Don’t Neglect Working ‘on’ the Business

Often partners in professional partnerships become bogged down in their individual day to day work and fail to work collaboratively for the greater good of the business. By implementing regular management meetings, partners can work as a team towards common goals. This collaboration enables them to operate the business as effectively and successfully as possible.

‘Regular’ may be monthly, bi-monthly, quarterly but should be more frequently than annually. It is recommended that the meetings are arranged for the year ahead in advance, and it should not be acceptable for partners to miss meetings.

It may seem that internal meetings are a waste of chargeable time, however without spending time on the business, as a whole, the financial results can be poorer for everyone.

Setting aside specific time, to discuss current business, can offer partners the opportunity to cross collaborate. Working together on cases can benefit the client and an integrated service can result in more value for the client and in turn more billing opportunities for the firm.

It can be helpful to have an external third party to chair meetings and EQ undertake this service for a number of clients, providing independent business advice, to improve and maintain financial results. Within this role we assist our clients in the following areas:

• Provide regular financial management information with meaningful interpretation
• Setting and monitoring targets
• Provide advice on how to improve cash flow and working capital management
• Implement remuneration and rewards structures
• Advise on business restructuring and succession planning.

Good communication between those in charge will generate a culture within the firm and drive the business towards success.

For further advice or support, please contact our EQ Professions team at professions@eqaccountants.co.uk or contact one of our offices.