12 Topics for your Annual Partner Meeting
There are many essential factors in planning an Annual Partner Meeting, including selecting the appropriate discussion topics, and developing a relevant and strategic agenda. What made your firm successful in the past may not be the same formula that will lead to success in the future, which makes strategizing and planning so critical.
The following are discussion topics to consider in your agenda planning process:
Maximizing the value of the firm by managing and leading the firm more like a business and making critical decisions with a sense of urgency.
Partner responsibility and accountability for implementing action items and strategic plans discussed at the annual meeting.
Aligning firm strategy and partner performance by defining the roles and goals of the leadership and management of the firm. Balancing the fine art of leading vs. managing.
A vision for the firm for the next 5 years and clarifying the firm’s strategic intent.
Deciding how partners can add more value to advisory services and developing new and innovative approaches to the demands of clients — going beyond commodity services and anticipating the future needs of clients and the marketplace.
Overcoming the staff crises: attracting, recruiting, and retaining quality staff. Balancing and leveraging the staff structure to maximize growth, skill building, using state-of-the-art technology in client service and operations, profitability, and succession planning. Review client service and leadership succession planning for the next five – ten years. Make plans to outsource at least 25% of the compliance work or consider purchasing or creating an outsourced location overseas.
Developing an M&A/PE strategy and implementation plan that will take the firm to the next level of success by acquiring firms with talented professionals, service and industry expertise, and advisory service capabilities. Discuss the pros and cons of merging into a larger firm with more resources or as a tuck-in in a PE transaction.
Deciding on contemporary growth and lead generation strategies and positioning the firm in the marketplace by targeting the right size and types of clients in specific industries that the firm has the best chances of engaging. Aligning the firm’s strategic growth plan with the firm’s culture and marketplace.
Covering your bases: partner governance, compensation, agreements, and admission of new partners.
Develop strategies to update your technology and put new solutions to work to effectively deploy state-of-the art technology including AI and maximize ROI.
Unifying the partner team and creating a culture of partner collaboration.
Considering new innovative ideas, using the partner meeting as a catalyst for change, and identifying opportunities to add more value to the firm and its clients.
Joe Tarasco, CEO and Senior Consultant, Accountants Advisory Group, LLC, assists the leaders of public accounting firms by consulting in all areas of firm practice management, including succession and strategic planning, firm governance, mergers and acquisitions, partner compensation structure, practice development, facilitating partner retreats, and leadership consulting. Click to request a consultation or call (845) 265-9046.