The Growth Partnership is dedicated to helping our clients succeed as business owners. To this end, we help firms understand why effective practice management systems can drive the desired results they are trying to achieve. Whether a firm is attempting to grow, attract people, develop people or manage partner transition, effective practice management systems are essential.
Practice Management can be defined different ways by different people. At The Growth Partnership, we believe practice management can be broken into the following areas:
- Benchmarking – Comparing a firm’s key financial metrics to similar firms to understand what is going well (and continue it) and what needs to change.
- Strategic Planning – This process involves a review of a firm’s mission/vision/values, setting 5-year targets and identifying the 2-3 goals that need to be achieved in the next 12-months.
- Partner compensation – The Growth Partnership helps firms look at their existing system, identify what is working and what needs to change and develop a revised (or completely new) partner compensation system to align with the strategic objectives of the firm.
- Partner Buy-In and Buy-Out – We help firms establish new partner buy-in/out systems or update old ones to make sure they are effective and set-up properly. A good buy-in/out process can help attract new partners, make sure the firm is well capitalized and reward retiring partners for the value they are leaving behind.
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