You have committed to the idea of having a succession plan. Now, how do you identify your next-gen practice leaders? Those individuals will need more than a high level of technical competence.
Technical competence in a given discipline is highly important. But your next-gen practice leaders (and eventual practice co-owners) need a broader range of capabilities too. They need to be able to:
- Shape client expectations.
- Close deals with top quality clients.
- Set and oversee practice strategy.
- Support other co-owners.
- Lead and deliver professional development for others in the practice.
- Buld the practice’s reputation by being a brand steward.
More than techno wizardry is required
Technical wizardry at solving analytical problems doesn’t neatly translate into running a successful practice. Regrettably we sometimes overlook that fact. Often the emphasis is on acquiring the necessary skills and experience to meet and maintain professional registration criteria. On occasion individual team members will identify more strongly with their chosen profession than with the practice that employs them.
Existing practice owners need to identify, develop and nurture talent within their practice. Among other things, team members with the potential to become eventual co-owners need to learn to sell to clients, to coach and support junior staff, and to build commitment across the practice to a shared vision they have helped create.
What’s the best way of ensuring team members acquire the required skills and experiences to make the step up to co-ownership? Enter the career model. Many confuse a career model with a training plan. They are not the same thing.
A well-functioning career model should set out the attributes required of those seeking to become co-owners of the practice. Importantly, it should clearly identify the relevant transition points where a team member might progress from a junior level to intermediate and senior levels and beyond to an associate and then a director of the practice. That said, a career model is not a set and forget exercise. In my experience you can’t outsource talent development! Some of that development will be very hands on.
Give senior team members the chance to hone skills
Developing a career in professional services takes time. In part this is because professional services have an intangible quality. Clients sometimes need a degree of persuasion that what is being suggested is the right course of action. Being able to recommend that right course of action requires careful judgement. And the ability to exercise that judgement is often a function of time in the saddle.
Intermediate and senior team members need to be supported and encouraged to take on greater levels of responsibility where they are managing more points of intersection with the client. Those team members who go on to become co-owners are the ones who will demonstrate they understand the business dynamics of professional services. Let’s take securing revenue opportunities as an example. You can read about how to become better at business development. But there is nothing like observing business development in action and, over time, being part of those efforts. Existing co-owners need to progressively relinquish control over client relationships to allow senior team members to hone their business development skills. Giving up control is often tough to do. You’ll never develop your next-gen leaders if you don’t give them leadership opportunities. It’s as simple as that.
Inclusion pays dividends
A well-designed career model should recognise everyone’s career path will be slightly different, reflecting their individual circumstances and career aspirations. Not every team member wants to progress to become a co-owner. And that’s absolutely ok. A high performing practice includes individuals with technical expertise and creative problem-solving abilities as well as individuals with the aptitude for leadership, business development and practice management. When a career model forms part of a succession plan it can help ensure the practice keeps thriving long after the current leadership have retired.
Next up – some advice for those team members who are on the cusp of stepping up to become first time owners of a professional services practice.
