Trusted Advisor
The most successful CEOs running start-ups to billion-dollar companies have one thing in common—they all have a least one trusted advisor working closely with them. Running a successful company is one of the multifaceted challenges in life. The board assumes you know a lot about everything when the truth is that maybe you know a little about a lot of things. Smart CEOs know they cannot manage a company alone, nor can they count on their people always being transparent since they rely on their paychecks for financial support. A trusted advisor will:
Help you see things you cannot see. You may have heard the term, “You can’t read the label from inside the jar.” This is especially true in business, when there is often no time to read the label, especially the fine print. You may be unable to identify or solve your problems because you’re too close to them. A trusted advisor is outside the jar and can provide the objectivity needed for you to see things clearly.
Inject fresh ideas. A good, trusted advisor will bring best practices to you based on their experiences working with many companies. They’ll tell you what’s worked and steer you away from ideas that haven’t been successful. They engage in brain-storming sessions that enable you to move rapidly through your thinking. They have no sacred cows to protect, no hidden agenda, or vested interests.
Provide accountability. All of us have great ideas. Where we get stuck is in the implementation of these ideas. That’s where a trusted advisor comes in. This person will hold your feet to the fire and ensure your ideas get implemented swiftly and correctly. They’ll ensure you keep your commitment to others and yourself.
Some of you may believe, “My board is an exceptional advisory body.” Nevertheless, it’s essential to acknowledge that most boards cannot match a skilled advisor’s depth and breadth of knowledge. Many board members are sitting on multiple boards and may be unable to dedicate the time needed to dive into a topic all that deeply.
Having an expert who will listen, reflect, ask you tough questions, be candid, and challenge your thinking is critical for business success. If you think an advisor is too costly, think again. The real cost is what happens if you do nothing, and your business fails.
