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Value Creation Blog

An Easy Way To Make Sure Collaboration Happens

Posted by Josh Patrick

enterprise valueI’ve spent the last three years dealing with cancer, cancer treatments and the side effects from cancer treatments.  In many respects going through the cancer gauntlet is very similar to using several advisors to help one get good advice around business strategies.

I’ve learned that as with cancer treatment, good advice for complicated business strategies requires input from several different specialists.  Unfortunately, there often isn’t good communication between all of the different specialists for a variety of reasons.  Some of the reasons are:

  • It’s expense to collaborate.  Clients often don’t want to pay for meetings where several advisors are present.
  • Advisors forget or don’t want to include other specialists in their plans.
  • It’s difficult for advisors to communicate with each other, or at least the advisors think it’s difficult.
  • There has not been a clear delineation of who’s in charge.  If there has been clear lines of who’s in charge, that person often drops the ball of keeping others informed.
  • A professional might have a hard time getting paid for coordination time on projects.  This speaks to clients not always willing to pay the high upfront cost of collaboration.

What I learned recently about making collaboration work with my health issues would follow through well in the business advice space.  I’ve learned that I need to be the coordinator and be the one who keeps the various doctors I’m working with informed. 

I do this by making sure that all my initial communication with my doctors is in the form of email and I copy all of the doctors I work with whether they’ll be involved or not.  (You would be surprised how often seemingly unrelated medical issues bring different comments.)  I also make sure that comments are shared with all doctors by using the reply to all button in our email correspondence.

The same strategy can be used in the private business sector.  The client needs to be informed that they are the team leader.  With this assignment, the owner needs to be responsible for making sure all advisors are copied on correspondence that the owner receives.

In the long run the client will spend less money, get the collaboration they need and have a much better end result.  And, the advisors or at least I would be very grateful to know what the other members on the team are doing and thinking about.

Have you thought about how to make collaboration more affordable for your clients?  If so, I would love to hear what you’re doing to foster collaboration in your relationships.

Josh Patrick

I’ve put together a report on The 7 Myths of the Private Business Owner.  I encourage you to click on the button below to download the report.  If you’re an advisor to a private business, you can learn some land mines to avoid.  If you own a business, you will learn some of the misconceptions that your advisors may have about you and your business.

 myths of the private business owner


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Topics: business relationship management, enterprise value, business exit planning, collaboration, strategic planning, succession planning

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