The Challenge for Young Leaders – Are You Ready to be the Succession Solution?

Businessman presenting the project to the team of co-workers

The Challenge for Young Leaders – Are You Ready to be the Succession Solution?

By Mark Holton – Smithink 2020

What characteristics are you looking for in your future firm leaders?

  • Integrity, open communication skills and enthusiasm for your firm?
  • Client service skills and the ability to win referrals from existing clients?
  • The ability to teach team members and grow their confidence and professional skills?
  • The ability to deliver proactive and lucrative business advisory services
  • The ability to manage a client fee base profitably?

Think about what you can do that’s special for rising stars to groom and develop them at the pace they want to go. Let them know they’re important and that they have a long-term future with the firm. Many of them are already considering key questions about their future including;

  • What do you expect the timing of my possible admission to partner to be?
  • What specific deliverables or results do I need to produce to be a candidate for partner and by when?
  • What programs or activities should I expect to participate in that will help me develop and prepare me to act as a partner?
  • If you admit me as a partner, what are the specific buy-in requirements?
  • What agreements will I be asked to sign if I become a partner?
  • How will we monitor my progress towards possible partnership?

Research tells us young champions are looking for opportunities to have broader commercial experiences so they are more “career exposed, enthused and developed”.

As a result of these trends, the team at Smithink 2020, have been creating “senior management teams” within firms and engaging these groups with strategic planning sessions and the creation of development projects within firms. These projects are reviewed formally each month in operational meetings.

Young Guns often have good inputs to offer based on their involvement with coal face work.

This addition of commercial business thinking to their responsibilities adds to their advisory abilities too.

The feedback in the firm often change from “we just do what we’re told around here” to “we’re actively encouraged to suggest ways to improve what we do here.”

So get started on the development of your Young Guns’ thinking by bringing them to Smithink 2020’s “Young Guns Workshop” scheduled for 24 and 25 February 2014, at the Sofitel Hotel Broadbeach QLD. Details available at www.smithink2020.com. 

Hope to see you there.

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