We have previously considered what you need to put in your personal business case for partnership, and why you should not get fixated on your technical ability in your personal business case. In today's post we are going to focus on what you need to do BEFORE you actually start writing your business case for partnership.
Regardless of whether your business case is a simple one pager or a war and peace style document, the actual writing of your personal business case for partnership is the last part of the process. Ideally you want to be starting to build your business case at least 18-24 month before you are formally asked to produce it. Don't worry if you haven't given yourself this amount of breathing space, with focus and a good plan you can still make up the time.
Let's consider when you need to be thinking about your business case.
Your firm is likely to have its own process for admitting partners to the partnership. Ask your HR director, HR business partner for your business unit, head of department, mentor or partner to find out what the process is. When you know the process you can formally plan who you will speak to and what you will do. (Essential if you don't want to waste time) You may be lucky and find that your partnership either has a very informal process without the need for a business case, or a very clear process which is well documented, with a transparent timeframe.
"The starting point is to understand the process and what the business case looks like and how the business case fits into the process.
Darryn Hedges, Global Finance Director Marks and Clerk LLP"
The next stage is to take a step back and do your homework on the business. Imagine you are an external consultant advising your firm, what would you recommend to help them:
- Strengthen the weaknesses in the partnership - be that technically, leadership, financially or commercially
- Transition (whether forcible or otherwise) partners who are likely to retire in the near future
- Help the partnership achieve it's long term business goals and strategic objectives
You have 2 things to do before starting to write your personal business case for partnership:
- Find out the process that your firm uses to admit new partners to the partnership
- Do your homework and find out what the firm needs from it's new partners