marketing , and strategic planning . You could also learn a lot about your industry and market through a seasoned peer .
2 . After deciding where you ’ d like to focus your attention , determine whether you ’ re interested in pursuing a formal or informal advisory relationship . Do you think you would benefit more from a one-on-one mentor / mentee arrangement or a board of advisors ? Does the size of your company merit the need for a diverse array of advisors ? What sort of resources do you have to work with ? Do you want to be held accountable to your advisors ?
3 . Utilize your existing contacts and extended network to identify prospects . Does anyone immediately come to mind whose business sense or skills impress you ? Reach out to them , and ask if they would be willing to meet with you . If you ’ re having trouble coming up with names , ask around to see who in your network might know someone able to help . Reach out to respected colleagues that have valuable experience in your industry . Keep in mind that as long as they are not a direct competitor , most people are more than willing to help . Additionally , third party firms are available to provide consulting services for a fee .
Meeting With Your Advisors
The type of advisors you secure and the formality of the relationship will determine how often and in what manner you meet together , but try to maintain a consistent schedule . If you organize a board , for example , you might meet with them quarterly to discuss predetermined items taken from an agenda . On the other hand , if you strike up an informal relationship with one or two advisors , you might meet over breakfast once a month to bounce ideas off one another .
Whatever the nature or method , establishing these advisory relationships is essential to your success . Not only will you gain accountability , fresh ideas , feedback and valuable business expertise from the experience , you ’ ll also glean a unique perspective on your business that you may have otherwise overlooked .
Andrew Geiser , CPA
Director of Manufacturing Services 212 North Washington Street
Millersburg , Ohio 44651 ( 330 ) 521-4652 andrew . geiser @ reacpa . com