Becoming a Partner – The Path to Success

December 11th 2020 | Posted by Dave Cross

Becoming a Partner – The Path to Success

Becoming a Partner – The Path to Success

A partnership in an accounting practice is a very different prospect than it used to be. Technology means that all accounting professionals have access to emails and mobile phones. This means that the role of a partner is often a 24/7 commitment. This adds to the pressure and expectations of the role.

However, it also helps to add a sense of satisfaction that a successful partner in an accounting firm can achieve. The rewards of being able to help clients in a fast-moving and pressurised environment are good and they make the hard work and long hours worthwhile. So, becoming a partner is at the centre of many accounting professionals’ ambitions. If this applies to you, there are steps to take to help you improve your chances of achieving your goals.

Plan your career path

Effective career planning is essential for any accounting professional, especially if you have ambitions to become a partner at some point. This planning involves identifying your skills and motivations and looking at potential opportunities. It also involves expanding your network and setting short term goals which can lead you on a path to a partnership.

Develop your profile

Your chances of becoming a partner are greatly enhanced by building your profile. Doing this helps to unlock opportunities. After all, an accounting professional who has a wide and strong network is likely to be seen as a potentially valuable partner.

In order to build your network, there are certain steps to take such as writing well-informed content for respected publications and developing a reputation for creative ideas and problem-solving abilities.

Understand the sales aspect of a partnership

The work of partner centres more on developing and expanding a client base than it does on delivering to individual clients. So, it’s important to develop your business knowledge and sales techniques if achieving partner status is your goal. This helps you to be seen as someone who can change their emphasis from completing work for clients to securing business for the firm.

Build management skills

Management skills begin with being able to control your own workload, including when and how to say no. This helps you to be seen as a potential partner who has the ability to manage the priorities of the firm in order to optimise finances as well as client satisfaction.

Another important aspect of management is developing soft skills such as communication. These skills are vital to a potential partner who has to communicate with clients and business connections in order to optimise the operating potential of an accountancy firm.

Accounting partnerships are not easy to come by in a competitive industry. However, if you are prepared for hard work and dedication, you give yourself the best possible opportunity to succeed. The first step is to plan the path that you want to take, including the short-term goals that you want to meet. At all times, it’s important to take opportunities for developing your network and brand and for acquiring vital business, sales, and management skills.

If you are an accountancy professional looking for a new role, register with us. If are looking to hire an acountant, get in touch.