Transcript of The Five Fundamental Truths of Firm Management Strategies For Owners and Managers.
- Slide 1
- The Five Fundamental Truths of Firm Management Strategies For
Owners and Managers
- Slide 2
- Getting Started GApGAp OWNERS MANAGERS
- Slide 3
- Truth #1 Partners/Owners Say Think Like An Owner But Never Tell
Managers What That Means.
- Slide 4
- Challenge Owners understanding what they really want Managers
understanding the desires of the owners A communication method that
gives both groups what they need
- Slide 5
- Opportunity For owners to have managers ready for the next step
For managers to support the overall vision of the firm For firms to
have a well-rounded firm with leadership at more levels
- Slide 6
- Solution Develop a Strategic Plan with all Owners and Managers
involved Insure everyone owns a part of the plan Task the Owners
with making a list of expectations of the Managers
- Slide 7
- Truth #2 Partners/Owners Give Responsibility To Their Managers
But They Fail To Give The Authority.
- Slide 8
- Challenge Responsibility is the task Authority is the
leadership Without one, you cannot effectively exercise the other
Managers cannot grow without both responsibility AND authority
- Slide 9
- Opportunity Owners can effectively implement a succession plan
Managers can see their future Firm can sustain itself for the long
term Staff gains confidence in and respect for emerging generation
of leaders
- Slide 10
- Solution Implement goal setting and accountability: Game Plans
(Quarterly/Seasonal) Person-to-Person Conversations Give new tasks
and authority often Encourage growth through higher level work
- Slide 11
- Truth #3 Partners/Owners Talk The Talk When It Comes To Life
And Work Balance, But Then Show In Their Actions Their True
Feelings Of Balance Is For Wimps.
- Slide 12
- Challenge Owners feel that this is just a phase Managers feel
that they are different No one really knows how to communicate on
this subject Life means more than work.
- Slide 13
- Opportunity Increase the communication between owners and
managers Increase the quality of life for both owners and managers
Use managers to identify new ways to make working and living
better
- Slide 14
- Solution Develop a committee of owners, managers and staff.
Listen more than you talk. Try new ideas dont just instantly
dismiss them. Educate yourself and others on generational
differences. These should not be used as an excuse by either side
for non-performance.
- Slide 15
- Truth #4 Partners/Owners Say They Want Managers To Manage, Then
Spend All Their Efforts Pushing Billable Time.
- Slide 16
- Challenge Owners can set goals for what they know billable time
Managers want to be evaluated on MORE than one area of performance
Firms need to have leaders who are adept at: Technical Skills
Client Relations Exceptional Soft Skills IT Skills
- Slide 17
- Opportunity Owners can learn new ways to manage their business
Managers can be a part of building a new and exciting firm model
Firms can not only survive but thrive!
- Slide 18
- Solution Move to the Balanced Scorecard form of accountability
Hold owners and managers accountable to goals Owners need to spend
more time communicating with managers
- Slide 19
- Truth #5 Partners/Owners Understand That
Training/Learning/Mentoring are Keys to a Managers Success.
However, They Allocate Little Time or Money to the Efforts.
- Slide 20
- Challenge Owners want to cut expenses due to economic
uncertainty TRAINING! We will just take this time to maintain. We
need to concentrate on our clients and will not have the time to
mentor this year.
- Slide 21
- Opportunity Re-prioritize and be ahead of your competition
during the upswing Manager-specific training that encompasses
leadership, business development and communication Owners are able
to delegate more and do the things they are best at!
- Slide 22
- Solution Mentor Programs Pump it up or get it started Owners
Invest Managers Go, Learn, Use
- Slide 23
- Owners Solutions Action Plan Firm-wide Strategic Plan List of
manager expectations Implement quarterly game plans Commit to
person-to-person meetings Develop a life/work committee Identify
opportunities to learn about generational differences Implement the
Balanced Scorecard for owners first and then managers Support and
participate in the firm mentor program Support manager training
with your investment, your time and your wisdom Commit to
participating in the development of managers
- Slide 24
- Managers Solutions Action Plan Participate in the Strategic
Plan process Complete and participate in the quarterly game plan
process Ask for new tasks and authority Participate in the
life/work committee Suggest new ideas that make sense to you Hold
and attend manager meetings to discuss ways to improve
communication with owners and staff Learn to be a great mentor and
a great mentee Attend manager training with an open mind and a
positive attitude
- Slide 25
- Recommended Books:
- Slide 26
- September 29 - October 1 Don't Take A Year Off From Developing
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- Slide 27
- Thank you! sandra.wiley@boomer.com www.boomer.com