Avoid 4 practice management mistakes

Practice management is about the fundamentals of running a professional business effectively and efficiently. However, some advisors forget it’s an ongoing process, and when making adjustments they may make mistakes.

Here are four common mistakes to avoid.

1. Failing to hold regular team meetings

Hold team meetings consistently. That way, your staff will develop good habits.

If you don’t have time to schedule or lead these meetings, delegate it to an associate or assistant with good organizational skills and knowledge of the team. Then, collaborate with that person regarding agenda items for the meeting. This allows you to focus on influencing final decisions.

Read: How to be a good mentor

Ensure each team member has responsibilities for the meeting. Ask your assistant to remind everyone of special dates or events; ask an associate to report the status of all financial plans in development; and ask your advisors to report any top client and prospect to-do’s.

2. Failing to prioritize tasks

Not every task is equal. If your assistant is faced with the choice between a service issue for a top client, or working with a vendor, the service issue must take priority.

Take the major components of your practice (e.g. business development, operational efficiency, wealth management, client loyalty) and outline all the tasks associated with each. This will provide the platform from which you can assign responsibility and associated tasks.

Read: Don’t put your health on the backburner

3. Getting lost in process overload

When policies and procedures begin to take on a life of their own (excessive paperwork; duplicate procedures), ask yourself two questions:

a. Is this procedure necessary for delivering the services you promised in an efficient and effective manner?

b. Is this procedure interfering with growth?

I’ve seen advisors follow up three different ways after a client review, when one would suffice. Don’t get caught up with low-priority internal procedures; spend that time on meaningful personal contact: phone calls, non-business lunches, accompanying the client to an outside expert you’ve recommended, or conducting quarterly review meetings.

Read: 10 ways to build on your success

4. Avoiding tasks

Many managers stick to their comfort zones and this can stall growth. Perhaps they prefer to handle operational issues when they should be creating marketing schemes to bring in new business. Don’t take on tasks that can be delegated.

Leadership involves having a vision for the practice, creating a business plan, establishing annual goals, defining areas of responsibility, delegating effectively, and communicating clearly.

Read: Goals are easy, execution is tough

Matt Oechsli is the author of The Art of Selling to the Affluent. His firm, The Oechsli Institute, does ongoing speaking and training for nearly every major firm in the U.S. @mattoechsli