AAM Marketing Ideas: The Firm Scorecard

From May 20-23, the Association for Accounting Marketing (AAM) held its annual conference. Frequent contributor Sally Glick picked up some ideas that she will be sharing with us in the coming days, as she has done in previous years. Comments from those who attended—as well as from those who find these articles intriguing—are welcome in the comment section, below. Read more articles by Sally Glick here.

In one session that I attended, the speaker, Colleen Rudio, addressed the importance of developing a firm scorecard. She began the discussion by acknowledging that competition today is tougher, expectations are higher, and costs are increasing. She concluded that for firms to sustain growth and profitability, they need to be able to direct, track, and measure their activities. Without having a scorecard in place that is easy to use, and reflects the activity surrounding the key performance indicators (KPIs) that the partners value most, any firm can easily lose its direction.

Rudio uses a scorecard as the foundation for directing, implementing and tracking strategic initiatives. For those unfamiliar with this concept, the "balanced scorecard" was originally conceived as a simple performance measurement framework but it has, over time, evolved into a comprehensive strategic planning and management system. The scorecard transforms an organization's strategic plan from an attractive but passive document into tactics that are actionable on a daily basis. It provides a framework that not only includes performance measurements, but also helps planners identify what should be done and measured.

Remaining consistent is one of the keys to success, whether it is in regards to operations and management or marketing and business development. Rudio noted that firms that regularly employ a scorecard process can both measure the real performance of their leaders and identify areas that need the most improvement. Armed with tools that provide direction, firms can be more strategic in their approach to their marketplace.

Embracing and implementing a personal scorecard should result in drilling down to find specific activities that will help raise the bar on client service to add more value for existing clients; seek out structured marketing initiatives to attract higher quality, qualified leads; and make mentoring and developing internal human resources a top priority.

Keeping track is critical to gauge what works and what doesn't. Does your firm use the balanced scorecard approach to define, direct and measure your KPIs?

Those who want to explore this topic further can read an article Colleen Rudio wrote for Growth Strategies: The Journal of Accounting Marketing and Sales.

About the author:
Sally Glick is CMO and principal of Sobel & Co. LLC. She was named Accounting Marketer of the Year for 2003 and was voted into the AAM Hall of Fame in 2007. She can be reached at sally.glick@sobel-cpa.com.

You may like these other stories...

Boehner addresses GOP priorities ahead of midterm electionsHouse Speaker John Boehner (R-OH) on Thursday delivered what amounted to closing arguments ahead of the November elections, laying out a list of Republican...
Financial advisors love accountants. They call, send mail, and want to buy you lunch. Their object is to cultivate you as a referral source. And you wouldn't mind a few referrals either. Also, this could be a chance to...
Former DOJ Tax Division head Kathryn Keneally joining DLA Piper in New YorkGlobal law firm DLA Piper announced on Thursday that Kathryn Keneally, the former head of the US Justice Department Tax Division, is joining the firm...

Already a member? log in here.

Upcoming CPE Webinars

Sep 24
In this jam-packed presentation Excel expert David Ringstrom, CPA will give you a crash-course in creating spreadsheet-based dashboards. A dashboard condenses large amounts of data into a compact space, yet enables the end user to easily drill down into details when warranted.
Sep 30
This webcast will include discussions of important issues in SSARS No. 19 and the current status of proposed changes by the Accounting and Review Services Committee in these statements.
Oct 21
Kristen Rampe will share how to speak and write more effectively by understanding your own and your audience's communication style.
Oct 23
Amber Setter will show the value of leadership assessments as tools for individual and organizational leadership development initiatives.