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The Circle of Power: How to Find the Right Advisors
Starting and running a small business is rewarding but comes with its fair share of challenges. The path of entrepreneurship is often characterised by immense dedication, long hours, and tough decisions. As a small business owner, you’re not just responsible for the operations and growth of your company and team, but also for your own wellbeing.
The weight of being the driving force behind your business can lead to burnout, isolation, and even strained relationships. For many, it’s natural to seek support and advice from those closest to you – your family and friends. While they might provide a huge amount of support, extending your network to professionals who can offer fresh insights, unbiased opinions and challenge your assumptions is essential. These are the people that will make your business thrive.
A circle of advisors
Building a good circle of advisors around you doesn’t happen by chance. Yet when you are time-pressed, thinking strategically about the support you need around you often defaults into the ‘nice to do’ camp. But surrounding yourself with a well-curated support team isn’t just a luxury; it’s a strategic move that can make or break your business. Those you choose to take advice from will influence the decisions you make, the challenges you tackle, and the strategies you implement.
Here are a few pointers to help you build your own circle of power:
Do a simple audit of those you currently use as a sounding board (see sidebar). A good support network will push you to succeed, tell you quiet honest truths and help you make tough decisions objectively. Think about how your current support network has done this over the last year, what you have learned from them and what more you need.
If you’re unsure what’s missing, reflect on what you are trying to achieve or which parts of your business feel tough. Ask what support and perspectives you would benefit from, today and in the future. Alternatively, try thinking about another leader you admire, and reflecting on the support team they have cultivated and how it serves them. How has the support they have around them evolved over time?
When it comes to your support team, quality beats quantity. There’s a lot of advice available to business owners. Some of it might not be helpful, and some might come from people who think they know what’s best for you. Look for people who can be objective, whom you can share your ideas with, discuss problems, and who will push you out of your natural comfort zone.
Building a broad network is different to developing a close circle of advisors. But your network is an excellent place to start. Whilst the focus of many networking events is business development, don’t miss out on using the opportunity to connect with people with whom you can build relationships that help you and your business in a different way.
Gibraltar has many networking events which are incredibly easy to tap into – the GFSB runs many events throughout the year. It is normal for conversations to happen spontaneously, but instead, think about who you deliberately want to seek out and develop deeper connections with. It could lead to some great alliances. Networking will help you find role models, mentors, sponsors and help you expand your business opportunities.
Professional networks like the GFSB are also fantastic places for building relationships among fellow business owners, many of whom will understand the challenges and joys of running a small business – and also be able to offer different perspectives to your own. Find common ground and build reciprocal peer-to-peer relationships with other professionals for your benefit.
Post covid, it’s simpler to connect with fellow business owners who share the same challenges, regardless of geography. This is especially handy if your business is unique in Gibraltar, allowing you to build relationships with others outside Gibraltar, and bring fresh insight in. Look for professionals whose businesses complement yours; for mutual exchanges of ideas and expertise.
To ensure the advice you receive is diverse, those you take advice from must also be diverse. Relationships tend to be formed based on having something in common and it is natural to gravitate towards people of similar gender, race, and frame of reference, for example. This affinity bias can happen in business relationships too. Ask yourself: Are all the people in your support circle from the same background? Do they all think in the same way?
Remember that building trust takes time and relationships need nurturing. Play the long game and focus on building high-quality relationships where you feel comfortable being open and honest. Make sure you’re having frequent conversations and be open to developing relationships that aren’t limited to the realm of work.
Ultimately, your circle of advisors should be a valuable resource – a group of people who push you to be your best, tell you unbiased truths, and celebrate your successes with you. When you approach relationship building with intention, you’re not just making contacts – you’re finding people who can inspire you, guide you, and open doors for you professionally – and do the same for others.
David, this here is for readers to complete, like a school workbook or interactive notes – could you consider this in the layout?
Quick Advisor Audit
Make a list of the names of people you have discussed important work issues with over the last few months; for advice, input or counsel.
Review the list and consider their demographics, expertise, job roles, and background. What patterns do you notice?
Then write down:
The main strengths of my group of advisors are:
__________________________________________________
The main weaknesses of my group of advisors are:
__________________________________________________
My priorities as a result must be to:
__________________________________________________
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