7 essential rules for building your business

In an advisory business, perhaps your most valued asset (other than clients and your team) is your time. As your success and brand grows, more people want more of your time. You have to manage your time sparingly and leverage your team as much as is sensible. Delegate and relentlessly prioritize your time to only those activities most important to your firm. The truth is there will be less time as you grow and become more successful. Building good time management habits as early as possible in your business life cycle will pay major dividends down the road.

It’s in most of our human nature to dislike confrontation. It’s not easy to tell people they are not doing a good job or that it’s time to move on. My experience is that, most of the time, you usually have good people in the wrong roles and, unfortunately, when that happens change needs to occur. Be relentless in upgrading your team whenever possible and never under hire. The best teams usually win, not just the ones with a few star players. Build and enhance your team at every chance.