Recession-Proof Options for CPA Firm Retreats
Retreats Provide Value Without Cost Burdens
Oct 14, 2009
In today’s economy, finding ways to save money isn’t up for discussion – it’s mandatory given the constraints of most CPA firms, regardless where the firm is located or the kinds of services offered to clients.
Yet, there are certain expenditures vital to the continued success of any firm. One of the most discussed and debated categories is the CPA firm retreat, where not less than annually, the firm’s shareholders and partners (and staff, in some cases) meet to talk about the firm’s short- and long-term outlook. The firm usually focuses on strategic planning and growth opportunities.
Unless a firm is one of the Big 4 or even in the second tier (e.g., RSM McGladrey, Grant Thornton or BDO Seidman) where regions gather in one city, the travel costs and time associated with an offsite, out-of-town retreat isn’t cost effective. Gone, too, are the days when local firms met at dude ranches or in beach houses because of the direct costs.
What, then, are the options for this very necessary firm function?
Meet in the Conference Room
Even though it isn’t as exciting as a golf retreat or something more glamorous, there’s nothing wrong in meeting in a firm’s conference room. The location is convenient, close and costs nothing. However, if the heads of a firm are going to convene within the office, it’s vital that certain steps occur:
- Have a set agenda and stick to it – any meeting should have a unique agenda that is followed, and in the case of a retreat, it’s even more important to stay focused and on track. There will be cases in which the firm partners want to veer from the agenda, which is alright if there is a consensus to do so.
- Cut off contact with the outside world – just as anyone would turn off cell phones in a public place, so should attendees turn off their phones and ask their staff not to bother them. Otherwise, it’s too tempting to jump in to client work.
- Schedule breaks to check e-mail and calls – any agenda schedules breaks – and so should the retreat agenda. This is the time to catch up on work, but organizers must ensure attendees are back on time to the meeting. Penalize attendees if they are not back on time by asking them to stand on the table and do the chicken dance.
Set up a Virtual Retreat
With technology 24/7, asking partners to set themselves up with a virtual retreat is a very efficient way to conduct business, especially if firm members are scattered in various locations. There is virtually no cost associated with patching partners into the conversation. Fast Internet connections provide maximum resolution, while online tools such as whiteboards, offer different ways to hold a discussion.
Cut the Company Picnic and Other Non-Essential Activities
If a firm must meet offsite for its retreat, the partners ought to take a long, hard look at their expenditures for non-essential activities in order to reallocate the budget associated with those events to the retreat. Staff may not like this approach, so partners ought to explain the retreat’s benefits to the staff in terms of expected outcomes and potential bottom-line increases.
Meeting periodically as a firm isn’t a luxury; it’s a necessity. However, firms can meet in a cost-effective way by pre-planning a venue in the office or close by, creating a dynamic agenda, and maximizing the time during the retreat.
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