Smart business leaders know that hiring employees who possess the right level of talent and skill is the foundation of any successful company. Without a team who can build, manage, and execute goals, no company could ever navigate beyond the “idea” stage. These same leaders also recognize the importance of utilizing talent outside of their business, in addition to their in-house teams.
Outside talent can come in the many forms, either through a consultant, mentor, or an advisor, and their goal is to help set the course of a business whether it is to increase sales, enter a new market, or raise a new round of funding. Advisors are particularly useful in providing strategic guidance because they often already have experienced similar situations with their own companies and offer insight from their past experiences. To start, business leaders should first consider what challenges or opportunities need addressing, then select advisors based specifically on those needs.
Using expert advisors may be the single biggest advantage for businesses this year, and here’s why.
Advisors play a critical role in providing expertise specific to the company’s most pressing needs. Once those needs have been identified, you can seek out advisors with even the most niche skill set and work one-on-one with them to ask questions, strategize, as well as map out and implement plans. The knowledge these advisors offer often includes deep domain expertise, pertinent experiences, and key lessons employees within the company don’t have.
Having an unbiased perspective can be an invaluable asset. Employees, including other executives, are often too personally vested in the company to see issues from a neutral standpoint. Outside advisors provide a fresh outlook on challenges and offer new approaches to problem-solving.
Advisors also serve as a mentor whenever the CEO or business leader needs a second opinion. Business leaders are free to brainstorm with their advisors openly and receive complete and honest feedback.
Introductions and connections
Advisors are well-connected executives, respected in their various industries and fields. The peers and contacts they’ve made over the years are now available to you. Depending on your specific needs, a couple well-placed calls by your advisors could open the wallets of some key investors, introduce you to a potential partner, or secure a coveted speaking opportunity at your industry’s most prestigious conference.
The beauty of hiring advisors is that you can have as many advisors as you want, for as long as you like. Your relationship with an advisor is more informal than working with your board of directors, so you are able to use them for key decisions or for much more hands-on, tactical advice.
This is why organizations of all sizes are turning to AdvisoryCloud to help them build and manage their advisory boards. With access to thousands of vetted advisors and a platform that makes it easy to search, build and meet with your advisory board AdvisoryCloud is the best solution for most businesses.
Fill gaps in business
Startups will see the greatest benefit to this, but companies of all stages may encounter a time when there is a gap in knowledge within an area of the business. For instance, startups may need market research advisors to analyze where their greatest opportunity for growth lies, while a company on the verge on an IPO may need a financial advisor to guide them through the process.
Prioritizing business needs, then finding the right talent will better align business leaders with their goal of building a thriving company. While none of this is to say outside council is more important than having internal employees skilled at their jobs, there is a significant benefit in working with someone unattached to the business’ day-to-day operations because they can look at the business from the top down – providing invaluable insight into issues or challenges those within the organization can’t see.
Start an AdvisoryCloud
Solve your biggest pain points with feedback from experts
See what you qualify for with our 2-minute assessment