Culture is key.

• Author: Keller, Rita

At Brady Ware, we believe that firm culture is the key to keeping our team together. We believe that by focusing on retention, we are better able to manage our firm and serve our clients. This article discusses why retention is important and how we have developed a firm culture that supports our retention efforts.

The top five MAP issues

Every year the PCPS Management of an Accounting Practice (MAP) Committee polls its members on the issues they are facing in successfully managing their firms. The top five concerns have been rather consistent over the last several years. Let's look at last year's top five concerns in reverse order.

5. Marketing and practice growth. It is no surprise to CPA firm leaders that not every accountant is good at marketing, selling, and bringing new clients in the door. Younger team members who demonstrate a desire and ability to do this can go to work for any firm and almost name their price. The ones who don't possess the natural ability to market and sell are usually qualified technicians who free up partners to market and grow the practice. However, you must keep these technicians long enough to gain the experience necessary to truly become an expert resource within your firm.

4. The future of your firm. Though my speaking and consulting engagements, I have the opportunity to talk with hundreds of managing partners and firm administrators every year. The concern over future leaders in our firms, and in the profession, is very strong. It's a fact: Many firms do not have successors in place for the current partner group. In recent years, we have been desperately seeking people to simply do the work and serve our clients. We haven't focused on hiring the best and the brightest. Not enough of them exist. Many firms now have a team composed of good, and some mediocre, technicians who have no interest in becoming a partner in the firm. If you want someone to pay for your retirement, you must attract and keep achievers by providing a culture where they can flourish.

3. Fee pressures. Please memorize this sentence: We must get better and more efficient at what we do. This is my "battle cry" for the future of public accounting firms. Memorize it, write it down on paper and put it on your desk, make it your screensaver, and think about it every day.

   The national firms and the more progressive local firms have streamlined their processes. You won't be able to compete unless you have well-trained people who use technology to get more done in less time. You simply cannot accomplish this with high turnover.

2. Keeping up with technology. Think of the training involved in getting your team members up to speed, enabling them to efficiently use the technology that you so generously provide. Efficiency with technology is no longer a goal for your team alone. Partners must play the game and set the example. I recently read a quote by Wayne Harding: "The only CPAs who don't need to know about technology are those retiring in the next 12 months." It is imperative that managing partners coach their partners to succeed in this area.

1. Finding, hiring, and retaining a quality team. It will be a never-ending challenge to find and keep high-achievers in public accounting. At Brady Ware, we believe retention is the key to success in managing all of the five MAP issues. Said another way, if we succeed in keeping our team together...