Is Your Firm Ready for Strategic Planning? Take this Test

Of all the consulting I do for CPA firms, I decline strategic planning projects more often than all others combined. The reason is very simple: Despite the best of intentions, many CPA firms fail at strategic planning, especially those under $10M in revenue. I don’t want firms to pay me good money and not get anything to show for it.

When firms call me about working with them on strategic planning, I ask them 10 questions. Even one “no” is a prophecy of failure.

Here are the first 5:

1.  Do you believe in your heart that strategic planning will make money for your firm? Or do you simply feel that  “it would be great if we achieved our vision, but if we don’t, we don’t.” If the latter, you’ll probably be  unhappy with your results.

2.Are the partners on the same page? Are the partners a cohesive group that communicates reasonably well and agrees on a common vision for the firm?  If not, the firm’s energy will be channeled to dealing with conflicts and the partners’ stubborn unwillingness to be team players. Partners who disagree with the consensus often exhibit passive-aggressiveness towards the plan.

3. Does the firm have a champion for the plan? Someone who is passionate about the plan, who will follow up with people to get their strategic planning goals accomplished.

4. Are there consequences when someone fails to achieve a goal? If no one is held accountable for achieving strategic planning goals – if partner compensation is unaffected –  then strategic planning goals will most likely flounder.

5. Can the naysayers be silenced? Many firms have a partner or two that always seem negative – after all, CPAs are professionally trained as skeptics. Contrarians will say “strategic planning is a waste of time” or “we tried that before and it didn’t work.” These people will poison the well. For strategic planning to succeed, the firm must make it clear that it will not tolerate negativity towards the plan.

We’ll be sharing the other 5 questions in the coming weeks. Stay tuned!