Posts Tagged ‘Sales’

It’s Lonely At The Top …

Tuesday, August 23rd, 2016

A Business Advisory Board Can Help

Small Business Advisory Board | Ohio CPA Firm

Excellent leaders seek out excellent advisors and the best advisors for your business are those who fill knowledge gaps within your company. They will also not be afraid to share their opinions and offer differing perspectives. You may not always like what they have to say, but you will be a better leader for hearing it.

It’s not uncommon for small business owners or CEO’s to feel like there is no one they can turn for help, advice or validation.

Fortunately, a business advisory board can help. Business leaders who consult an advisory board not only gain camaraderie, they gain ready access to experts in a variety of fields, such as marketing, sales, financing, and others. Not to mention a valuable multi-perspective approach to your day-to-day managerial duties.

Read Also: 5 Best Practices For Taking Your Business To The Next Level

Business Success Is A Team Effort

Not ready to commit to utilizing a business advisory board in all aspects of your business? That’s fine. Start small instead. Many successful boards are originally formed with a very specific goal in mind – such as the implementation of a new strategic plan.

And you don’t always have to look exclusively outside of your business for help. Consider tapping members of your management team for specific organizational reports. Each advisory board meeting could begin with members of your management team providing updates on assigned areas, such as finances, operations/production, human resources, IT, and sales & marketing. This portion of the meeting will ensure that everybody is on the same page and will encourage your management team to buy into the advisory process. Later in your meeting, set aside time to speak confidentially with your advisory team. Doing so will provide everyone with the opportunity to speak candidly.

Say ‘No’ To ‘Yes-Men’

If you don’t trust the members of your advisory board, the initiative will not be effective. You need to go into advisory board meetings ready and willing to share sensitive information about the business, as well as personal information about yourself. If you don’t trust your board, you are unlikely to tell them everything they need to know to provide you with the best advice possible. Your board should consist of the following experts:

  • An attorney
  • An accountant
  • A banker
  • Experts in Marketing, HR and/or IT
  • Other successful entrepreneurs from other industries
  • Potential customers

Optimally, you should try to keep the group small and close-knit. More than six advisors on your board are not recommended as the productivity of the team is likely to take a hit.

Know Your Limitations

Excellent leaders seek out excellent advisors and the best advisors for your business are those who fill knowledge gaps within your company. They will also not be afraid to share their opinions and offer differing perspectives. You may not always like what they have to say, but you will be a better leader for hearing it. You can’t do everything and you can’t be an expert on every topic or every issue that comes across your desk. But an advisory team will help you get there.

Set Expectations

Even though advisory boards are more informal than boards of directors, it’s important to set expectations and ground rules on any time expectations, responsibilities and duration of service. Consider a written document outlining your board’s responsibilities and logistics, such as meeting frequency, expected time commitment and compensation, if any. Quarterly meetings as a group with individual meetings as needs arise is a good framework.

Remember, your business advisory board does not have authority to make business decisions; it will offer advice that you can either take or dismiss. Speak frankly about your business goals are and explain that you don’t expect them to take on an active management role or assume any liability for your company or for the advice they offer. Providing written indemnification for each participant is appropriate.

The advisory board experience should be interesting and beneficial for all involved. Being on your board will expose members to new ideas and perspectives, and also offers mentoring, networking and social opportunities that make the experience worthwhile. At the very least, you should cover any expenses members incur to attend meetings, and provide meals when you get together. You could also consider a per-meeting fee that might range from a few hundred to a few thousand dollars, depending on commitment.

Email Rea & Associates to learn more ways a business advisory board can help you become a better business leader.

By Chris Roush, CPA (Millersburg office)

Are you looking for more insight into the effectiveness of a business advisory board? Check out these articles.

Getting By With A Little Help From Your Friends

Why It’s Important To Have A Good Banker As Part Of Your Business Advisory Team

This Is An Intervention – Step Away From Your Business

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Who’s Driving Your Business’s Results?

Monday, May 9th, 2016
Jeremy Senften | unsuitable on Rea Radio | Ohio Accounting Podcast

Jeremy Senften, CPA, CGMA, Rea’s chief operating officer, joins Mark Van Benschoten on an episode of unsuitable on Rea Radio to talk about the benefit of tracking your business’s success. Listen to episode 31, “Bet On Your Business By Scoring Your Success,” now!

Businesses that drive consistent revenue growth are able to do so because they have honed in on the importance of working with their teams to drive measurable results. And, believe it or not, it’s not rocket science! Take a look at these three tactics for tips to help you achieve the growth goals you’ve been working toward.

Listen To Bet On Your Business By Scoring Your Success on unsuitable on Rea Radio

Place Your Bet

If you had to bet that one particular action would drive the results you are looking for, what would that bet look like? For example, if your goal was to increase your company’s sales, I would be willing to bet that increasing the number of calls your team makes to customers would bring you closer to reaching your goal. Placing your bet on a particular initiative will help you identify where you need to focus your efforts and work you do to reinforce the bet will help you achieve the goal.

Keep Score

Just because you are not keeping score in the traditional sense, doesn’t mean somebody else isn’t tallying up points. Generally speaking, we like to keep score because we like to know if who is winning. As competitive beings, people like to see what the others are doing. That way we have an idea of what we need to do to one-up them. Companies can harness this drive and put it to good use when it comes to driving desired results in your business. Tracking your success is so important and communicating these results is just as critical. Your team wants to know how what they are doing has an effect on what is going to happen and how those results impact the big picture. It’s your job to show them.

Communicate

If you aren’t constantly communicating news, results and other critical information, your efforts are doomed to be chalked as just another “flavor of the month.” You’ve likely make a significant investment in this particular initiative, so it’s critical that you talk it up – and often. Some people say that a person has to hear something seven times before it actually “clicks.” I like to joke that you should talk about it until you are tired of talking about it … then mention it 10 times more. You shouldn’t be the only one delivering the message either. Try to establish a team to champion your message to encourage others to take ownership of the initiative as well.

Are you looking for more insight into the goal-setting (and achieving) process or would you like some additional clarity on the points above? Listen to my interview with Mark Van Benschoten on unsuitable on Rea Radio and “Bet On Your Business By Scoring Your Success.”

By Jeremy Senften, CPA, CGMA (New Philadelphia office)

For more insight into achieving business growth, check out these articles:

From Good To Great: How To Create A Strategic Plan That Propel Your Business Forward

If It’s Going To Be, Then It’s Up To Me

Measure Your Operations With Key Financial Information

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