Enabling Your Advisors, Board Members, and InvestorsChris Schwalbach · November 16, 2016 · 2.4 min
Do you have board members, investors, and/or advisors? Are you optimizing the manner in which they can assist you in building your business by efficiently leveraging their expertise? They are intelligent and experienced, which is hopefully why you brought them on in the first place (in addition, perhaps, to their access to capital J). Make sure your relationships are not causing you pain, or seemingly slowing you down, because you have a bad process in place. Instead, foster these relationships and leverage their expertise to help accelerate the growth of your business.
Below are six fundamental steps to help get the most from your key advisors:
- Regularly report your financials and KPIs. Make sure to communicate this information, containing just enough for them to weigh in, highlighting any issues to discuss, and letting them know what’s happening in your business. A proper month end reporting package along with some management commentary on what happened in the period, should take care of this.
- Keep a regular cadence of communication. In addition, make your communication efficient, and succinct. Everyone is busy, so leverage both your and their time as best you can.
- Communicate the good news. Share it, but don’t inundate their very likely full inboxes. Some small wins, in addition to the big ones, are always nice to hear. It could even be as simple as a quick email saying “we won the Texas Deal!”
- Also communicate the bad news. This is way less fun than the good news, but often much more important, as it regularly comes with a problem or challenge to tackle. In particular, if you would like some help, communicate the issue clearly, with facts, and any possible solutions you may have.
- Be a real person. When you can, get to know each other. You are in this together to build an empire, and while we’re all working hard, we’re still just people. It’s always nice to be able to connect on both a personal and professional level. Building a strong relationship is not only fun and rewarding, but it can actually help get you the attention you may need, as we’re all more likely to help a friend than someone we don’t know, right?
- Agree and be excited about the fact that you’re in this together. As the saying goes, ‘teamwork makes the dream work’, so promote teamwork here (and throughout your business), and take advantage of how much more powerful you can be with the support of a great team.
A good relationship with your board members, investors, and/or advisors will make your life easier, and enhance your business. Use these 6 tips to ensure you create a good process to foster the best relationship possible to leverage their knowledge and expertise. Trust me, you’ll be happy you did.
By John Rose
AVL Growth Partners, 2016