In response to Covid-19, professional service firms have had to adapt to new ways of work that are now the ‘new norm’.
Agility is now a key success factor to the continued relevance of many firms but agility has not historically been associated with operational success of (in particular) accounting and law firms.
Agile firms can quickly redirect their people and priorities toward value-creating opportunities. McKinsey & Company have identified five operating-model dimensions to drive agility:
1. Strategy – a shared purpose and vision embodied across the organisation
2. Structure – a network of empowered teams
3. Process – rapid decision and learning cycles
4. People – dynamic people model that ignites passion
5. Technology – next-generation enabling technology
Considering a clearly defined strategy as a starting point, many accounting and law firms are quick to promote and talk about their purpose, values and vision (story) but rarely truly live to these ideals. All to often leadership teams look to these critical foundations to success as a DIY/tick box exercise.
By failing to get the purpose, vision and story right, they fail (among other things) to ignite and sustain passion within their people and in turn do not have empowered teams. Accounting and law firms tend to focus too much on technology and process because these are within the comfort zone of the technical mindset/competencies of most firm leaders.
Get it right on purpose, values and having a relevant story, your firm will be agile (by creating firm wide engagement and trust towards change) and this will also lead to increasing your reputation and visibility within your market(s) as a firm of choice.