Experts discussed how to share strategies on driving firm profitability and growth at this month's New York Metro Roundtable at the Friars Club in Manhattan.
The event, sponsored by financial services firm Price Raffel & Browne, business advisory and transactional services firm The Optran Group and exit planning specialists Pro Act, featured a presentation by Alan Badey, managing partner of Citrin Cooperman & Co.'s White Plains, N.Y., office. Badey said technology, more technical professions, staffing problems and competition were key influencers to affecting business - aside from the economy.
"There's so much work to be done and so few people are coming out of college who are technically proficient," Badey said.
He described some of his firm's efforts in retaining staff, including the creation of "CC University," a program that trains employees how to network, write and speak more professionally.
"We wrapped our arms around our staff and taught them the extra things they need to know to be good business people, not just good accountants," Badey said.
He suggested firms expand their services with the goal of helping clients grow their businesses. The services could include: profitability enhancements, strategic planning, exit strategies, internal controls, litigation support and Sarbanes-Oxley compliance.
Competition is good within a firm to maximize revenue from partners, according to Badey. He said it helps to set clear goals and create simple but meaningful reports that reflect billing track records. Those records can then be distributed within the firm.
Badey also said it's important to reward the results of achieving growth and meeting goals. This can be accomplished through compensation, promotion and partnership. Public recognition within a firm as a result of strong performance is oftentimes more important than anything else, he said.
The next roundtable is scheduled for Feb. 26. For more information, visit www.metroroundtable.com.
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