Who advises you in your business? Don't tell me you don't have key advisers you call on when you have something you want to discuss!
Most successful business owners I know have key advisers whom they can turn to discuss important issues, opportunities, problems, challenges or concerns. Sole proprietors have them. Mom-and-Pop business have them. Partnerships have them. Family businesses have them. And, public companies have them.
Without key advisers, you are left to work through your challenges on your own. For most people, it is extraordinarily difficult to work through complex issues, conduct strategic thinking, or make tough decisions without talking to people you can trust.
In Napoleon Hill's famous book, Think and Grow Rich, we are told that Henry Ford reportedly had 13 buttons on his desk with each button corresponding to a different expert that Mr. Ford could call on for advice. All he needed to know was which button to push.
So, if two heads are better than one, then what about four heads? Or twelve heads? Wouldn't you be better off if you had at least four people to turn to for advice on your biggest challenges? As a facilitator of peer group of CEOs and Presidents, I find when an owner has a complex issue and can get 10 people to weigh in with different opinions and advice, then the owner can really benefit from these different viewpoints to formulate the best decision.
At a minimum, every business owner should have at least four key trusted advisers to help navigate difficult decisions. An attorney is there to help you protect your intellectual property, draft contracts to protect you from lawsuits, protect your assets, etc.. An accountant is there to help with tax planning and tax minimizing strategies, to comply with your tax filing requirements, to provide projections and forecasts of earnings, etc. A financial adviser is there to help you preserve and increase your personal wealth over time through diversification of your assets. And your business coach is there to guide you in strategic decision-making, thinking and working with your other advisers, to guide you while establishing best practices in your business, and to motivate you with strategies to increase revenues and profits, and help you balance work/life commitments.
So, here's an exercise. Draw a wheel and on each spoke put the names of your key advisers. If you don't have them, then get them. Surround yourself with either paid or volunteer mentors, advisers, peers, or board members.
Joining a peer group of business owners or trusted advisers has the added benefit of getting input from people who are true peers. Many entrepreneurs would rather get feedback from their peers than consultants and paid professionals because peers usually have no vested interest in the advice.
We can help you form an Advisory Board. You can join one of our Peer Advisory Boards. Or, we can introduce you to professionals that will be a good fit for you and your business.