Today, as thousands of small firms are bringing in younger staff as partners they are finding the whole approach to running their firms must change. What are the most important practice management tips for small firms planning on bringing in new partners? What must change?
Commit to revenue growth
No one with talent wants to work at a stagnant firm.
Actively recruit young people
Millennials like to work among others of their age group. Don’t have your potential partner be the only young person in the firm.
Treat the partner – partners as potentials, not plebes
Staff rarely evolve into drivers of the firm without training and mentoring. Give them client responsibility. Owners must avoid sentencing promising staff to a stagnant career by treating them as their pet staff.
Make sure your firm is technologically advanced
If you are the owner, don’t be a technological relic.
Don’t think like a small firm
- Set aggressive billing rates.
- Avoid accepting any client with a heartbeat.
- Charge for your work instead of writing it off.
- Owners should be delegating like crazy.
- Establish accountability for both the owners and the staff.
- Have a plan for where the firm wants to be in five years; know where you’re going instead of treading water.
- Pay like a 5-10 partner firm, not like a much smaller firm.
Offer reasonable buy-ins and buyouts
When you are ready to offer a partnership to a staff person, make sure that you have a well-written partnership agreement. When you explain the benefits and obligations of being a partner, you need to ensure the whole package comes across as a “great deal” to new partners.
Source: 6 Tips To Develop Young Partners At Small Accounting Firms
Author: Marc Rosenburg
