Common mistakes firms make in developing and executing their strategic plan

September 11, 2020

By Tony Zecca, Accounting Today

Strategic planning is misunderstood in most small and midsized CPA firms.

There have been tons of books and articles published about the strategic planning process. Developing strategies is probably the most prevalent topic that accounting firm partner retreats focus on. Firms have used numerous processes to create and execute a strong, effective strategic plan to propel them. I’m not about to suggest a new or best process for a firm to follow, but I want to highlight the five major missteps most firms and organizations make when building their strategic plan as part of a partner retreat or any other forum.

Most partner retreats focus on strategy, and they generally approach it through various methodologies built around some form of SWOT (Strengths, Weaknesses, Opportunities and Threats) analysis. Strategies are then built around the challenges the firm is facing or the opportunities that the participants envision in the belief that building strategies through this process will result in a strong, effective strategic plan.

Continue reading
View all News