Someone who has built a company and successfully transitioned it through the many life cycle phases of a product and building a business ...... someone who will work with you to create a personalized approach you can count on to fit your style and needs ..... Helping you manage the right mix of working "on" your business vs just working "in" it.
Too much time working "in" the business will increase the odds that the light at the end of the tunnel you travel through from one phase of business building to the next will be a train coming right at you rather than a successful journey to the next stage.
The right advisor for you is a confidant & collaborator who understands the context of the things you face. Helping you anticipate and address the issues as well as the emotional & psychological challenges that lie ahead. The right advisor will not only help you with some of the ongoing strategic decisions you will face, but will be "up to speed on your world" enough to "roll up the sleeves" and increase your bandwidth. Playing a role when you or one of your team don't have the time to move a project forward.
This “been there ally” will help you anticipate the obstacles & requirements for success ahead. Supporting your need to stay rooted in the present while guiding you through the operational challenges for getting to the next level. Always focused on your development & accomplishments.
Once you find the right person, consider the process you will use to optimize your time and effort to keep your advisor "up to speed" .... so he or she always has an understanding of the background on anything you need advice and support with. The following is a framework I have found to be a good starting place to adjust and personalize in a way that is best for you:
Monthly Review - meet once a month and discuss things that you are .... or will be facing. Consider a framework like the following:
Industry
- What changes are taking place in your industry that will have a positive or negative impact on your area of responsibility?
- What impact will the changes have on your company if you take no action?
- Are the markets generating 80% of your business growing or shrinking?
Customers
- What are prospects/customers expectations of your company and staff ... by customer segment?
- How do these expectations compare to and/or perform in comparison to competitors today?
- How is the customer/prospects buying process changing .... especially as you consider different customer segments?
- What early warning signals are you aware of that could negatively impact your key customer relationships?
- Is the average size of your "orders" growing or shrinking?
Competitors
- Who are they?
- How are they different than your company?
- Are they growing? Are they failing?
- Who are you worried about?
- Who are their key customers?
- Who are their key employees?
- What/how much influence are they having on your customer segments, revenue streams, margins and why?
- What obstacles are they creating for you in getting and keeping customers?
- What actions should you be taking, by whom and when?
Technology
- What technology application can give you a competitive advantage?
- What technology application in the hands of a competitor will harm you?
Costs
- What cost line items are rising faster than you are comfortable with?
People
- What are the symptoms/clues of people being turned off?
- Who are best in your company and why should they stay 3 more years?
- Who are average and have the potential to perform better?
- Who are the weakest links and why should they leave?
Basic Recurring Problems (BRCs)
- What problems keep happening and nothing is being done about it?
- What are the root causes for these problems?
- What corrective action should be taken by whom and when?
Resource Allocation
- Are resources being focused on the right customers/prospects?
- Are resources being focused on the right products/services?
- Are resources being focused on the right activities?
Other Questions to Consider
- What major opportunities do you see ahead?
- What is your single biggest problem?
- What is the major threat you see for your businesses and/or your area of responsibility?
- If you could change one thing, what would you change?
- Where is your biggest revenue producing opportunity?
- Where is your biggest cost reduction opportunity?
- What are you spending most of your time on over the next 3 months?
- What things are you now doing that you would like to stop doing or would like to turn over to someone else?
- What one thing is bugging you right now?
Keep Your Advisor Connected on Regular Basis
Look for ways to ensure your advisor has the right "database of intelligence" when it is needed to support your needs.
- Send him e-mails/attachments providing background he can read on a regular basis.
- Have him attend select meetings to gain understanding of select topics and staff.
- Phone, face meeting or email to keep up to speed on select topics so your advisor can be considering feedback for when the time is right.
Select Activities/Specific Role
As you look to personalize a framework to access and use your advisor, time can be set aside weekly or monthly to address your needs.
Proactive Advice and Feedback
The right advisor will always be "mentally" engaged/focused on your challenges and opportunities and looking for ways to add value.
Last but not least, I recommend you create a monthly retainer relationship with the right advisor. When done effectively, this method is fair to both of you. It protects you against spending more than you want .... and enables the advisor to invest time and effort and to be mentally engaged on a regular basis using his knowledge and experience for you and your objectives .... without either one of you worried about a time clock.
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