the core competencies of an effective partner timothy i. michel, cpa m ichel consulting group llc...
TRANSCRIPT
The Core Competencies of an Effective PartnerTimothy I. Michel, CPA
MICHEL CONSULTING GROUP LLC
Creating Practice Value
MICHEL CONSULTING GROUP LLC Creating
Practice Value
MICHEL CONSULTING GROUP LLC Creating
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
MICHEL CONSULTING GROUP LLC
Creating Practice Value
Attributes of an effective partner
Competencies that increase effectiveness
Designing a personal improvement plan
Firm programs to develop future leaders
MICHEL CONSULTING GROUP LLC Creating
Practice Value
MICHEL CONSULTING GROUP LLC Creating
Practice Value
Business development
Profitability
Client satisfaction
Leadership
Management
Staff developmentMICHEL CONSULTING GROUP LLC
Creating Practice Value
Financially rewarding
Moving the firm forward
Impacting clients and staff
Meaningful business relationships
Raise up leadersMICHEL CONSULTING GROUP LLC
Creating Practice Value
Has your firm defined
the attributes and
characteristics
required to become a
partner in the firm?MICHEL CONSULTING GROUP LLC
Creating Practice Value
MICHEL CONSULTING GROUP LLC
Creating Practice Value
Personal –who we are
Ability and Knowledge – what we know
Creating Value – what we do
MICHEL CONSULTING GROUP LLC
Creating Practice Value
Integrity
Lives firm values
Positive attitude
Puts firm first
Caring
Thinks like an owner
MICHEL CONSULTING GROUP LLC
Creating Practice Value
Technical expertise
Seeks to learn continually
Entrepreneurial attitude
Works well with others
An effective leader
MICHEL CONSULTING GROUP LLC
Creating Practice Value
Grow revenues
Enhance firm’s reputation
Support sales pipeline
Create raving fans
Creates profitability
MICHEL CONSULTING GROUP LLC
Creating Practice Value
Provides leadership
Manages for growth
Willing to take on responsibility
Desire and ability to train and develop people
MICHEL CONSULTING GROUP LLC
Creating Practice Value
MICHEL CONSULTING GROUP LLC Creating
Practice Value
Strategic/Execution
Administrative
Interpersonal
Self Management
Entrepreneurial
LeadershipMICHEL CONSULTING GROUP LLC
Creating Practice Value
MICHEL CONSULTING GROUP LLC
Creating Practice Value
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
MICHEL CONSULTING GROUP LLC
Creating Practice Value
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
MICHEL CONSULTING GROUP LLC
Creating Practice Value
MICHEL CONSULTING GROUP LLC
Creating Practice Value
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
MICHEL CONSULTING GROUP LLC
Creating Practice Value
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
Creating Practice Value
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
Creating Practice Value
MICHEL CONSULTING GROUP LLC
Creating Practice Value
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
Creating Practice Value
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
MICHEL CONSULTING GROUP LLC
Creating Practice Value
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
MICHEL CONSULTING GROUP LLC
Creating Practice Value
Does your firm have a specific
program designed to assist its people in the development
of needed competencies?
MICHEL CONSULTING GROUP LLC
Creating Practice Value
MICHEL CONSULTING GROUP LLC
Creating Practice Value
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
MICHEL CONSULTING GROUP LLC
Creating Practice Value
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
MICHEL CONSULTING GROUP LLC
Creating Practice Value
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
MICHEL CONSULTING GROUP LLC
Creating Practice Value
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
MICHEL CONSULTING GROUP LLC
Creating Practice Value
MICHEL CONSULTING GROUP LLC
Creating Practice Value
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)
MICHEL CONSULTING GROUP LLC
Creating Practice Value
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
MICHEL CONSULTING GROUP LLC
Creating Practice Value
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
MICHEL CONSULTING GROUP LLC
Creating Practice Value
MICHEL CONSULTING GROUP LLC
Creating Practice Value
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
Creating Practice Value
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
MICHEL CONSULTING GROUP LLC
Creating Practice Value
MICHEL CONSULTING GROUP LLC
Creating Practice Value
How do I measure up?
• Self reflection
• Get feedback from your superiors, peers and subordinates
MICHEL CONSULTING GROUP LLC
Creating Practice Value
Set personal goals
Seek a coach or mentor
Attend conferences on leadership
Dale Carnegie course
Self study courses
Read business books
MICHEL CONSULTING GROUP LLC
Creating Practice Value
MICHEL CONSULTING GROUP LLC
Creating Practice Value
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
MICHEL CONSULTING GROUP LLC
Creating Practice Value
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
Creating Practice Value
MICHEL CONSULTING GROUP LLC
Creating Practice Value