Practice Management

Critical team meetings

Critical team meetings

We believe the single greatest predictor of your short-term survival, your medium-term growth, and your long-term success is your ability as a team to collaborate and communicate effectively. Given how dynamic, volatile, and rapidly evolving our industry has become, it's your team's ability to challenge your assumptions, admit and correct your mistakes, anticipate your clients' needs, and constantly fine- tune your business model may not only ensure your survival, but also ultimately, your success.

In the past two decades-plus, we have found that our most underutilized and untapped resource is the collective intellect and insights of our teammates, which often lie dormant in even some of our most productive teams. Rather than unlock and mine this resource on a regular basis, we often allow the demands of our practices to so consume us that meaningful collaboration and conversations get swept downstream for another day. Suddenly, we look up and another year has passed, and it's time to start the fire drills all over again.

For the sake of your team, your clients, your families, and yourselves, step off the treadmill once a week, sit down with your colleagues, and as Michael E. Gerber, the best-selling author of the book, "The E-Myth Revisited: Why Most Small Businesses Don't Work"1, has taught us, "work on your business…not just in your business."

Meeting type

Length

Objectives

Daily huddle
  • First thing each morning
  • "All hands on-deck"
  • Each team member speaks
12 min
  • Ensure nothing falls through the cracks.
  • Prioritize critical team objectives for the day.
  • Check individual capacity constraints.
  • Align work based on priorities and capacity.
  • Large teams can bookend two huddles daily.
  • Larger team's staff huddles, then financial professionals huddle.
Expanded Friday huddle
  • Takes place at the end of the week
  • All team members attend
20-30 min

 

  • Establish accountability on strategic initiatives.
  • Review progress relating to key metrics for team performance and success.
  • Discuss accomplishments and challenges from the week's assignments.
Weekly strategy meeting
  • All critical team members attend

  • Enhance and refine your practice

  • Utilize diagnostic and client service toolkits
1.5 hours
  • Benchmark your existing practice.
  • Create capacity structurally and personally.
  • Eliminate low-impact activities.
  •  Expand high-impact activities.
  • Review priorities, commitments, and time frames.
  • Create an annual impact scorecard.
Semiannual developmental meeting
  • One-on-one meeting
  • Relaxed environment
  • Out of office
  • 1.5 hours
  • Discuss progress from last meeting.
  • Discuss team's strengths and weaknesses.
  • Discuss individual's developmental needs.
  • Establish a plan to enhance strengths and mitigate weaknesses.
  •  Senior Partner must listen and probe.
  • Junior Partner must be open and candid.

Footnotes

  • 1

    Source: The E-Myth Revisited: Why Most Small Businesses Don't Work, by Michael E. Gerber, published by HarperBusiness (1995). Used with permission.

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