Momentum Strategic Plan Draft

Momentum Strategic Plan Draft

MOMENTUM STRATEGIC PLAN PRESENTATION

THE PORTE BROWN STRATEGIC PLAN Introduction

On May 18, 2022, the Porte Brown management team gathered for the annual Management Advance. At this year's session we began the process to update the firm's Strategic Plan. Without question, it is an exciting time in the accounting profession. Changes and new opportunities are around every corner these days, and our valued clients need help more than ever. Outlined in the following pages are Porte Brown’s process and progress of the Strategic Plan initiative.

A FORMALIZED STRATEGIC PLAN Executive Overview

The Importance of a Plan

The old proverb, “measure twice, cut once,” is a smart rule to follow. While the expression was originally intended for woodworkers, its value extends to many other professions and life in general. It illustrates, quite succinctly, why it’s so important to plan for the future. Without a true plan and asking important questions such as “What does success look like?” we could end up working on tasks that are meaningless and projects that do not align with our long-term goals. Taking the time to create, track and communicate a formal growth plan for Porte Brown is an important process that keeps us on track and marching forward with a clear, well-defined purpose.

THE ISSUES IMPACTING OUR FIRM Executive Overview One thing remains the same in the world of public accounting. Change . At Porte Brown we are constantly evolving and keep a close eye on what is going on in our industry. The factors that we have identified as some of our biggest challenges, Available Talent and Commoditization , have our full attention. During the Advance Management Meeting we mapped out several tactical actions to address these concerns.

01 Available Talent

The accounting industry has experienced a wide-spread shortage of talent in public accounting. On one-hand there are many seasoned professionals retiring, and on the other hand young accountants are opting for private industry positions.

02 Commoditization

It has been well documented for several years, that some traditional services offered by accounting firms are becoming more and more of a commodity. Advances in technology and discount service providers will continue to be a factor for some lower-end projects.

HOW WE WILL ADDRESS MOVING FORWARD Executive Overview Porte Brown has been very successful over the years by offering exceptional services and by recruiting top talent. That continues to be a non-negotiable asset of the firm and part of our secret sauce. We Got This! We have what it takes to meet the latest challenges. We just need to focus our energy, communicate the progress and stay the course.

Recruiting for top talent has never been more important. Recent promotions such as the $20k recruiting bonus have been a big success and we need to keep our firm-wide recruiting efforts going strong. As part of the Strategic Plan, the management team has several initiatives in progress. Everyone’s participation and fresh ideas are appreciated! 01 Super-Charged Recruiting

02 Advisory Services

We need to clearly identify and articulate Advisory Services. These types of services support specialization, which leads to higher-value services and separate us from the sea of generalists. Without a clear line of demarcation between compliance and advisory services, we run the risk of delivering advisory services while getting paid for compliance work.

ABOUT THE SWOT PROCESS The SWOT Analysis

The Management Team participated in a SWOT analysis at this year’s Management Advance.

A SWOT (Strength, Weaknesses, Opportunities, Threats) analysis helps businesses identify areas for improvement, highlight potential opportunities for growth, evaluate weaknesses and organizational deficiencies, and point out possible threats to long-term success.

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RESULTS OF THE SWOT ANALYSIS The SWOT Analysis

Without question, it is an exciting time in the accounting profession. Changes and new opportunities are around every corner these days, and our valued clients need help more than ever.

Type Question Here

90%

Type Question Here

80%

STRATEGIC INITIATIVES Action Plan

1. Recruiting & Retention 2. Training & Development 3. Process & Procedures 4. Budget & Scheduling 5. Growth & Acquisitions

Detailed action items for each of the 5 Strategic Initiatives have been identified and will be actively updated by the assigned leader. The Management Team will meet quarterly to discuss the progress and timelines.

One of the most important goals of the Strategic Plan is to communicate the ongoing progress with the Porte Brown Team.

REVENUE MATRIX Organic Growth Forecast

Need text here: Porte Brown’s goal is to continue organic growth—keeping in mind our available capacity. In addition, we are actively looking for strategic growth opportunities to acquire other accounting firms and synergistic consulting firms!

ORGANIC vs. STRATEGIC GROWTH Organic Growth Forecast

Organic Growth is created by adding new clients or more business one at a time. It’s essentially expanding your business from within using the resources you have, including skills, knowledge, experience and relationships. We have had a consistent organic growth record over the years. Strategic Growth is growth of a firm through acquisitions of usually smaller firms. This type of growth relies almost entirely on available resources and capital. Porte Brown has completed 15 acquisitions dating back to 1988.

““Strength and growth come only through continuous effort and struggle.“ – Napoleon Hill, author

ORGANIC GROWTH GOALS Growth Forecast

Smart Organic Growth

Porte Brown continues to focus on our clients needs and maintaining the level of service they’ve come to expect from our firm. The current shortage of staff in the accounting industry is an important consideration as we plan for growth. With this in mind, we anticipate a realistic 8-10- 12% organic growth over the next three years. Our Overall Growth Plan Porte Brown’s goal is to continue organic growth—keeping in mind our available capacity. In addition, we are actively looking for strategic growth opportunities to acquire other accounting firms and synergistic consulting firms!

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BRAND

VISION

MISSION

VALUES

WHO IS PORTE BROWN? About Us

CULTURE & COMMUNICATION About Us

MISSION

VISION

MOTTO

To be your most trusted business advisor—providing financial peace of mind for goal- oriented clients.

To be the firm of choice for talent: providing expert and innovative advisory services.

We Help You Get to Your Next Level.

EXPERT – INNOVATIVE – ADVICE

CORE VALUES About Us

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INTEGRITY AND ACCOUNTABILITY Professional honesty and integrity aren’t superfluous ideas. They are the cornerstone of any good business, and without them, true relationships cannot be developed.

WORK SMARTER AND HARDER Do just what you are good at and delegate or outsource the rest. Get more done in less time.

PORTE TIME Yes, 'Porte Time’ is a thing. Committing to

PROCESS… PROCESS… PROCESS If its important, document it, create a process, and systemize it. Most importantly share it with your team.

TOUCH IT ONCE Do your research first, know what you are doing, do it once and do it well.

defined processes and procedures give us a strategic advantage and the ability to address client matters quickly and efficiently.

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STAY THIRSTY Commit to personal growth and reject complacent habits.

BE NIMBLE, ALWAYS Our success is based on our ability to adapt. This must never change.

PICK UP THE PHONE Having a brief conversation may be the best choice. Get the answer now in one 2 min call instead of 20 messages over 3 days.

RANDOM ACTS OF KINDNESS Recognize, respect and appreciate others. Impromptu personal or team rewards create a rewarding culture.

INNOVATE –DON’T REINVENT THE WHEEL With nearly 8 billion people on earth, someone has probably already created it. Find it, innovate and proceed.

THE SECRET SAUCE About Us

Successful companies like Porte Brown LLC build on the foundations established by their creators. They know how to balance adjustment to changing times with perseverance to the principles that made them successful in the first place. Porte Brown LLC is still going strong for more than 75 years by keeping abreast of new knowledge and technologies in the profession of accounting, while still giving their clients personalized service.

HISTORIC GROWTH

THE FIRM AT A GLANCE About Us

THE FIRM AT A GLANCE About Us

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REVENUE AT A GLANCE About Us

Industry Chart

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REVENUE AT A GLANCE About Us

Services Chart

OUR PEOPLE & GREATEST RESOURCE About Us

Who We Are

While the Porte Brown staff comes from all walks of life with very different backgrounds, they all share the characteristic of being positive individuals who are always looking for the best ways to assist their clients. Our employees are independent thinkers capable of handling projects and goals independently. We take pride in our staff being proactive forward thinkers, which stems from the firm’s strong emphasis on learning. Taking time to improve one’s own skills, not only shows leadership, but it helps us grow and become a better resource for the surrounding community.

The Culture of YES!

The positive energy of Porte Brown is nearly tangible due to its pervasive presence in all aspects of its business. Since a company’s culture is what makes it run, it is important to build the foundation with people who are not just good employees but good people. Our staff is full of people who love to get out and support charities, events and causes for the betterment of the community.

COMMITTEES & TEAMWORK About Us

The PB Connections team consists of staff members from each of the Porte Brown offices. They are the eyes and ears to the wants and needs of the firm. The PB Connections team rotates members every 2 years, giving the group fresh ideas and views. The team has a monthly video conference call where they set up the Team Building activities, such as bags tournament, night golf, bowling, etc. They also manage the Suggestion Box, assist in the implementation of approved suggestions. PB Connections Teamwork and collaboration help develop strong internal connections within an organization and allows continuous progression of support, understanding, and transparency. When we all work together, success is not only accomplished but means more. Let’s continue to say YES to new relationships, challenges, and opportunities to come! Teamwork

Administrative Support

OPERATIONS & SUPPORT TEAMS

C-Suite

Human Resources

Firm Acquisitions

Finance

Marketing & Business Development

Training & Development

IT Support

PORTE BROWN THE BRAND About Us

Many companies start out as instant successes with a great product or idea, but they fail because they are incapable of finding new areas of business to explore. Other companies are around for many years, but never reach success because of mediocre service or a poor product. Porte Brown is a great example of a successful firm that not only offers a great service, but it has also evolved and grown over the years to better support our clients and their goals. Since 1946 Porte Brown has provided the Chicagoland region with high quality accounting and audit services. What began as a small business has since grown into a mid-sized firm with global reach. While the technology and tools we use today have certainly advanced, we still follow the same guiding standards and principles of Jim Porte, the founder of the firm, which is a true testament to his vision of providing unrivalled support and assistance to our clients.

INTERNATIONAL ACCOUNTING ASSOCIATION About Us

Porte Brown is a proud member of PrimeGlobal

PrimeGlobal is an award-winning association of independent accounting and business advisory firms, comprised of more than 300 highly successful member firms in over 100 countries. PrimeGlobal’s independent member firms house a combined total of over 3,000 partners, 28,000 employees and a combined revenue of over $3.9* billion. As a member of the PrimeGlobal association, Porte Brown has access to resources and other firms across the world. Being part of an international association provides our firm with opportunities to extend our global reach, share knowledge and experiences and build business relationships.

THE PARTNER TEAM Porte Brown Leadership

THE MANAGEMENT TEAM Porte Brown Leadership

INTERNAL COMUNICATIONS About Us

Staff Meetings Porte Brown takes the training of its staff members very seriously, which is why we conduct monthly staff meetings , outside of tax season, that incorporate continuing education sessions as well as updates on current and changing tax laws and regulations. The monthly staff meetings also offer a great way to engage with other Porte Brown staff members and learn from the more seasoned and experienced accountants. CenterPoint Porte Brown’s firm intranet, CenterPoint, has become an essential communication and collaboration tool for its staff members. It’s a resource that increases efficiency by streamlining the information sharing process and reducing the time that’s needed to find documents and procedures. Due to its large number of features and functionalities, its true potential has yet to be reached. Suggestion Box Good ideas can come from anywhere! While many businesses have eliminated their suggestion boxes over the years, Porte Brown has, if anything, doubled down on its use. Suggestion boxes provide staff members an easy way to have their voices heard and offer ideas that can help improve the firm. The next big idea is just a suggestion away, so it’s important to have a tool that can be a catalyst for change and improvements.

GIVING BACK & APPRECIATION About Us

Supporting Our Community The service we provide to our clients' goes beyond providing accounting assistance and financial support. Many of our staff volunteer their extra time to help support causes within the community. Whether it's spending time at a rescue shelter, attending charity events, or joining a non-profit organization, it is essential to stay active within the community and give back to the people who provide the foundation to Porte Brown’s business.

THE LAW OF MOMENTUM

An object in motion will stay in motion until it meets a resisting force. Keep pushing forward.