Retaining your Advisors

Much has been written about the concept of a Mastermind Group and the role of advisors for an Entrepreneur as he/she goes about growing the business.

Once the Entrepreneur seeks good advisors and forms an advisory board, the important task then is to seek advice and bounce off ideas and issues with these advisors. The Entrepreneur should be prepared to receive honest feedback including any constructive criticism.

The success of utilizing such advisory boards depends upon how often the Entrepreneur has somewhat formal meetings. If meetings are sporadic and infrequent, the purpose and effectiveness of having advisors is negated.

Even more importantly, if the Entrepreneur does not heed to the advice or feedback and continues to face the same issues, it will be difficult to retain such advisors. While the Entrepreneur does not need to blindly accept and follow the advisor’s suggestions, it is important to listen and carefully evaluate the merits of what is being advised. Constantly ignoring advice, without rational arguments, is not going to help to retain the advisors.

While building a good board of advisors in important, retaining them for a long period is even more critical. An Entrepreneur has to work at it!

Ravi Patel

www.patelCFOservices.com

 

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