desired Outcome of SeriesDesired Outcome of Series

• Practical and Potent how to’s to Enhance Growth and Value

• Practical and Potent how to’s to Enhance Growth and Value

Today’s AgendaToday’s Agenda

• Your Future Depends on Your Ability to Lead Effectively

• Essentials of Leadership

• Your Future Depends on Your Ability to Lead Effectively

• Essentials of Leadership

Desired Outcome for TodayDesired Outcome for Today

• Leadership Assessment and Foundation

• Leadership Assessment and Foundation

Getting the most out of the series

Getting the most out of the series

• I have been told my job is to provoke you

• Interactive• Come from the extreme • Take Away’s• Copy of the slides

The 5 things great accounting firm leaders do

The 5 things great accounting firm leaders do

• They are business people first and accountants second

• They are market facing• They invest in plans, people

and processes• They push and take risks• They have passion

• They are business people first and accountants second

• They are market facing• They invest in plans, people

and processes• They push and take risks• They have passion

My Operational Thoughts…My Operational Thoughts…

• Profitability is determined by Client Selection, Pricing and Effectiveness…Leadership

• You must complete budgets/targets and close your own books

• You must set expectations for yourself, your firm and your clients

• Profitability is determined by Client Selection, Pricing and Effectiveness…Leadership

• You must complete budgets/targets and close your own books

• You must set expectations for yourself, your firm and your clients

Marketplace DynamicsMarketplace Dynamics• People• Technology• Succession• M&A Activity

• People• Technology• Succession• M&A Activity

Agenda – Leadership EssentialsAgenda – Leadership Essentials

• Set the Standard for an Enduring Great Firm

• Prepare Relentlessly• People• Accountability• Decision Making and Risk

• Set the Standard for an Enduring Great Firm

• Prepare Relentlessly• People• Accountability• Decision Making and Risk

Leadership EssentialsLeadership Essentials

• Set the Standard for an Enduring Great Firm

• Set the Standard for an Enduring Great Firm

Role of the PartnerRole of the Partner• Traditional Partner = Partner in Your Firm Today

• Next Generation Partner = Leader – taking the business to the next level

• Traditional Partner = Partner in Your Firm Today

• Next Generation Partner = Leader – taking the business to the next level

Set the Standard for an Enduring Great CompanySet the Standard for an

Enduring Great Company

• Core Values• Strategy – Big Firm, Niche Player• Stretch Goals – 10 in 10• Innovation – First to Do…

• Core Values• Strategy – Big Firm, Niche Player• Stretch Goals – 10 in 10• Innovation – First to Do…

The Fish Stinks From The Head Down

The Fish Stinks From The Head Down

Manager / leaderManager / leader

Administers

Is a copy

Maintains

Systems / structure focused

Asks how and when

Eyes bottom line

Innovates

Is an original

Develops

People focused

Asks what and why

Eyes horizon

Manager / leaderManager / leader

Imitates

Accepts status quo

Classic ‘good soldier’

Does things right

Originates

Challenges status quo

Own person

Does the right things

Moments of TruthMoments of TruthReception Area Leadership

Computers Strategy/Business

Plans

Tax Returns Recruiting

Dress Code Brochures

Timesheets Website

Clients Performance Reviews

Setting the Standard -Key Questions

Setting the Standard -Key Questions

• Do you have a Vision?• Do your team member’s know

what it is?• What are your barriers to

achieving it?

• Do you have a Vision?• Do your team member’s know

what it is?• What are your barriers to

achieving it?

Take awayTake away

• Take a hard look at your firm’s strategy, goals and leadership

• Plan for improvement

Agenda – Leadership EssentialsAgenda – Leadership Essentials

• Prepare Relentlessly• Prepare Relentlessly

Some Basic Plans• Strategic Plan• Marketing Plan• Recruiting Plan• Technology Plan• Budget• Succession Plan

Some Basic Plans• Strategic Plan• Marketing Plan• Recruiting Plan• Technology Plan• Budget• Succession Plan

Prepare RelentlesslyPrepare Relentlessly

Prepare Relentlessly -Key Questions

Prepare Relentlessly -Key Questions

• Do you have a marketing plan?• Do your team member’s know

what it is?• What are your barriers to

achieving it?

• Do you have a marketing plan?• Do your team member’s know

what it is?• What are your barriers to

achieving it?

Take awayTake away

• Take a hard look at your firm’s planning process

• Plan for improvement and set key dates

• Start simple and small

Agenda – Leadership EssentialsAgenda – Leadership Essentials

• People, People, People• People, People, People

People, People, People – The Assessment Process

People, People, People – The Assessment Process

• The desired outcomes are: - your team’s view of how the firm is

doing in each of the areas

- and their suggestions for improvement

• Set proper expectations – the key

• The desired outcomes are: - your team’s view of how the firm is

doing in each of the areas

- and their suggestions for improvement

• Set proper expectations – the key

People, People, People – The Assessment Process

People, People, People – The Assessment Process

• Tool – Excel spreadsheet

• Setting expectations

• Make it anonymous (1-10) and, importantly, how to improve

• Follow up, follow up • Setting

expectations

• Tool – Excel spreadsheet

• Setting expectations

• Make it anonymous (1-10) and, importantly, how to improve

• Follow up, follow up • Setting

expectations

• Team Advisory Board

You do that like thisYou do that like this

VISION MISSION STRATEGY

HR CUSTOMER EXPERIENCE

SYSTEMS SERVICES

MARKETING MARKETING

Strategy influences all disciplines

More examples: sample areas on which to rate the firm

More examples: sample areas on which to rate the firm

strategic plan budgeting and target process product turn around time for work office space and reception area work flow computers and software marketing plan marketing collateral (e.g. website, brochures,

proposals) recruitment process training and performance review processes

strategic plan budgeting and target process product turn around time for work office space and reception area work flow computers and software marketing plan marketing collateral (e.g. website, brochures,

proposals) recruitment process training and performance review processes

ResultsResults

• Where you are• Suggestions for improvement

- trenches

- little things• Community presence• Courtesy system

• Where you are• Suggestions for improvement

- trenches

- little things• Community presence• Courtesy system

Targets and Action plansTargets and Action plans

• You will now go about determining priorities, assigning tasks, deadlines and budgets to team members / partners to act on the suggestions for improvement

• Short term goals, early yardage and communication

• You will now go about determining priorities, assigning tasks, deadlines and budgets to team members / partners to act on the suggestions for improvement

• Short term goals, early yardage and communication

People, People, People -Key Questions

People, People, People -Key Questions

• ??????????• ??????????• ??????????

• ??????????• ??????????• ??????????

Take awayTake away

• Assess where you are today• Simple plan for improvement

Agenda – Leadership EssentialsAgenda – Leadership Essentials

• Accountability• Accountability

• Business Owner’s Approach to Accountability• Accountant’s Approach to Accountability• Must have a plan for Accountability• Self Accountability• Consequences

• Business Owner’s Approach to Accountability• Accountant’s Approach to Accountability• Must have a plan for Accountability• Self Accountability• Consequences

AccountabilityAccountability

• Billable Hours Actual - Target• What I did well…..• What I did not do well….• What I need help with……• My Plan for next week…

• Billable Hours Actual - Target• What I did well…..• What I did not do well….• What I need help with……• My Plan for next week…

Accountability – Team Member Weekly ReportAccountability – Team

Member Weekly Report

• Business Plan for Additional Office• Business Plan for Division• Billable Hours• Growth• Number of New Team Members• Budget• Consequences

• Business Plan for Additional Office• Business Plan for Division• Billable Hours• Growth• Number of New Team Members• Budget• Consequences

More Accountability Examples

More Accountability Examples

Accountability -Key Questions

Accountability -Key Questions

• An example of where you doing a good job

• An example of where you are doing a poor job

• An example of where you doing a good job

• An example of where you are doing a poor job

Take awayTake away

• Assess where you are today• Simple plan for improvement

Agenda – Leadership EssentialsAgenda – Leadership Essentials

• Commitment to Decision Making, Risk and Responsibility

• Commitment to Decision Making, Risk and Responsibility

Commitment to Decision Making, Risk and Responsibility

Commitment to Decision Making, Risk and Responsibility

• Your Destiny is Based on the Decisions You Make

• Begin with The End in Mind• Follow a Decision with an

Action

• Your Destiny is Based on the Decisions You Make

• Begin with The End in Mind• Follow a Decision with an

Action

Commitment to Decision Making, Risk and Responsibility

- Examples

Commitment to Decision Making, Risk and Responsibility

- Examples• Spouse • Partner• Coach – ReNew Group

• Spouse • Partner• Coach – ReNew Group

Decision Making, Risk and Responsibility -Key Questions

Decision Making, Risk and Responsibility -Key Questions

• Please share one key decision you have made

• Please share one key decision you are putting off

• If had no fear what is the one thing you would do tomorrow?

• Please share one key decision you have made

• Please share one key decision you are putting off

• If had no fear what is the one thing you would do tomorrow?

Take awayTake away

• List your Key Decisions• Best and Worst Case Scenarios• Track Progress

Final Questions for TodayFinal Questions for Today??????

Review – Leadership EssentialsReview – Leadership Essentials

• Set the Standard for an Enduring Great Firm

• Prepare Relentlessly• People• Accountability• Decision Making and Risk

• Set the Standard for an Enduring Great Firm

• Prepare Relentlessly• People• Accountability• Decision Making and Risk

Next WebinarNext Webinar

• Strategic Planning• Thursday August 9th

• 1:30pm Eastern

• Strategic Planning• Thursday August 9th

• 1:30pm Eastern

Thank youshannon.vincent@renewgroup.

com

The power of any idea is in the implementation

The power of any idea is in the implementation