In my experience, there is one tool that has the power to completely change both your motivation to grow your business, and your ability to do so. This is the Ten Year Strategic Vision.
The 10 Year Strategic Vision is essential for Accountants as they transition their firms and practices from compliance to higher value advisory work.
Why Accountants need a 10 Year Strategic Vision
In order to innovate and be seen as the premium advisor in your marketplace, one must have a vision that’s greater than the sea of sameness. Too many firms are planning around operational disruption [TA96].
A 10 Year Strategic Vision is the driving force that allows a firm to:
- transition from compliance to value add
- gain clarity around service offerings
- identify how the team delivers exceptional value
- develop drive and focus through people engagement
- articulate its weaknesses and develop strategies to strengthen or eliminate them
- get partner alignment
Best Practice for writing your Ten Year Strategic Vision
- Get an expert to facilitate the process – widen your perspective and capitalise on additional knowledge about what is working in other firms.
- Get away from the office and turn off the phone. Fewer distractions mean more focus and clarity.
- Delegate 10% of what you’re doing right now. You are going to need this extra time to roll out the strategies that your plan needs to succeed.
What You Can Expect from getting your Ten Year Strategic Vision in Place
Firstly, it’s important to be okay that you will not have all the answers!
It is very common to know where you want to head but not know what the right strategy is or have immediate access to the tools required to get there.
You may feel overwhelmed with the whole process, this is normal too. Ten Year Strategic Visions are not something you do every day, and it takes a while to adjust to this concept. Before I started helping clients write these, I found them incredibly difficult to remain objective and think outside the box when it came to my own firm.
You will however be inspired and motivated. Clarity of knowing the future provides confidence.
What To Avoid when writing a Ten Year Strategic Vision
How to Write a Ten Year Strategic Vision that will grow the firm, without creating divisions between partners.
As most firms discover, doing this yourself has barriers that often result in a poor result for the time invested. Without a doubt I recommend contracting a third party to facilitate these sessions.
Without objective, expert facilitation you may experience several common barriers:
- Partners may not feel truly free to speak openly and may not feel they get heard.
- Internal facilitation can make it difficult to remain objective about how different Partner visions may affect your firm.
- Disagreements can arise as Partners promote personal views. Remember that the objective is to find ways to transition the firm to meet each Partner’s desired vision.
- Internal facilitators often lack knowledge about how other firms articulate their Vision. This makes it hard to identify the right structure for you and agree on action to move forwards.
- Everyday activities get in the way. Whether it’s scheduling the first brainstorming session, or sitting down to write the Five Year Plan, it’s too easy for the day-to-day to distract Partners from taking the action needed. Accountability is key to your success.
Getting Help with your Strategic Vision
Getting a Ten Year Strategic Plan in place is one of the main components of my Chairman’s Program.
You can get an overview of the whole program here.
In the meantime, use my obligation free chat to find out how a Ten Year Plan can profit your business. You can view my availability here or request a call back with my assistant here.
