There are many resources for startup and growth company CEOs today. Here are five tips to determine if you are ready for an advisor for your business.
1. Do you know enough about the company and its current state to know what problem you need help with most?
In the early stage of the business there are many areas in need of attention – team, product, IP, fundraise etc. It’s not possible for one advisor to coach all on fronts. It’s best to pick one problem and focus the advisor on that issue. It should be the issue in which the CEO has the least skill and experience.
2. Are you genuinely interested in learning a new solution instead of finding someone who will rubber stamp your current thinking?
It’s often the case, the CEO has a solution and wants to “sell” it to the rest of the team. Some CEOs will consider bringing in an advisor to do the selling. This is not a good use of an advisor’s time and will be seen as a ploy rather than a solution.
3. Are you willing to compensate the advisor?
Good advisors will want compensation for their time and very good ones will want meaningful compensation. Before recruiting an advisor, consider what you will give for the work in return.
4. Are you ready to share everything you know about your business?
For advisor to be effective the CEO will need to share key information. If there are areas the CEO doesn’t want to divulge, then it will be lesser result.
5. Do you have time to debrief you advisor once you make a decision?
A strong CEO-Advisor relationship will require quality time for the engagement to yield productive results. The CEO needs to set aside time on the schedule to execute the relationship properly. Even though you may bring on an advisor, the CEO is still responsible for the business, and its outcome.
TEN Capital Network Advisory Program provides a roster of qualified advisors to assist in supporting your company in your growth plan. This includes increasing revenue traction, identifying the business model, and helping prepare the company for a fund raise.
This program is only available to companies enrolled in the TEN Capital Network funding program.
If you want to find an advisor for your business, please contact us at firstname.lastname@example.org.