Why Innovative Concepts are Essential for Improvement

The world of accounting is changing more and faster than ever before. In particular, many firms are now introducing other services to offer their clients such as data analysis, marketing, technology and more. In this episode, Michael Platt, managing principal of The Platt Group, shares information on how firms can prepare for the next recession, as well as insight into the needs and thoughts of young professionals with respect to hiring and retention. He also discusses equity versus non-equity partners and some of the pros and cons of each as seen by new or prospective employees. 

Mike Platt, the managing principal of The Platt Group, has been working with firms since 1985. As a past executive of two accounting firm associations and co-founder of AccountingWEB.com, Mike has helped large local and regional firms across North America grow and thrive. A frequent speaker, Mike specializes in benchmarking trends, best practices of successful firms and is a frequent presenter, speaker and facilitator at partner retreats. Mike’s interest in working with the accounting profession has been fueled by his desire to help professionals reach their potential. He says, “My goal is to help others see things differently, motivate them to do things differently, and provide ideas of how others like them have successfully overcome the obstacles that are common in professionals’ lives.”

"My big message is don’t assume that because [the superstars are] really good at what they do, they don’t need your interaction as a partner.” - Michael Platt @ipainsider

What You'll Learn From This Episode:

  • Why it is likely there is a recession around the corner
  • What firms can do to prepare for it
  • How technology has helped some firms be better prepared for recession and a quick recovery
  • Why hiring new employees is an issue and how a recession might impact it
  • Whether or not future staff need the same skill set as current or previous staff
  • What firms need to consider when hiring
  • The seven questions young professionals are asking when choosing an employer – and why firms need to be able to answer them
  • Why it is essential for firms to be transparent about income potential at the partner level
  • How to treat the “superstars” in your firm, and why
  • Some of the reasons why employees would choose non-equity over equity partnership 
  • Fun fact: Learn about Mike’s involvement in Honor Flight, a poignant and unforgettable experience for veterans

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