What are your expectations? The chief marketing and chief revenue officers' leadership roles continue to elevate in high-performing firms as they develop and execute smart growth and revenue replacement strategies. Titles and responsibilities differ among firms depending on their size and service offerings.
Marketing and sales are different engines for any organization, yet many professional services firms do not differentiate and often undervalue the importance and integration of marketing, sales and operations.
This is especially true in today's rapidly changing environment. When properly tuned and integrated, marketing and sales are powerful engines that can accelerate and drive your firm's journey from survive to transform to thrive. As they say in the financial markets, "past performance is no guarantee of future results," yet it makes sense to utilize experience from within the accounting profession and successful businesses to develop a smart growth strategy. Agreeing on expectations in advance is also advisable.
As a long-time advocate of chief information officers having a seat at the table, I feel the same about CMOs, CROs and chief operating officers. Historically in the accounting profession, only service line leaders and the CEO/MP have had a seat at the table or been members of the executive committee.
Traditionally, firm ownership restrictions have played a role in this strategy, but a broader perspective is needed. This is another reason firms are considering alternative practice structures. Learning is a two-way street and COOs, CMOs, CROs can benefit from some of the work we have done with CEO, CIO and leadership development programs.
The economic drivers (technology and an expanding business capability model) have changed dramatically over the past three years, and the speed of change is only increasing. Professional marketing and sales skills are more important than ever, yet many firms believe they are too busy taking care of existing clients' needs. Here is where professional marketing and sales skills differentiate from technical accounting skills. Please don't misunderstand — it takes multiple skills (unique abilities) and a team to meet the needs and wants of today's clients/customers. Technical accounting skills are table stakes.
Professionalize now
Now is the time for firms to professionalize their operations, including marketing and sales. What do I mean by this statement? To survive, transform, thrive, firms must improve their systems and processes. This includes but is not limited to technology, marketing, sales, leadership, finance, process and talent management. Marketing and sales (business development) professionals have typically had a high rate of turnover in our profession, yet there has never been a more critical time for their skills in messaging, communication of the message (digital marketing) and utilizing processes that improve the staff and client/customer experiences.
Most firms in the accounting profession are small businesses. Even many of the larger firms are comprised of smaller firms acquired by larger firms, so I believe the above statements are generally true for the entire profession.
Are you ready to take it to the next level? How about your other owners? How about your team? What happens if your firm doesn't professionalize their systems and operations?
There are probably more questions than answers in most firms. Other relevant questions, but often ones that slow progress (procrastination) follow:
- How do we find and retain quality talent?
- What new services should we offer?
- How do we package and price those services?
- How do we name and message the services for understanding by our clients and prospects?
- Who can get it done in a short amount of time?
- What is my future with the firm?
- What existing services should we eliminate?
- How do we leverage technology rather than hours to deliver higher-value services?
- What should we outsource?
- To whom should we outsource?
- Who will invest and/or buy us out?
You get the point; the list is almost infinite. You will benefit from professional marketing and sales skills on your leadership and management teams to answer these and other questions that will impact your firm's future.
Some quick answers: Unless you address the initial questions about taking it to the next level and professionalizing your systems and operations, it will be extremely difficult to attract quality talent and clients in the future. Your decision (action) and timing (urgency) will determine the investment and future return.
Don't expect agreement among a diversified owner group. It is urgently important to have the discussions now. Each firm's strategy will differ based upon their current circumstances and vision for the future. Without a shared vision and measurable goals, it will become increasingly challenging.
Think — plan — grow!
