Entrepreneurship: 20 lessons in 20 years: Lesson 16 – Lack of rhythmic, well-designed meetings

Two partners in a business sat opposite each other, facing each other in the same office, for five years before their business collapsed. I was asked by a common friend to try assist. My first question to them both was how often they met as partners to discuss their business? They looked at me confused, and responded that because they were in the same office, they spoke every day, many times a day, about their business. They didn’t have a scheduled meeting per se.

I then asked them both to separately answer five questions on a piece of paper. What are the three biggest issues in the business in order of priority? Who do you think will be the next employee to leave the business? How much revenue do you want this business to be making in the next five years? Which product do you think will be the most important product in the next five years?

Verne Harnish, one of the great thinkers on scaling business, is obsessed with the concept of rhythm. According to his teachings, if a business does not have rhythmic, scheduled meetings with agendas, it is a strong indicator that the business is not a good investment candidate. No rhythm means no order and no predictability. No agenda means a chat versus a meeting with outcomes.

Meetings, in my opinion, get a bad rap. In instances where there is a meeting about a meeting or an informal get-together for a chat then meetings do deserve that bad rap. But when meetings are rhythmically scheduled and have a well-designed agenda, they are one of the most important tools entrepreneurs have at their disposal to drive strategy and communication.

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