An entrepreneur doesn’t have to be a winner on “Shark Tank” or pay thousands of dollars to an influencer coach to get good insights on how to run a business. The best business advisory team can be the advisors and professionals a business owner works with regularly.
Entrepreneurs often feel alone as they establish their company and market share. As the business grows, staff may be added, but the company’s success still relies mainly on the owner.
Successful entrepreneurs build an advisory board of subject matter experts to provide the expertise and guidance needed to propel business growth and profitability. An advisory board can consist of professionals such as an attorney, accountant, marketing expert, payroll provider, and your banker. Small business coaches also can be found at free resources such as SCORE or Ascendus.
Bankers are often overlooked as advisors, but they work with small business owners daily. They can provide great insights to help owners reach their goals, understand the marketplace and economic outlook and more. Quarterly meetings will help a bank relationship manager see your business activity, understand credit viability, and identify if the business has the correct banking products and services. You also will discuss short- and long-term plans and come up with steps to save or access capital in the future.
Business owners often are budget conscious, and the good news is that expertise is available — often already within your circle of contacts and at a low cost — and you never have to “go it alone.”