Managing the Practice to Enhance Growth and Value Potent and Pragmatic Strategies and Solutions to Help you Grow your Business More Effectively

Session Schedule Leadership and Firm Growth Vision, Strategic Planning and Workflow Marketing, Selling and Growth Value Pricing – Myth or Reality Team Member Expectations: Breakdowns and Breakthroughs Leadership and Firm Growth Vision, Strategic Planning and Workflow Marketing, Selling and Growth Value Pricing – Myth or Reality Team Member Expectations: Breakdowns and Breakthroughs

Today’s Agenda Questions from Last Session Vision and Strategic Planning USP Key Profit Drivers and Workflow Questions from Last Session Vision and Strategic Planning USP Key Profit Drivers and Workflow

Desired Outcome for Today Strategic Planning and Key Profit Drivers Foundation

Questions from Last Session Leadership versus Management People Assessment Team Member Weekly Reports Accountability Leadership versus Management People Assessment Team Member Weekly Reports Accountability

A Marketplace Reality The Days of the Small Firm General Practitioner Are Getting Harder and Harder

Which Leads us to…. Vision Strategy UCD Effectiveness and Key Profit Drivers Vision Strategy UCD Effectiveness and Key Profit Drivers

Agenda Vision

Great Firms Foundation Managing Partner has a VISION Outstanding Leadership Specialization Niche Market Dominance Ability to select, service and retain the right clients Managing Partner has a VISION Outstanding Leadership Specialization Niche Market Dominance Ability to select, service and retain the right clients

Great Firms Growth Foundation Organic Growth Internal Business Development M&A Growth Wealth Management- timeless profits Organic Growth Internal Business Development M&A Growth Wealth Management- timeless profits

Vision for Your Firm Today Exercise Write down your firm Vision Exercise Write down your firm Vision

Vision Example firm: -$5MM, 5 Partners, TM’s in 3 Years -50% of our business in 3 Years will be Wealth Management Business Aggressive goals to share with all stakeholders and prospective team members Share your Vision? Example firm: -$5MM, 5 Partners, TM’s in 3 Years -50% of our business in 3 Years will be Wealth Management Business Aggressive goals to share with all stakeholders and prospective team members Share your Vision?

Create a Vision for the Firm A written statement of what we want our partnership to be. -statement must be aggressive, inspiring, repeatable and something we measure our progress towards. Something that we’ll share with all stakeholders and use a framework to guide all of our decisions A written statement of what we want our partnership to be. -statement must be aggressive, inspiring, repeatable and something we measure our progress towards. Something that we’ll share with all stakeholders and use a framework to guide all of our decisions

Agenda Strategic Planning

Strategic Planning Process SWOT Analysis Market Analysis Structure and More Communication Action plan, Implementation and Follow Up Differentiation, Measurement and Communication SWOT Analysis Market Analysis Structure and More Communication Action plan, Implementation and Follow Up Differentiation, Measurement and Communication

Strategic Planning Process Tips Non Linear Be Creative – Armanio Story No Sacred Cows Take Your Time Allow Mistakes and Debate yet PUSH Be an Accounting Firm but not an Accountant Involve Stakeholders Non Linear Be Creative – Armanio Story No Sacred Cows Take Your Time Allow Mistakes and Debate yet PUSH Be an Accounting Firm but not an Accountant Involve Stakeholders

SWOT Analysis Internal Strengths – Tax, Profitability by Service Line, Partner Internal Weaknesses - Training External Opportunities – Alliances, Mergers, Service Lines External Threats – Competition, People Internal Strengths – Tax, Profitability by Service Line, Partner Internal Weaknesses - Training External Opportunities – Alliances, Mergers, Service Lines External Threats – Competition, People

Market Analysis Trends – Community, Industry, Service, Profits, Feasibility Markets – Location Industry Competitors – Size, Expertise Opportunities Don’t be an accountant Talk to Stakeholders Trends – Community, Industry, Service, Profits, Feasibility Markets – Location Industry Competitors – Size, Expertise Opportunities Don’t be an accountant Talk to Stakeholders

Structure and Communication Leader – must have time Coalition – debate is healthy Early Yardage – must get results Budget Incentives Communication Methodologies Leader – must have time Coalition – debate is healthy Early Yardage – must get results Budget Incentives Communication Methodologies

Action Plan, Implementation and Follow Up 30, 60, 90, 180 Day Plan Early Yardage Key Milestones Make it a part of the way you do business Incentives 30, 60, 90, 180 Day Plan Early Yardage Key Milestones Make it a part of the way you do business Incentives

Differentiation, Measurement and Communication How is the firm different? Measurement – Activity and Outcomes. # of clubs/associations. Hours. Dollars, Growth New clients How will you communicate differences? Newsletter, radio, associations etc.. How is the firm different? Measurement – Activity and Outcomes. # of clubs/associations. Hours. Dollars, Growth New clients How will you communicate differences? Newsletter, radio, associations etc..

Strategic Planning and Vision Questions ???

Take Away Working and Evolving Vision for your firm that you can communicate (“sell”) to your team, prospective team members, clients, prospects, referrals sources that will inspire all stakeholders Strategic Planning Process

USP How are we perceived?

USP Positioning

Exercise What do you do…

USP A USP is a unique message about your business (and its unique ability) which differentiates your business from the competition that you use consistently in all communications, including website, conversations with clients/prospects, prospective team members and referral sources.

Stonefield Josephson Sample USP’s

Titus Sample USP’s

USP “We focus on 2 things; quality of life and income.” “We focus on 2 things: increasing your net income and growing your personal wealth.” “We focus on wealth management and transfer for baby boomers.” “We focus on 2 things; quality of life and income.” “We focus on 2 things: increasing your net income and growing your personal wealth.” “We focus on wealth management and transfer for baby boomers.”

USP Let’s create a new USP

USP What is unique about your business or reputation vs. direct competitors? You'll probably identify a whole list of things that set you apart; the next questions will help you decide which of these to focus on. Which of these factors are most important to your clients of your business and your reputation? Which of these factors are not easily imitated by competitors? Which of these factors can be easily communicated and understood by clients, prospects, team members and referral sources? What is unique about your business or reputation vs. direct competitors? You'll probably identify a whole list of things that set you apart; the next questions will help you decide which of these to focus on. Which of these factors are most important to your clients of your business and your reputation? Which of these factors are not easily imitated by competitors? Which of these factors can be easily communicated and understood by clients, prospects, team members and referral sources?

Take Away A working USP to live by, refine and make your own

Profitability and Workflow

Profitability Foundation Client Selection Too Much Work Pricing Team Member Weekly Reports Client Selection Too Much Work Pricing Team Member Weekly Reports

4 Steps for Increasing Profit Through Productivity Improvement Step 1 - Annual Planning and Incentives Step 2 - Managing People and Productivity Step 3 - Monitoring your Results Step 4 - Coaching Skills Step 1 - Annual Planning and Incentives Step 2 - Managing People and Productivity Step 3 - Monitoring your Results Step 4 - Coaching Skills

Step 1 – Annual Planning 1.Annual Planning & Operational Budgeting in Industry is very poor 2.Budgets are thrown together WITH thought BUT not enough Strategic Thinking of where your practice is at re: growth, staff skills, training requirements, partner issues etc 1.Annual Planning & Operational Budgeting in Industry is very poor 2.Budgets are thrown together WITH thought BUT not enough Strategic Thinking of where your practice is at re: growth, staff skills, training requirements, partner issues etc

Step 1 – Annual Planning 3.Annual capacity must start at 100%

Step 2 – Managing Capacity 1.Start by determining your exact labor capacity in $ terms for the year ahead then month by month 2.Focus on ensuring your monthly capacity is exceeded. Capacity is the minimum target. 1.Start by determining your exact labor capacity in $ terms for the year ahead then month by month 2.Focus on ensuring your monthly capacity is exceeded. Capacity is the minimum target.

Step 2 – Managing Capacity 3. Approving job budgets is critical pre job commencement – this is a management function. PBS. 4. Chart out your capacity for each month against actual production in $ terms week by week 3. Approving job budgets is critical pre job commencement – this is a management function. PBS. 4. Chart out your capacity for each month against actual production in $ terms week by week

Step 3 – Monitor Results Weekly 1.Monitor last weeks results every Monday 2.Check which team members are down and determine if this is once off or becoming a regular occurrence 1.Monitor last weeks results every Monday 2.Check which team members are down and determine if this is once off or becoming a regular occurrence

Step 4 – Mentoring Weekly Mentor team weekly or daily if required Your role is to help your team members plan their day/week every day until they are hitting their targets Mentor team weekly or daily if required Your role is to help your team members plan their day/week every day until they are hitting their targets

Weekly Workflow Meeting Your meeting should be held every week at the same time If you have a manager on your team, then your manager should facilitate the workflow meeting Meet with each team member individually Your meeting should be held every week at the same time If you have a manager on your team, then your manager should facilitate the workflow meeting Meet with each team member individually

Workflow - Weekly Meeting List of Next Weeks Work: Before they start the current weeks work team members should be organizing the following weeks files. What else do they need? Clients should be called early in the week prior to arrange data for later in the week List of Next Weeks Work: Before they start the current weeks work team members should be organizing the following weeks files. What else do they need? Clients should be called early in the week prior to arrange data for later in the week

Your role is to uncover if bottlenecks are occurring in your production process and if so where? Once a bottleneck occurs, it only gets bigger until the bottleneck is removed or your input volume is decreased Your role is to uncover if bottlenecks are occurring in your production process and if so where? Once a bottleneck occurs, it only gets bigger until the bottleneck is removed or your input volume is decreased Workflow - Weekly Meeting

Bottlenecks typically occur at review stages That is, jobs piling up at the manager level or even partner level for review and sign off. Again, if the bottleneck is not cleared, the pile will get bigger and bigger Bottlenecks typically occur at review stages That is, jobs piling up at the manager level or even partner level for review and sign off. Again, if the bottleneck is not cleared, the pile will get bigger and bigger Workflow - Weekly Meeting

What else should you be looking out for? Ensuring team members have enough work. Team members often hang on to work way too long if they do not know what they will be doing next There is a safety net for team members in having multiple jobs open. They feel like they have something they can turn too Ensuring team members have enough work. Team members often hang on to work way too long if they do not know what they will be doing next There is a safety net for team members in having multiple jobs open. They feel like they have something they can turn too Workflow - Weekly Meeting

What else should you be looking out for? It is far better to encourage team members to have less jobs open and look to complete the job before starting another This will require quality systems to be in place It is far better to encourage team members to have less jobs open and look to complete the job before starting another This will require quality systems to be in place Workflow - Weekly Meeting

Key Performance Indicators Good idea to monitor every week how many open jobs you have in your system. KPIs. Your open jobs should then be classified as either: a) In progress / production b) Bottlenecked Your role is to then determine why the bottlenecks are occurring and eliminate Good idea to monitor every week how many open jobs you have in your system. KPIs. Your open jobs should then be classified as either: a) In progress / production b) Bottlenecked Your role is to then determine why the bottlenecks are occurring and eliminate Workflow - Weekly Meeting

Benefits of Routine Workflow Meetings : Partner review time will decrease Manager Development will increase more rapidly Jobs will be completed more quickly Billing will go out more quickly Write Off’s will decrease Clients will become more comfortable with managers communicating with them Partners are more aware of their team members needs and staff turnover will decrease Ideas and accountability will flow… Benefits of Routine Workflow Meetings : Partner review time will decrease Manager Development will increase more rapidly Jobs will be completed more quickly Billing will go out more quickly Write Off’s will decrease Clients will become more comfortable with managers communicating with them Partners are more aware of their team members needs and staff turnover will decrease Ideas and accountability will flow… Workflow - Weekly Meeting

???? Workflow - Weekly Meeting Questions

Take Away You’ll uncover why the firm is not reaching its targets in these meetings. You’ll also find the firm is wasting time through poor planning Don’t Watch 60 Minutes

Today’s Review and Final Questions Intention and Purpose - Vision Be Different Profitability and Workflow To Do: Strategy, USP and Weekly Project Meetings Intention and Purpose - Vision Be Different Profitability and Workflow To Do: Strategy, USP and Weekly Project Meetings

Next Webinar Marketing and Selling Thursday August 16 th 1:30pm Eastern Marketing and Selling Thursday August 16 th 1:30pm Eastern

Thank you com The power of any idea is in the implementation