Practice Management 2011 style

Any chance you'd be interested in running a better practice in 2011?

Hopefully the answer is yes! However...

...yesterday I was with two partners discussing their practice management goals (amongst other goals). The question being tackled was 'what goals do you have for the firm for 2011?'

Should be easy enough.

But it wasn't.

It would be easy to come up with goals but what about coming up with goals the partners were truly passionate, driven and committed to? Not so easy but...

... it is only these type of goals which will sponsor, stimulate and motivate the partners to take the action and make the changes necessary to achieve their goals. It is easy to pay lip service to goal setting, very easy.

Not so easy - but much more powerful and beneficial - to set goals you are truly passionate, driven and committed to. So...

I was wondering what practice goals you have for your firm this year - goals you are passionate, driven and committed to?

Paul

www.remarkablepractice.com

Comments
sparkey999's picture

Goals for 2011

sparkey999 | | Permalink

Hi Paul,

I like your direction on this and I am a firm believer in goal setting. I tend to set personal goals first and try to use these to drive my practice to help me achieve thee goals.

I started my practice last year and, as a result, didn't get a holiday. This year, my wife and I are aiming for a city break in Europe so I will be driving my fee income and drawings towards allowing us to do this for starters.

I am aiming to increase my fee income levels by 100%. Sounds a bit much, but as a startup practice I think it is actually achieveable. My markering plan is devised entirely towards making this happen, plus I have new service avenues to explore to help me hit my targets. Coupled with my fee targets is to take on an employee (already have someone in mind who would be ideal and need not too much supervision).

So basically grow the practice to the level I have set and with the systems it needs to run more efficiently and allow this to help me achieve my personal goals too.

This might sound woolly, but trust me I have my goals written down clearly and concisely with steps as to how I can achieve these!

paul shrimpling's picture

exactly right and for good reason...

paul shrimpling | | Permalink

Thanks for the comment Sparkey

What's great is your passion comes from your personal goals (shock, horror!) and what you need to do then becomes obvious.

You aren't yet comfortable with your results so you've enough pain/stimulation to drive you forward. And I wish you every success for 2011.

Some partners are seduced by a 'comfortable' relatively 'pain-free' existence and so goal setting and the hard work of change becomes less appealling. This in itself is fine if it is a conscious choice. However lots of partners don't even challenge themselves on their passionate goals and what to change in the coming year - they are unconscious of their choices! Seems a shame to me...

Any more insights on passionate, committed goals for 2011

Paul

 

-- remarkable practice... inspires remarkable results in accountancy firms...

Paul Scholes's picture

Truly Madly Deeply

Paul Scholes | | Permalink

One of those deep breath moments because, as usual, I tend to go against the grain and people get bored, so I'll keep it short & sweet.

My goal is to carry on a process I started 2-3 years ago to reduce the practice, fees, clients etc etc, to a stage that provides me with what I "need" and then to operate "sustainable inertia".  This is not because my practice was too big before ie, given the number of clients I had, it was probably just above average but a huge chunk of income went to pay for facilities & resources I didn't "need" and took up far to much of my time.

As it happens, on paper, I've already gone too far, I've lost 1/3rd of my clients and say 40% of fees and I'm now earning less than most of my clients (and my 20something kids!) but, I'm still here, work is up to date, I have more time to plan, play and smile and still have a good bank balance.

I fully understand the comments above from a new practice as I too would be looking to grow but, with what I know now, if I was starting again, I would seek to grow till I was providing me & mine with what we needed rather than growing for growth's sake which is what most of the industrialised world has done for 200 years and which is unsustainable.

Damn, not so short & sweet, but I'm passionate.

julianshaw's picture

Just beyond realistic

julianshaw | | Permalink

I'll keep this brief because I'm not going to set our my own goals, but simply say that setting goals is vital for any business - everyone on here knows it I imagine. But in my experience it's not always done by practices.

What Paul is saying is really important, make sure those goals which really inspire you are the ones you set as priorities. Sparkey wants to increase his fees by 100% - a good goal. What makes it great is the fact that this would allow a City break. That engenders the drive.

petersaxton's picture

No targets

petersaxton | | Permalink

I don't believe in quantifiable goals or targets.

I think of processes which should lead to improvements.

One of my goals is to get clients to give me their information earlier. I have ideas how to do that but I'm not going to say I have a target of 90% of information by June or anything like that.

I have other ideas to get new clients but I just don't believe in having a target of say 25% increase in fee income - it's simply to do certain procedures and see what happens. There's no way to judge the likely effects.

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