In talking to Business Owners, how many times have you heard this phrase? “It’s lonely at the top.” Having been around small, medium sized family and closely held businesses our whole business careers spanning almost 50 years – we hear it constantly.
It is really important to understand that when you started your business, times were different. You were younger, you had the Entrepreneurial Spirit and guts with no fear of vulnerability. Now, you are older, wiser and still going through a Pandemic figuring out how to reinvent the business that has become your Legacy and most important Asset. So, you may be back to the beginning (The Entrepreneurial Stage) of reinventing your business. IT’S PRETTY LONELY AT THE TOP – ISN’T IT?
In today’s environment, you need to know that – Whatever got you to where you were prior to the Pandemic will be different than what gets you back to being a successful organization POST PANDEMIC.
SO, WHAT IS ONE TO DO?
1. Organize and consult your management team and get ideas
2. Do strategic planning
3. Get competitive analysis
4. Analyse your customer base
5. etc. etc.
Yes, all of these are the right things to do. But having an Advisory Board with outside advisors and opinions to get Fresh Looks and knowledge is a great method to help in the reinvention of the business. They also bring best practices, fresh ideas and provide objective, candid feedback.
Advisory Boards are generally made up of seasoned business people. They could be other business owners, professionals, friends, relatives etc. This is a group assembled to help with fresh ideas, business governance, help in the decision- making process, bringing technical advice not otherwise available within the company and probably many other things. Get the idea? It doesn’t have to be Lonely at the Top!
Why don’t small companies have advisory boards? Primarily because of: costs, time, knowledge of how to build one, etc.? So, how do you assemble such a Board? There are many ways to do this, but we are going to give you an Easy solution to achieve this and be economical as well.
Experience on Demand (EOD), has a program called “Board Room on Demand”. EOD is a consulting organization made up of highly skilled consultants in various disciplines to serve all aspects of the small to medium sized companies. The program is designed to have advisory board meetings and bring the necessary disciplined people into the meetings. Meetings can be Virtual or in person as needed or desired. As an example; if the discussion to discuss were to be – how to target new customers? We would have available a Marketing and a Strategic Planning Partner. If your healthcare costs are rising at an unacceptable level, we would bring in a Healthcare Partner who specializes in auditing your Healthcare options. If the company needed to discuss Corporate Development and decisions on whether to make acquisitions and how to go about it. A Merger & Acquisition and a Planning Partner would be available. This program provides the Right advisors to the company at the right time All Under One Roof which gives the company advice and coordination towards achieving company Goals.
Okay, so you are wondering how much this Great service will cost me from a Consulting firm. I am sure it will surprise you to know that it is a Fraction of the cost of assembling your Own Board, bringing them in and paying all of them. The Board Room program is a program designed to help companies and the owners and officers in the decision-making process to give them information to make knowledgeable decisions by having highly knowledgeable people available at All times. While the program is designed for quarterly meetings, the program also makes any of these people available on an interim period as needed. The program is cancellable at any time if it is not working. This gives you the availability of trying the service, getting the familiarity with an Advisory Board and cancelling or moving forward with no embarrassment if it doesn’t work for you.
What do you get when you leave each meeting? The two key deliverables are:
- A scorecard of the key performance indicators (KPIs)/Measures of Success) and
- A 90-day plan to identify the top 3-4 things the leader must focus on to achieving the key measures of success.
In this environment, everyone needs advice, fresh ideas and a clean sheet of paper to redesign or reinvent their business for success and the next Chapter. Working On the Business is always as or more important than working in the Business. Too many owners and officers of companies get wrapped up working in the business fighting everyday problems and never or seldom dedicate the time needed to Work On the Business. They need to focus on their opportunities versus just issues. They need to focus on their top performers versus problem employees. Yes, they need to work on their business.
Give yourself a break! Get some outsiders to come in and Form Your Advisory Board!
It does not need to be LONELY AT THE TOP
Should you be interested in our Board Room on Demand program,
contact us at: Barry Worth 314.795.6014; Ken Goldberg 314.614.4393: Steve Finkelstein 314.409.6869.
Please be on the lookout for a future webinar on the Board Room on Demand program.
16020 Swingley Road, Suite 240
Chesterfield, MO 63017