the core competencies of an effective partner timothy i. michel, cpa m ichel consulting group llc...

The Core Competencies of an Effective PartnerTimothy I. Michel, CPA

MICHEL CONSULTING GROUP LLC

Creating Practice Value

MICHEL CONSULTING GROUP LLC Creating

Practice Value


Practice Value

Finding a way to grow

Clients seeking expertise

Sophisticated competitors

Talented staff have a choice

Leadership and management

Leadership and management

Knowledge and expertise

Business development

Relationship building



Attributes of an effective partner

Competencies that increase effectiveness

Designing a personal improvement plan

Firm programs to develop future leaders


Practice Value


Practice Value

Business development

Profitability

Client satisfaction

Leadership

Management

Staff developmentMICHEL CONSULTING GROUP LLC


Financially rewarding

Moving the firm forward

Impacting clients and staff

Meaningful business relationships

Raise up leadersMICHEL CONSULTING GROUP LLC


Has your firm defined

the attributes and

characteristics

required to become a

partner in the firm?MICHEL CONSULTING GROUP LLC


Personal –who we are

Ability and Knowledge – what we know

Creating Value – what we do



Integrity

Lives firm values

Positive attitude

Puts firm first

Caring

Thinks like an owner



Technical expertise

Seeks to learn continually

Entrepreneurial attitude

Works well with others

An effective leader



Grow revenues

Enhance firm’s reputation

Support sales pipeline

Create raving fans

Creates profitability



Provides leadership

Manages for growth

Willing to take on responsibility

Desire and ability to train and develop people




Practice Value

Strategic/Execution

Administrative

Interpersonal

Self Management

Entrepreneurial

LeadershipMICHEL CONSULTING GROUP LLC


1. Surpass Client Expectations

Understands and anticipates client needs, wants, and issues

Ensures client needs are met and issues are successfully resolved

Impresses clients with exceptional service - continually searches for ways to improve service and quality of work

Ensures quality standards are understood and executed by all on team



2. Know the Business

Understands all significant aspects of the public accounting business

Keeps up-to-date on relevant new rules, regulations, and procedures

Understands the services provided by the firm and how they interrelate

Maintains in-depth (specialist) knowledge in one of the major practice areas

Serves as conduit between the client and the firm’s service and people resources



3. Work Efficiently

Makes efficient use of time; sets and maintains priorities for own work

Schedules work so that deadlines and objectives are met

Balances time and attention given to multiple demands and competing priorities

Remains focused on the big picture and important information

Evaluates current methods, constantly looks for new and better ways of doing things



4. Delegate Effectively

Directs the activities of individuals and groups toward the accomplishment of goals

Delegates accountabilities and assignments to lowest possible level

Clearly communicates assignments and expectations

Monitors progress on assignments and redirects efforts as needed MICHEL CONSULTING GROUP LLC


5. Leverage Technology

Maintains leading edge literacy in relevant technologies

Utilizes electronic media to enhance productivity, knowledge, and communication

Coaches others to utilize media to

fullest potentialMICHEL CONSULTING GROUP LLC


6. Communicate Effectively

Promptly and consistently shares relevant information with others, thereby avoiding “surprises”

Listens carefully to others at a high level, clarifying what people say to ensure understanding

Speaks clearly, concisely and expressively

Writes clearly, concisely and expressivelyMICHEL CONSULTING GROUP LLC


7. Build Relationships

Relates to people in an open, friendly and accepting manner; showing sincere interest in their concerns

Works well with others to achieve common goal

Takes initiative to assist clients and co-workers and address their questions and concerns

Treats others fairly and consistently Maintains active involvement with

professional, business and community organizations



8. Support Teamwork

Considers the needs and capabilities of others when working together

Fulfills responsibilities of the assigned role Ensures that the collective resources of

teams are utilized optimally Encourages team members to

collaborate, involving others in shaping plans and decisions that affect them



Does your firm have a specific

program designed to assist its people in the development

of needed competencies?



9. Demonstrate Adaptability

Adjusts readily to multiple demands, shifting priorities, change, and unexpected events

Remains calm, effective, and even-tempered in high pressure circumstances

Maintains composure in the face of criticism, conflict or hostility

Projects a positive and cheerful outlook, rebounding quickly from setbacks

Understands own limitations and strengths



10. Drive for Results

Accepts responsibility and ownership for own performance and that of the team

Establishes challenging goals and works diligently toward their accomplishment

Volunteers to take on additional responsibilities

Persists in the face of obstacles; identifies what needs to be done and does it

Works effectively with minimal direction or feedback; willingly makes own decisions



11. Learn Continually

Understands and works to lessen limits of own knowledge and capability

Expands knowledge and expertise through research calls

Reads continually to keep abreast of relevant developments in the profession

Maintains diverse interests to support creative approaches to business problems and business growth



12. Act with Integrity

Behaves in a manner consistent with high values and ethical principles

Builds trust with others by demonstrating consistency between words and actions

Follows through on commitments Models firm’s values through actions; follows

established procedures, rules and policies Puts aside personal feelings and preferences

when conducting business or assigning work



13. Think Like an Owner

Forward thinking, creative and innovative

Identifies and acts on cross-selling opportunities and directs firm resources appropriately

Appropriately balances client and firm needs in interactions/transactions

Seeks out new business opportunities (continued)



13. Think Like an Owner

Assesses risk factors in business situations

Consults with other stakeholders on critical issues

Understands and respects profitability of the firm

Represents and supports the firm in a positive and professional manner, even under difficult circumstances



14. Address Issues

Quickly anticipates and deals with potential problems and issues effectively

Systematically identifies and rectifies the causes of problems

Is proactive in assessing client needs Generates and evaluates alternative

solutions Builds consensus; works toward win/win,

value-added solutions whenever possible



15. Coach Others

Facilitates and supports the development of others; sets clear goals, standards, and guidelines; provides timely, constructive feedback

Takes appropriate, timely action with problem performers

Assigns challenging assignments to develop the skills of staff

Seeks alternative viewpoints; involves others in making decisions which affect them MICHEL CONSULTING GROUP LLC


16. Inspire Others

Leads by example Encourages others to consistently meet and

exceed performance goals with enthusiasm Inspires others to work at peak performance Creates an enjoyable work environment to

maximize retention of staff Recognizes and rewards the

accomplishments of individuals and the team Creates excitement and energy among team

that is visible to the clients Focuses employees on satisfying clients



How do I measure up?

• Self reflection

• Get feedback from your superiors, peers and subordinates



Set personal goals

Seek a coach or mentor

Attend conferences on leadership

Dale Carnegie course

Self study courses

Read business books



Adopt the competencies as part of your firm culture

Communicate them at orientation of new hires

Create one to two-hour in-house courses on each competency as part of CPE plan



Initiate a lunch and learn program – have partners attend and share experiences

Start a book club

Incorporate competencies into the staff evaluation program

Incorporate competencies into a Partner Development programMICHEL CONSULTING GROUP LLC


the core competencies of an effective partner timothy i. michel, cpa m ichel consulting group llc...

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