This is the usual time many firms are getting ready for their strategic planning meetings and retreats. I know a lot of practices that are very serious about these meetings, some that use them as an excuse to get away and hang out for a few days either fishing or golfing, and some that just do not have a clue. I feel that those who downplay retreats miss great opportunities.
I have organized, run and facilitated such meetings. For the sake of brevity, I view these as retreats but in reality they should be well planned and organized strategic planning meetings offsite with phones, texts and emails leaving "I am unreachable" messages. Running a business is hard work, and the managers of that business should set aside two or three days a year to plan for their future, decide where they are heading and determine if that is where they want to be. They also should allot concentrated time to work on their business, not in it. These meetings should include everyone managing the practice and perhaps those who are likely to at some time in the foreseeable future.
I know all the reasons why you are "too busy" to set aside two or three days, but if you suddenly got sick or had to attend a funeral, or went on a sightseeing vacation with your family, somehow you would, and nothing terrible would happen to your business. Actually, if you feel that taking this time off would harm your practice, then you do not need a retreat; you need major surgery on your practice.
If you use the retreat to get away with your partners, that's OK because personal bonding is important for those managing a practice, but it's unlikely to come up with too much in the way of a strategic plan. I used to go to mega AICPA conferences with my partners, and in addition to each of us attending practice management sessions we were interested in, we would discuss what we learned at dinner and sometimes at the pool. Sometimes we would join up with colleagues and discuss common problems. The point is that setting aside time to plan your future is not a bad idea.
Not doing anything simply means you are happy with the way things are going and feel there's no need to make any tweaks or changes. That doesn't make sense to me, but if that is how you feel, then good for you.
When I ran a retreat, I used a three-word motto: "Data, Focus, Plan."
Data: The retreat was broken into a session where we reviewed the practice's data. It took the managing partner or CFO a considerable time to assemble and organize the data and to present it so that it would be easily digested, recognized and discussed.
Focus: Using the data we discussed, we then focused on where we were, where we seemed to be heading and whether that is where we really wanted to be, and what strengths and weaknesses were indicated. Doing a SWOT analysis was usually helpful in organizing part of the Focus session, but we needed to stay on track of the reality of where we seemed to be heading.
Plan: The final section was using what was discussed in the Data and Focus sessions to prepare a long-term strategic plan. What I have done in some instances is start the retreat with everyone preparing their own versions of a long-term plan and then, in this final section, use that to develop a long-term plan everyone would accept as reasonable. This was usually much different than the initial plans that were prepared.
While many retreats come up with realistic and ambitious plans that usually are accepted, nothing will happen if there is not any effective implementation and accountability. That needs a plan as well as assignment of responsibilities and oversight, plus resolve (and follow through) by each attendee to do their part. Developing and then implementing a strategic plan is a tough project and needs a strong and effective leader. The successful plans have that leader, the unsuccessful do not.
There are many ways of adopting a plan for your future, and the retreat is one of them. It's very effective when there is a strong decisive leader who makes sure there is follow through.
Use the coming months that have fewer deadlines than the earlier part of the year to set aside a period for a retreat. The benefits could reshape your direction and your future.
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