Good Advice: Asked, Answered and Taken
One of the reasons we are good advisors is that we are good at seeking – and taking – good advice too. Sometimes, even when we’re pretty close to sure about our direction, we get a nudge in a different direction that changes the game and opens up amazing opportunities.
That’s why we depend on our esteemed Board of Advisors to serve as a sounding board, reality check, and inspiration as our business evolves. Good advice is not always easy to hear, but that’s when it’s most important.
The Difference Between “Advice” and “Good Advice”
Everyone has an opinion, some more than others. And some of them have agendas of their own. When seeking advice about your business, or anything for that matter, it really does matter where it comes from. Here are some key questions to ask yourself before you start asking others:
- Have they earned your trust, either by reputation, personal referral or personal experience?
- Are they a credible resource for the advice you seek? Have they earned reputable, relevant degrees or licenses, and/or have they “been there done that” enough to know?
- Do they have -or have access to- the relevant information, context, and marketplace insight to give you truly informed, sound, good advice?
- Can they be truly objective? Sometimes, especially with family-owned businesses, the conversation can become very insular, and decisions can be emotional. It is essential to incorporate advice from objective third parties who don’t have a stake in the business.
Critical Sources of Good Advice for Closely Held Companies
In order to gain the most well-rounded and value-creating advice, you probably want elements of all of the above: Trusted, Credible, Informed, and Objective. This is generally true about running a business, but there are some areas in which it is especially important. In particular, Legal, Financial and Strategic matters require the benefit of good advice from external, third-party sources like those you will find in our Business Advisors Network.
If you haven’t asked for any advice lately, think about building a trusted network for your business. We’d be happy to help get you started. Contact us or call 513.469.2900 to initiate the conversation.