Wednesday, November 24, 2010

Your Team of Advisors - An Important Part of Business Planning

There are many different aspects of business planning that every owners will at some point need to address. Most are familiar with marketing and financials but when it comes to drafting the management piece one area that tends to be underdeveloped is that of the advisory team.

Do you know how a team of advisors bring value to your team? Let's take a look at this important part of business planning to see how these professionals strengthens companies.


First, there is a proverb that says "Wisdom is found in a multitude of counsel." This suggests that it makes good sense to seek the advice of others who can maturely guide you in getting the results that you want to achieve. Advisors possess wisdom that comes from having insight into a particular area which will help you plan and implement successful business strategies.


Next, when it comes to advice whose is the first that you normally trust? It's probably your own, right? After all, if you cannot trust your own instincts, then who can you trust? But listening solely to your own opinions at all times produces biased results.

Humans are creatures of habit and tend to do things within their comfort zone which is not the way to build a sustainable business. Instead, aim to create a team of advisors that will help you push past the limits, come up with new ideas, and hold you accountable for reaching them.


Finally, advisory teams are there to support your success by providing their expertise. Build a team from diverse industries so that you receive a holistic view of business The areas that you want to cover are law, accounting, banking, insurance, finance, marketing, and management.

Look for someone with experience in each of the following professions and you will have a solid foundation to create a business that thrives.

If you are unsure where to find the ideal people to fill advisory vacancies start by contacting other business owners that you trust. If you regularly network in small business forums pay attention to what's being said and by whom.

Many times you can glean great information just by listening to the wisdom that's right at your finger tips. And if none of these sources produce any leads remember to try out your local Chamber of Commerce where a host of industry specific professionals meet and network.

By : Benita_Tyler

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