Mark Opperman, CVPM
|
To be successful in any business, you need to surround yourself with individuals who have the expertise you lack. No one's
an expert in everything, you know. You've heard it before, but the true test of intelligence is whether you can admit how
little you really know.
You need at least three advisors—an accountant, a lawyer, and a management consultant. Together these people possess the skills
and knowledge to help your practice succeed. True, building a business team may not be as glamorous as taking orders from
a mysterious man named Charlie. But taking this step will help you reach your goals for your business.
Hiring your team of advisors
This big step is the one most practices are least familiar with. Ask any advisor you're considering hiring about his or her:
- Fee structure. Yes, you have a right to ask how much you're going to pay. Most expert advisors charge by the hour or by the project. And
they may charge different hourly rates depending on who works on your project—a bookkeeper or junior lawyer vs. an accountant
or senior lawyer. So be sure to ask about the maximum amount they'd charge for their services.
Accountants will provide an letter that puts their services and the associated costs in writing. Never hire an accountant
without this. Some advisors will provide you with an engagement letter that also states the scope of work to be provided and
the associated costs. Visit vetecon.com and click on Web Exclusives to download a sample engagement letter.
- Availability. How accessible will the accountant, lawyer, and consultant be when you need them? Let's say the IRS just walked in the door
and demanded all your financial records from the past three years. So you call your accountant. But he's out of town. Or you
discovered a team member who was helping herself to your inventory and you need to know how to proceed legally. Where's your
lawyer?
|
You have to be reasonable about this, but you also don't want to get into a sticky situation with no help. So talk to advisors
about these kinds of scenarios up front.
- Communication skills. This is a big one: How well do your business advisors communicate with you? Do you understand the advice, or do they talk
over your head? If you have a business advisor who presents information in a way you don't understand, don't hire that person.
As a veterinarian you must talk at a level clients understand. If clients fail to get it, it's not their fault—it's yours.
If your lawyer, accountant, or consultant communicates with you and you don't understand what they're saying or how to apply
that information to your practice, it's not your fault—it's theirs. They aren't providing you with any value and I would terminate
the relationship.
- Approach to service. Your advisors shouldn't do everything for you. They'll do what they're best at and ensure that you and your team can do the
rest. For instance, you don't want to pay an accountant to do your payroll or bookkeeping. You can hire a payroll service
or do the bookkeeping in house.
Featuring Information from:
