If you have the opportunity to get great advice from a team of established business professionals and industry veterans, people who have lived, breathed, touched, and experienced the journey you are about to embark on – wouldn’t you? When you have a business advisory team to challenge and motivate you, you hold the secret weapon to long-term business value and personal and professional success.
But first you have to establish your team. Here are some tips that should help point you in the right direction.
Establishing A Core Group of Advisors
Although the makeup of the group could change or adapt depending on the needs of your business, usually the business advisory group will consist of a CPA, an attorney, a banker and a financial planner. Your advisory team has to be able and willing to have the crucial conversations necessary to facilitate real growth and change – and you need to be willing to hear all their opinions. Even if you don’t agree with some of the opinions that may be expressed, be an active participant in the conversation. Sometimes these dissenting opinions will become the catalyst for achieving some major milestones.
Trust that you’ve put together a strong group of advisors with a wide range of skills and experiences needed to take your business to the next level. The journey may, at times, be a little bumpy, but if you all stick together, the destination will be worth it.
Your Business Advisory Meeting
Meeting with your business advisory team should be more than a scheduled play date. You should have a plan for how the meeting is going to flow.
Remember that this meeting is a strategic session that will focus on the tactics necessary to fulfill the goals you’ve established for your business. This is not a time to look back at your prior year’s financial statements or tax returns. This is your chance to look at the stuff that you don’t get to touch every day because you have been too busy working in your business – rather than on your business.
To ensure that your advisory team leaves the meeting with a concrete action plan, make sure to come to the meeting prepared with an agenda. To maximize your success, everybody should have a clear picture of what their next steps are and what should be ready to the group at the next meeting.
It’s not always easy to stick to an agenda. Everybody has an opinion and new ideas will sprout from seemingly nowhere. Consider appointing an advisory team quarterback who can ensure that the meeting topics and decisions that materialize are consistent with the company’s mission statement, vision statement and core values. Your quarterback can also reel in the team when talks begin to become a little one-sided.
Want more? Listen to episode 25: the advisory advantage: a left-handed fireball pitcher for your business on unsuitable on Rea Radio and find out if a business advisory team is right for you and your business.
By Dave Cain, CPA (Dublin office)