As world-renowned athlete Althea Gibson said, “No matter what accomplishments you make, somebody helped you.”
In business, too, there are a wide range of people that help you succeed, the most important of whom are your advisors. Advisors can help you make complex decisions and avoid disasters that you don’t anticipate.
While advisory teams are a powerful management tool for all small businesses, quite often startups get bogged down doing other things, underestimating the importance of creating strong advisory boards. As a result, many of these companies end up making mediocre decisions.
With the help of RIC Centre, Mississauga, we compiled the video below to highlight the four key points to keep in mind while building a dream advisory team.
In this video, the experts stress the importance of:
- Knowing what gaps to fill first
- Choosing advisors that strengthen your credibility with stakeholders (be it customers, financiers or regulators)
- Listening to advice and implementing it
- Understanding that if you don’t listen to your advisors, you lose them
Building a strong advisory team will help you get the right advice for the long run, taking your business to the next best level!
Blog reposted from MaRS DD.
Vijender is the Manager of Online Content at MaRS. He helps entrepreneurs get the online resources they need to grow their companies by working on and marketing the Entrepreneur’s Toolkit.
The RIC blog is designed as a showcase for entrepreneurs and innovation. Our guest bloggers provide a wealth of information based on their personal experiences. Visit RIC Centre for more information on how RIC can accelerate your ideas to market.