How to utilize advisors when entering a new field of business?
Your company has created a potential spin-off but no one in your team has the needed expertise to make it fly?
This was the case with one of BOARDIO customers. This company operates in B2B but had invented something with major business potential in consumer market. There were some clear synergies in the production and thus the company wanted to keep the business inhouse.
The solution was to find an advisor with track record in building strong cunsumer brands. We found 15 candidates out of which company interviewed four and finally started to work with one. This person had both consumer market expertise but also domain expertise in the needed industry. A very good match indeed.
When entering a new field of business, it can be helpful to seek out advisors who have experience and expertise in that particular field. Advisors can provide valuable guidance and insights that can help you navigate the challenges and opportunities of your new venture. Here are some tips for how to utilize advisors when entering a new field of business:
- Develop a clear understanding of what you want to achieve with your new business, and what specific areas you need help with. This will help you identify the right advisors for your needs.
- Identify and create ideal advisor profiles. This could include industry leaders, successful entrepreneurs, and other experts who have relevant experience and expertise in the field you are about to enter.
- Get in touch with us at Boardio to find potential advisors. Explain your business idea to the advisors and what you hope to achieve. Be clear about what you need help with, and ask if they would be willing to serve as an advisor to your business and under what terms.
- Once you have identified a few advisors who are willing to help, establish clear expectations and goals for your working relationship. This could include regular meetings or check-ins, specific tasks or responsibilities for the advisor, and any other expectations or requirements.
- Engage with your advisors regularly, and seek their advice and guidance on key decisions and challenges. Be open to their feedback and suggestions, and be willing to adapt and pivot based on their input.
Overall, utilizing advisors when entering a new field of business can be a valuable way to gain valuable insights and guidance that can help you succeed in your new venture. By identifying the right advisors, establishing clear expectations and goals, and engaging with them regularly, you can take advantage of their expertise and experience to help your business grow and succeed.
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- Handbook on Advisors