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Strategic plans provide direction for accomplishing what you want. I strongly believe that they help many businesses take things to the next level. Even if the plans propel little growth, it’s growth that might not have been realized if you hadn’t had the strategic plan. Growth can come without the plan, but it settles for less than you might be capable of or intended for.

A suggested starting method for this process might be for each owner, senior executive, and key administrator to write the following (I find the writing process frames and identifies issues much more clearly):

  1. Where they envision (or possibly want) the practice to be in five years;
  2. Whether they believe they are on that path right now and, if not, what they deem necessary to embark on that path; and,
  3. After that, there should be a joint meeting to discuss what each person wrote and compare the differences, then develop consensus and plan to make it happen.

Here is a five-step shortcut to a personal leadership plan:

  1. Write down where you would like to be in five years personally and professionally;
  2. Write down whether you think you are on the right track for each one. If you are on the right track, nothing else needs to be done;
  3. If you are personally not on the right track, write down what you feel is necessary to get you started;
  4. If you’re not on the right track professionally, write down what you feel is necessary to get you started; and,
  5. If you’re not on track in one or both, don’t share it with anyone, but you need to think about how you want to spend the “rest of your life” and then come up with a plan for how to go about it. this direction.

This is a serious business that requires careful thought, especially if you’re off track. However, this process creates a beginning that can perhaps lead you to where you want to be, while the alternative leads you to the status quo – at best. You decide.
Do not hesitate to contact me at [email protected] with your questions about practice management or assignments you may not be able to complete.

Edward Mendlowitz, CPA, is a partner at WithumSmith+Brown, PC, CPA. He is on Accounting Today’s list of the 100 most influential people. He is the author of 24 books, including “How to Review Tax Returns”, co-authored with Andrew D. Mendlowitz, and “Managing Your Tax Season, Third Edition”. He also writes a blog twice a week dealing with issues customers have with with the Pay-Less-Tax Man Blog for the bottom line. He is an adjunct professor in Fairleigh Dickinson University’s MBA program and teaches end-user applications of financial statements. Art of Accounting is an ongoing series where he shares autobiographical experiences with advice he hopes his colleagues can adopt. He welcomes practice management questions and can be reached at (732) 743-4582 or [email protected].