Building An Irresistible Team: Looking Beyond The Day-To-Day
In my last two columns, I wrote about demonstrating to investors that you have an irresistible team, and I shared some thoughts on building a high-performing team after raising funding. To close this ‘team trilogy’, let’s explore the value of tapping into objective external input and support.
Finding the Right External Input For Your Business
As an entrepreneur, the journey can often feel lonely, especially for those beginning a business alone or with a small team. It is crucial to seek external input and support to avoid getting stuck in a rut. However, it is important to avoid a generic list of advisors without commitment, as it can slow down decision-making and lead to confusion.
Determining Your Needs and the Role of External Input
To maximize the value of external input, entrepreneurs need to consider their specific needs and the role each advisor will play. Whether it is consumer insight, sector expertise, or building a network, it is essential to define the specific requirements and determine whether it is a one-off need or an ongoing requirement.
Choosing the Right Role: Director, Mentor, or Coach
When seeking external input, it is crucial to consider the role of each advisor carefully. The role of a director should not be taken lightly, and due diligence is essential when appointing someone to this role. Additionally, the difference between a mentor and a coach should be understood to ensure that the chosen advisor can provide the necessary expertise and support.
Understanding the Commitment
Any director or advisor needs to commit to more than just attending board meetings. Their involvement and ability to fill operational gaps should be considered when selecting external input. A clear agreement between both parties is essential to formalize expectations and ensure that commitments are met.
Creating an Effective Board
As a business grows, the composition of the board may need to change to accommodate wider experience or additional investment. However, maintaining efficiency and nimble decision-making is crucial, and any expansion of the board should be carefully managed.
For those interested in equity investment, the Start-Up Series, hosted by smallbusiness.co.uk, offers the chance to secure equity investment of £150,000 to £250,000 every month. The opportunity to access funding can be found on the smallbusiness.co.uk website.
In conclusion, seeking external input and support for your business can be invaluable, but it requires careful consideration of the specific needs, roles, and commitments involved. By making well-informed decisions and formalizing expectations, entrepreneurs can ensure that they derive the most value from the input provided.