Is Your Advisory Business Ready for AI? Crafting the Right Policy

That title is now one of my favorite questions to ask my personal clients and any other business owner I come across in my travels.

This is a different question than I addressed in a past issue of this newsletter focused on strategy. Here I am asking about right now…this very moment.

A couple of things:

  1. You need a company AI policy right now. Yesterday was better, today is good and tomorrow is a problem.
  2. The policy might be as simple as this: We don’t exactly know what AI means to our business, but we have a team dedicated to exploring its implications now and in the future.

There is no time to wait on this issue. Let me scare you to death a little bit.

AI and HR – the savior for attorney’s ongoing revenue.

Here is a quick sample from Perplexity.ai (you aren’t still googling for information anymore are you?  Don’t be an ostrich and/or a dinosaur).

  • Increased Risk of Discrimination Claims
  • Emerging Legal and Regulatory Landscape
  • New Compliance Obligations for Employers
  • Evolving Liability Issues
  • Need for Proactive Risk Management
  • Changing Nature of Employment Litigation

That is just HR…

You don’t want to be stuck making carriages when everyone is buying automobiles.

We are past the tipping point on this even though many of you don’t realize it.  I think there are three types of business owners out there when it comes to AI:

Scared to death of it and trying to ignore it until you can sell and get out (not going to work in most cases unless you can sell right now).

  1. Scared to death, know you need to do something, and paralyzed because you don’t know what to do (get a guide…I know a few so ask me below in the comments or DM me)
  2. Scared and angry because you see the opportunity but don’t know how to take advantage of this disruption window to win more market share and increase profit and company value.

Which business owner are you?

The answer should compel action and the time is now.  I really encourage all the business owners to do two specific things:

  1. Get your own ‘Pro’ account with one of the AI providers (I really enjoy Perplexity.ai)…there are many.  Stick to the big ones and you will be fine.  Take time to learn how to ask it questions instead of searching the old way.  I ask for it to generate reports, put together summaries of difficult subjects, and other longer questions that blow ‘Google’ out of the water.  In fact, some of the greatest value is what happens after your first question when the AI prompts you with some follow-up questions to consider.
  2. Form a team of your very best people around AI and task them with applying it to every single aspect of your business.  This is perhaps the most valuable strategic planning you can be doing right now…it will drive revenue and growth.

Teaser: My friend Walter Pollard, a fellow OG member of the Sales Enablement Society back in the day, is going to be starting to share a bunch of innovative content on AI and the SMB market.  I will be highlighting it and sharing it later this week so make sure you got me on follow and Walter as well.

I make no apologies if this post scared or alarmed you…in fact, I would be ecstatic for that result.  You need to wake up and start leading now.  AI is already in your business and is already being used for and against you and your clients.

Bonus tip: organize a roundtable meeting for your best clients (if you sell to business owners) and friends who own companies, and take a few hours to ask questions and learn from each other…I guarantee it will be worth it.