November 9, 2017
ISSN# 1545-2646
No need to walk the road alone
In today’s ever changing landscape of business, leaders need to expand their center of influence. Yes, this helps in gaining business transaction (sales) but equally if not more important is the circle of trusted advisors you engage in the growth and development of your business.
Who are these resources to walk the path of ownership and leadership with you and your business?
The size, place along the life of the business and complexities of your business and industry will have influence on these resources. In some cases, these advisors are internal resources while in other cases these are third party to your payroll. Without them, it can be the difference between growth or stagnation. Some of your Trusted Advisory Council (TAC) are pretty straight forward. Most businesses enlist the support of a book keeper/accountant/CPA. A good portion of businesses also have some legal support which is typically outsourced. Some leaders have business managers/coaches while others participate in industry groups and forums as a source of input and direction.
This week take a look at your Trusted Advisory Council (TAC). No differently than doing reviews of your staff, you need to look at the relationship path with your advisors. Are they contributing to your company’s purpose, passion and vision? Are they growing their skill set to bring more value back to your business? Have you outgrown their bandwidth – ability to provide the level of support you need?
This is not to suggest that the developed relationship you have with your advisors should be cast aside and bring in a new group of people. No, this is completely contrary to that perspective. You have already made an investment into the current relationship. You know them and they know you which is very valuable. What this does mean is that you need to look at the short and long term deliverable of the relationship. Is the particular advisor skilled to provide the level of support and insights at your future growth objectives? Is your advisor nearing retirement? Will your account will be passed along or sold to a new advisor? As you groom your business to become a more complete asset in your financial portfolio, do you need a different profile of advisors so you can protect your business and set it up to navigate tax implications for your estate?
Take some time this week to make a list of your advisors and schedule a meeting with each of them to review your relationship. You don’t have to walk alone down the path of building your business but you do have to engage the best resources to assist you along the way.
Need help in your advisors review? Call JKL Associates at (313) 527-7945 and engage us to be a long-term business manger to keep you focused and on track to enhance your financial portfolio.
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Posted in Assessments, Business Builder, JKLAssociates, Perpetuation, Promise Culture, Purpose, Talent Engagement, Transition, Vision