I often think differently than real people. I think, somehow, we lawyers end up with less common sense than others (it’s probably just me, not you). It might be an affliction resulting from having been to law school. I’m not sure why I see the world the way I see it, but sometimes I just see it my way.
Seeing things my way isn’t always helpful. That’s especially true when the way I see it is wrong. I have a paralegal in my firm that I’ve known for about 15 years. Every once in a while he listens to me and points out how ridiculous I sound. Recently I was going on about how great this prospective employee would be and why we should hire him. James, the paralegal, pointed out how the guy had had 5 jobs in five years. James said the guy would be great – for a year. It’s good to have someone with common sense around.
Another way to get some common sense, and to have a double-check of your thinking, is to set up an advisory board. It’s kind of like having a board of directors without giving up final authority. You can solicit some local people to help you out. I suspect you’ll be surprised at how willing people are to help you grow your business.
Look for board members with business experience. Consider asking former clients to join the board. Seek out another lawyer from a different practice area. Ask some successful business owners. Consider adding a marketing executive, a dentist, a chiropractor and a few others. Shoot for a group of about 8-10 excellent people.
Ask the group to come together quarterly. Plan on a three-hour meeting over dinner. Explain that your objective is to get excellent input and advice to help you do a better job. Have a nice meal catered, with some wine. Meet in your conference room or, if necessary, get space in a private room in a restaurant.
Prepare a report to the board. Explain recent developments in your business at each meeting. Explain the issues you’re trying to resolve. Present a full financial report. Don’t hold back, you can’t get good input without full disclosure. Go beyond the financials. Explain what you’re doing to make marketing, technology and management advances. Answer their questions, fully. Explain why you’re doing what you’re doing. Be clear in delivering your plan for achieving your vision of the future.
Once your board starts talking you need to start listening. It’s nature to explain why their suggestions won’t work. It’s easy to get defensive. Don’t do it. Just close your mouth, open your ears, take notes and listen. You’d be smart to record the discussion so you can listen to it again.
Within 48 hours of the meeting you should send an email to the board and let them know the action steps you plan to take to implement their suggestions. It’s important to let them know you value their input and plan to act on it. Be sure, by the time the next meeting rolls around that you can report on your progress. They won’t stay interested if you don’t follow through on your commitments.
Most advisory boards are unpaid. But, you should treat them well. Send thank you notes and gifts. Do what you can to help your advisory board members at every opportunity. If you treat them well these board members will become one of your most valuable assets.
The benefits of an advisory board are broad and wide. It’s easy to imagine the quick improvement in the operation of your business. It’s easy to see the potential for an impact on your marketing and referrals. There isn’t a downside to building an advisory board. Creating a board will speed you along to the future you desire.
