Public Accounting Report, Executives Detail How Goals, Talent, Communication and Accountability Help Drive Firms’ Growth Strategies, June 2016
Growth and profitability. That’s the name of the game for an accounting firm’s long-term success! Strategic planning, acquiring and keeping high-value talent, offering new services and mergers and acquisitions are among the cards on the table as leaders map out factors for firm growth. Mark Radetic, Managing Partner at MarksNelson explains the firm’s strategies for successful and sustainable growth.
Our over-arching goal at MarksNelson is continued growth not only in revenue number but in the services we offer clients and in the niches in which we operate. In order to remain competitive, the strategic plan is updated every November based on the current environment. Four key objectives live year-to-year which focus on our talent, our clients, using technology to improve systems and processes and firm culture. The firm assigns teams to each strategy based on skillsets. These teams hold meetings throughout the year, determine due dates for accountability and report to the managing partner. This process engages a significant number of our partners and managers and creates a buy-in for success.
Part of the strategic plan focuses on acquisitions and key hires. Who can we bring in to add expertise or develop a new group or niche? In the last year, MarksNelson integrated two companies, Community Edge and Marsh & Company. Both brought new client services in the areas of location strategies, economic development, cost certification, as well as historic and low-income housing tax credits. We also developed two new services, Enterprise Resource Solutions, which provides large companies access to specialized trained staff, and Foreign Trade Zone Implementation, which helps clients achieve the designation.
To measure the success of niches and departments, each group creates a yearly plan that includes both qualitative and quantitative goals. Service leaders are responsible for developing revenue segmentation goals in addition to niche strategies and tactics. Overall, the accountability tracks back to each partner and manager, who help develop the firm’s strategic implementation program every November. To make sure partner goals align, they meet one-on-one with the managing partner. The results are discussed throughout the year and during our year-end recap meetings.
This process allows MarksNelson to continue to move forward in the industry.