This afternoon in my office at 2pm will be the first Non Exec Directors (NEDs) meeting for my practice. As I mentioned in one of my previous blog, the NEDs are my sister and my brother. They are both experienced and will provide a highly valuable input. The intention is to have these meetings on a quarterly basis.
On the agenda today is
- Where the practice is up to day (fee level, client type, systems, staffing)
- Expansion plans - where I want to take the practice
- How does the above fit in with the marketing plan - ie how do I get there
- Discuss and finalise the marketing plan
- Agree quarterly report(s) for our meetings.
As sole practitioner it is important for me to have these type of exchange.
I am looking to forward to exchanging ideas and in particular hear their views.
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So...
how did it go? Was it worth having? Do they agree with your ideas / have alternatives?
Someone to bounce ideas off is always a good thing. I just wish my dog would respond sometimes :)
Sibling rivalry?
Sorry for the late response Flash.
It was an uncomfortable meeting. This was because:
We have not talked business formally beforeWe were also trying to point score each other
Despite this it was well worth having the meeting. Both the siblings made excellent points that I did not even think about. Further, we agreed KPIs for my practice that I would report on in quarterly NEDs meetings.
We also discussed and ageed the how much and how of practice expansion.
I am sure our business relationship will improve over a period of time.
Family?
Would it be possible to put a non-family member into the mix? The simple addition of one such person could do a lot to negate any negative dynamics that could (and probably will) arise as a result of thrusting family members into a new relationship setting with a new (and previously unexperienced) range of dynamics.
I respect my brother greatly. And there is no way I could have a meeting with him where my business was the thing under discussion.
WS.
Outsider
Thanks for your response WS.
I think bringing is an outsider is a good idea. My problem is finding someone who does not expect a lot to be paid.