No, I’m not talking about that sweet spot of agricultural land in central Qld or northern NSW.  Don’t ask me which is the real one.  (I’m going to back Queensland every time!)

I’m talking about the sweet spot in business when your accountant, lawyer & banker work together for you.

It’s no secret that I’m obsessed with successful business.  When I began my legal career in Brisbane, I realised that working in the commercial department gave me a unique opportunity to watch and learn from successful business people.

As I plugged away preparing documents for the more senior solicitors, I started to understand financials, took notice of what assets and liabilities successful business owners held. Where did they invest their money?  What annual profit did they make?

I started to think, what set the uber successful apart from the average successful Dad & Mum business?  What makes one business more successful than another?

After years of pondering this question and looking for trends, there is one trend that stands out for me.

Successful people use advisers in their business.  The cough up the dough, but then expect those advisers to deliver.  If they don’t deliver, they find another who does.

In my experience successful business owners meet with their accountants, lawyers and bankers – all the time.  They have them on speed dial.  Every critical decision in their business gets passed through the adviser gate.  Meaning they capitalise on opportunities and neutralise or prepare for threats.

Their advisers know each other well.  Their advisers meet with each other and talk to each other without the business owner being involved.  The business owner sets the target and then the adviser “team” gets it done.

They have financial advisers, HR consultants, coaches, mentors and everyone between.  They leverage other people’s skills to supplement their own. How many of you are experts in every field in your business?  I’d rather focus on what I do well and let the rest of my team focus on what they do well.

Next time you are making a critical decision in your business, I challenge you to:

• brief your accountant, lawyer and banker

• get them in a room together; and

• watch the magic happen.

Birds of a feather flock together. So, make sure your business flock is extraordinary.

No, I’m not talking about that sweet spot of agricultural land in central Qld or northern NSW.  Don’t ask me which is the real one.  (I’m going to back Queensland every time!)

I’m talking about the sweet spot in business when your accountant, lawyer & banker work together for you.

It’s no secret that I’m obsessed with successful business.  When I began my legal career in Brisbane, I realised that working in the commercial department gave me a unique opportunity to watch and learn from successful business people.

As I plugged away preparing documents for the more senior solicitors, I started to understand financials, took notice of what assets and liabilities successful business owners held. Where did they invest their money?  What annual profit did they make?

I started to think, what set the uber successful apart from the average successful Dad & Mum business?  What makes one business more successful than another?

After years of pondering this question and looking for trends, there is one trend that stands out for me.

Successful people use advisers in their business.  The cough up the dough, but then expect those advisers to deliver.  If they don’t deliver, they find another who does.

In my experience successful business owners meet with their accountants, lawyers and bankers – all the time.  They have them on speed dial.  Every critical decision in their business gets passed through the adviser gate.  Meaning they capitalise on opportunities and neutralise or prepare for threats.

Their advisers know each other well.  Their advisers meet with each other and talk to each other without the business owner being involved.  The business owner sets the target and then the adviser “team” gets it done.

They have financial advisers, HR consultants, coaches, mentors and everyone between.  They leverage other people’s skills to supplement their own. How many of you are experts in every field in your business?  I’d rather focus on what I do well and let the rest of my team focus on what they do well.

Next time you are making a critical decision in your business, I challenge you to:

• brief your accountant, lawyer and banker

• get them in a room together; and

• watch the magic happen.

Birds of a feather flock together. So, make sure your business flock is extraordinary.