How to use advisors for growing the company?
Sometimes growth just gets stuck and seems to be impossible to reach the targets with the skills you have.
This was the case with a company in facilities industry. They had ambitious plans for growth but faced some difficulties in reaching the targets. Although they were a bit hesitant on the idea of an external advisors, they wanted to give it a try. They had high level of standards for advisor and required, among other things, managerial experience in the industry. First few candidates we found were not quite on the required level but then we found a senior industry expert who was exactly what the company needed. Steady growth each quarter ever since.
There are many ways that you can use advisors to help grow your company. Some potential strategies include:
- Use advisors to fill skill gaps. Make an analysis on the skills you have in your team vs skills needed to reach the targets. This gives you a list of skills advisors should have.
- Seeking out advisors with expertise in areas where your company is looking to grow. For example, if you're looking to expand into a new market, you might want to find an advisor who has experience in that market and can provide valuable insights and advice.
- Leveraging the networks of your advisors to help connect your company with potential partners, investors, customers, and other stakeholders who can help drive growth. This "door-opener" case is very typical role where advisors are used. Advisors have the needed network and thus making intros is not a laboursome task for them but provides huge value for a company.
- Use advisors as sounding partners. Asking your advisors for their thoughts and feedback on key decisions and strategies related to growing your company. They can provide valuable perspectives and help you avoid common pitfalls.
- Make sure advisors have all needed info and tools. Providing support and guidance to your advisors to help them be as effective as possible in supporting your company's growth. This might include providing them with regular updates on your company's progress, as well as giving them the resources and information they need to be effective.
Overall, the key to using advisors effectively is to treat them as an extension of your team, and to involve them in the decision-making process as much as possible. By doing so, you can tap into their expertise and experience to help drive the growth of your company. Specially in the beginning of the advisor relationship it is crucial to have frequent communication with the advisor to get them up to speed.