Full Focus Limited
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Takapuna, Auckland
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David Martin: 0274 902 401
Kathy Martin: 027 2800 564
Recent Focus September 2007
Estimated reading time for this issue: under 5 minutes
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Will your business survive without a team of competent and committed advisors?
Just who’s on your outside “management team”? More importantly – do you
even have one? And if not, why not? And what’s the cost of not having one?
The business owner – lonely, tired, harassed … sometimes even scared and confused …. sound familiar? I think it’s something we can all relate to!
Being a business owner can be a solitary job. Sure you’ve probably got people around you – perhaps managers, employees etc. but you’re still the one in the hot seat. You’re the one who has to make the decisions and who is accountable for the effect of those decisions. At the end of the day, the buck stops with you. That’s not always a comfortable feeling.
What you need is someone on your team that you can trust. Someone who’s on your side, looking out for your best interests and that of your business. Better still, a team of committed people.
In the fast paced world of today, it’s more important than ever to have the help of trusted, competent advisors If you’re a family/private business owner you probably don’t have much choice but to engage outside advisors. You’ve no doubt already got some –an accountant, solicitor etc.
Have you become complacent about your advisors? And what are you sacrificing for the comfort of using someone familiar?
Don’t! Make sure your advisors aren’t still on your payroll merely by virtue of length of service! To be of any help to you at all, they must be continually useful. If you pride yourself on your business, and provide first class services or products, don’t surround yourselves with second-class advisors. Make sure you’re not paying top rate dollars for second rate work!
Which kind of advisor do you want – one whose input is positive and creative, or one who’s happy to maintain the status quo?
It’s a great idea to take a good hard look at all your professional advisors from time to time. Make sure you still need them and that they are making a good contribution to your business.
Are they solving current problems? Are they avoiding potential problems?
Make sure your advisors measure up! Make sure they are committed to your success, and the success of your business.
But it’s not unusual for businesses to develop problems that are outside the specific domain of a specialist advisor such as an accountant or solicitor. This is particularly relevant for a family/private business. A whole other raft of things come into play here that never feature in a large publicly owned company. It’s a much more personal ballgame., and we talked about some of these problems in the June issue of Recent Focus .
This is where it’s important to make sure one of your advisors is a specialist in family/private businesses. The kind of expertise and guidance this person can offer is unlikely to be found anywhere else!
For want of a better term – your business coach who specialises in your market – the private or family business.
You’ll need to make sure your business coach is fearless, with an intense interest it telling it like it is – not telling you what you want to hear! You’ll need someone who’s brave and unafraid to ask the hard questions. Someone who’ll confront you, stand up to you when you need it most and not back down! Be prepared to get uncomfortable, but find someone who is prepared to tell you the truth. If you’re the 
senior player in your business don’t banish your coach because he or she won’t do it your way. That’s what they are there for, that’s when they are at their best!
This is why a “board” of advisors is so important (probably better worded as a “group of consultants”) People you can draw on for their individual talents and expertise. Consulting with them regularly will be of huge benefit. Better still, meet with them periodically as a group. They each have their unique talents and their ability to solve a problem (or avoid a potential one) together will be enormous! And remember, your business doesn’t have to be in trouble to gain benefit from such advisors.
If they’re worth their salt, they will always enhance and add value to your business.
A board made up of experienced outsiders will bring a fresh perspective to problems and opportunities that face both you and your business.
The concept of a Board of Advisors is explained in detail in a special report you can request from our website. This report asks "Will your business survive without a board of competent advisors?" and provides vital information on how to choose advisors and ensure they continue to work in your business' best interests.
This special report is available free from this web address - http://www.fullfocus.co.nz/free_resources/whosonyourteamofcommittedadvisors.htm
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