Bringing on a business advisor can be a great way to get you or your business out of a rut, both financially and creatively. Not only can they help you rework any failing processes or initiatives, but they can also provide inspiration and insights into what might be the “next big thing” for your growing business. However, like with any new hire you make, you’ll want to be thoughtful about your choice and avoid rushing into a decision based on desperation.
To help you find the best fit for you and your business, nine members of Young Entrepreneur Council each discuss one factor entrepreneurs should keep in mind before seeking out a business advisor and why.
1. Whether You Fully Understand Your Business First
Every company has core values, and every entrepreneur should understand all the layers of their business more than anyone who is on their team. For any facet or level of your business, if you as an entrepreneur do not understand what ticks and moves your company and customers forward—better than anyone else—that is why entrepreneurs are failing. Today’s entrepreneurs are focused on the wrong elements. Don’t hire an advisor until you, the entrepreneur, know your business inside and out, or else no advisor can help you become successful. All they will do is advise, and it is your vision that will make your company successful. – Doval Bacall, Bacall Companies
2. How Well They Align With Your Vision
Before seeking out a business advisor, one factor you should keep in mind is how well that advisor aligns with you and your vision. Choosing the business advisor with the best resume is not always the best choice. Advisors aren’t meant to be passive. They often help businesses that have deep institutional problems. Many effective advisors have strong personalities and push for fast and aggressive action to shake businesses out of lulls. That energy can be just what you need when you and the advisor are aligned, but even a little misalignment can lead to constant conflict. When you get suggestions you don’t like, you’ll feel like your vision is being undermined, and the advisor will feel unable to do their job. Spend time with an advisor to ensure that you’re aligned before hiring them. – Matt Doyle, Excel Builders
3. How You Can Play To Their Strengths
Know what the advisor brings to your business, and then spend time with them to play to their strengths. For example, I work in higher education, and we are always looking for introductions to top university leadership. But some advisors are salespeople and others are very uncomfortable selling a new prospect in their network, even when they totally believe in the product they are selling. It doesn’t mean the advisor who doesn’t want to sell is “bad,” but it means they need to contribute in different ways, or they aren’t a fit. As we bring on advisors, we are clear about what each brings to the table and how each can complement the efforts of the company. It then becomes much easier to allocate time toward a common business goal. – JT Allen, myFootpath LLC
4. If You Understand What You Hope To Gain
Before you bring on a business advisor, it’s important to take the time to work out what you’re hoping to gain from the relationship. Your desired outcome will impact who you hire, so it’s an important first step to avoid wasting time and money. Once you have an idea of what expertise you’re looking for, you need to find someone who understands your vision for the company. While you might want someone who will challenge your ideas to help you improve, fundamentally aligning on the bigger picture is crucial. – Diana Goodwin, MarketBox
5. If You Have Clear Goals And Objectives
You need to have your objectives tremendously clear before onboarding a business advisor to ensure two things: 1. The business advisor is the right fit for your company. With clear goals in mind, you will be able to better scope out whether the advisor shares the same or similar values as you and the company. 2. Accountability. You may be hiring them to get your business on the right track, but both sides must know how to be held accountable effectively. Your team must commit to regular check-ins and performance evaluations, and the business advisor must also follow through with what they promise. Can’t do that without clear goals and objectives in mind! – Magnus Simonarson, Consultwebs
6. Whether The Advisor Has Demonstrated Success
When I seek out an advisor, I ask myself, “Has this advisor been successful in the area for which I’m wanting their help?” I think it’s easy to find someone who simply has experience in the industry or product I’d like their guidance on, but a truly valuable advisor is someone who has reached—or helped someone else reach—success. We all can name hundreds of reasons why something won’t work, but a business advisor who has achieved success in my industry will share why it can work while still recognizing all the challenges and roadblocks involved. – Nanxi Liu, Blaze.tech
7. Whether They Are Invested In You Beyond Financial Gain
Entrepreneurs should seek a business advisor with a genuine investment in their success beyond mere financial gain. This investment should include domain expertise, pace matching, accessibility and respect for professional boundaries. The advisor’s integrity is key, and they should be sought for specific consultative needs rather than for a detailed road map. They should facilitate networking, not exploit the relationship for personal advancement. While an advisor won’t delineate the entire path, their insights should meaningfully influence entrepreneurial decisions. – Rui Santoro, Local App
8. If They’re Willing To Challenge You
Find someone who’s willing to challenge you, even despite pushback. A healthy relationship with a business advisor requires a lot of back and forth. It’s important that they’re able to give you their most critical opinion and recommendation for next steps, while you are able to provide more context and proceed with their suggestions or wait for additional feedback. Of course, a committed business advisor shouldn’t be discouraged if you don’t act on their recommendations. It’s their job to continue to be impartial and honest each time they suggest a new change in direction, even if you don’t pursue each idea presented. Ultimately, you want a highly engaged but low-ego advisor by your side. – Firas Kittaneh, Amerisleep Mattress
9. Whether You’re Ready And Open To Receiving Guidance
One factor entrepreneurs should keep in mind before seeking a business advisor is their own readiness and willingness to receive guidance. It’s crucial to have an open mindset and be receptive to new ideas and perspectives. While advisors can offer valuable insights and expertise, their recommendations may challenge existing beliefs or require changes in business practices. Entrepreneurs must be prepared to embrace change, adapt their strategies and collaborate effectively with the advisor. Without a genuine willingness to listen, learn and implement recommendations, the advisory relationship may not yield the desired results. Successful collaboration with an advisor requires a mindset of humility, a willingness to question assumptions and a commitment to growth. – Jared Weitz, United Capital Source Inc.
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