Your Business Advisor Circle of Trust
While meeting with a client recently, it became apparent that identifying the Business Advisors necessary to make their business succeed, was a worthwhile exercise. Whether it be the actor who made this term iconic (Robert DeNiro in Meet the Parents) or the business owner struggling to identify, let alone remember, all the contact information for the various advisors to help their business move forward, identifying a Circle of Trust who will support you is a critical stage in any path forward, whether it be in a high end RV with Jinxy the cat, or new commercial space for your business!
The Circle of Trust for Business Advisors has many individuals who will float in and out of that circle, depending upon the current life stage of your business. But, there will always be the Essentials within that circle, whose expertise is critical to you on an ongoing and consistent basis. Included in this group would be your accountant, attorney, and banker. They are your first line of defense in organizing your financials, protecting you legally, and providing critical cash and credit management tools for your financial well being. Choose wisely among this group where common philosophies and life experiences along with expertise of your industry are critical to a mutually beneficial path forward. Every business, whether a sole proprietor or a large manufacturer, needs this Trio, no exceptions, and should have contact with them, at a minimum, quarterly.
While not in the Trio of Trust above, your Information Technology Consultant, or IT Advisor, is essential to keeping your business humming. In today’s digital and electronic age, access to information among machines on the floor or computers in the office, is absolutely critical to achieving efficiencies and making you productive. A rare behind the scenes advisor, they can often be the difference between a good day at the office or a bad day at the office. Find someone you can rely on and respect. They will hold the code to all your intellectual property.
The floaters among your Circle of Trust may consist of any combination of the following experts:
Insurance Agent – This advisor’s level within the Circle of Trust can certainly vary depending upon the nature of your business. Some may add it to their Essentials and others may need them only annually upon renewal. If your business has employees, trucks or cars, or is in a high-risk industry where pools, or dangerous exposure to environmental hazards exist, rest assured this advisor may lead your Essential Advisor list.
Graphic Designer – They help establish your Brand, the artistic reinforcement of your company, its products or services, and should reflect the image of your company you have worked hard to establish. Incorporating your logo on things such as email signatures, return address labels, letterhead, is important to maintain the initial brand launch. This is key to how clients perceive you and may influence if they even want to do business with you. Do not underestimate the value of a good graphic designer.
Realtor – You hear it often, Location, Location, Location. Finding a respected realtor who understands the marketplace and can identify and negotiate the right space for you defines the physical borders of your business. Placement can be key to gaining a competitive advantage. Asking friends and colleagues for references is a great place to start when identifying and choosing this advisor.
Architect
Whether you are creating the first plans for your office space or meticulously planning a large expansion, having a working relationship with an Architect that you trust and who understands your industry, can minimize time and pain in the growth process. While you may not need them as frequently as others in the Circle of Trust, their input and expertise in defining your physical space and gathering the appropriate contractors for the job at hand could make or break the outcome of your new project. As with others, ask around and ensure you have the appropriate amount of synergy with this advisor.
Industrial Development Agency Officer
Regardless of the size of your business, you should always consult with your local IDA Officer. There may be incentives available to you for various aspects of your business and it is certainly worth a conversation. The IDA officers do not have frequent turnover in my experience, so take the time to get to know them and when you need them, they will be there for you.
Business Consultant, Leadership Coach, Mentors
At various stages in both your business and your personal growth, you may require the services of a strategist. Strategic Advisors come in many forms – Mentors, Leadership or Personal Coaches, and Business Consultants. Having individuals in this group at your disposal should help with that different perspective or expertise you are missing at any given time.
As you consider your own Circle of Trust, you may find others whose expertise and support your particular business may benefit from at times. The key should always be to find that advisor where there is mutual respect and a common philosophy, those will help build the foundation of your Circle of Trust and ensure it provides you with the support and information that may be critical in moving your business forward in a positive light.
