This is Part Two of a year-long series on establishing an advisory board. For Part One check see the February 3rd post.
One of the steps I take my clients through when we set up their advisory board is assessing the gaps or weaknesses in their senior management team. For many, like me, they are the entire senior management team. Despite having paid staff they still find the experience and talent gaps large in certain areas.
My skill set is accounting, finance and operations. Sure I dabble in the areas of marketing and sales, HR and benefits and a few others but it’s not where where I excel. My previous business was a commodity of sorts…start-up CEOs knew they needed a part-CFO even if they weren’t sure what it was a CFO did (more on the need for better financial intelligence at another time). Selling is very easy when you’re a necessity.
Now it’s all about building a brand around business coaching & consulting, advisory board facilitation and developing financial intelligence in business owners. I chose to bring in a team of advisors that I had seen in action, had the pleasure to work with and respected. I chose people who excel at business development, marketing and sales and understand what it takes to sell a professional service.
Our agreement requests that they serve for a year which is four virtual meetings, be available from time to time for calls and to respond to email. Because we are well known to each other, the last two requests are easily fulfilled all the way around. For my part I agree to promote their businesses, be prepared for the virtual meetings, get material to them for reading in sufficient time and respect their time. At the end of the year we will all reevaluate how and whether we continue.
I should add that I now understand my clients’ anxiety better as I prepare for our first meeting and distribute materials documenting my business vision and what it is I need help with.
Look for future posts where I profile each advisor and their business.
