Lines
Lines

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:

__________________________________________________

Lines
Small Lines

SHARE THIS

Lines

OTHER

Did you know that what you eat directly affects your energy levels, brain function, and stress resilience? Poor dietary habits—such as skipping meals, consuming too much caffeine, or relying on processed foods—can lead to energy crashes, brain fog, and reduced efficiency. On the other hand, a well-balanced diet stabilises blood sugar, enhances cognitive function, and keeps stress levels in check.

AI is poised to reshape the legal profession, with 31% of law firm leaders predicting major disruption by 2025. Scott Simmons explores how AI could improve client outcomes, streamline workflows, and drive value. Whether you’re cautious or curious, it’s time to explore AI’s potential.

Technology is having a major effect on every aspect of our lives, and the retail environment is not immune to these changes. Not only has online shopping revolutionised the way we think about buying and consuming, but it has also dramatically changed how we shop in physical stores.

Thrive catches up with Nick Pitaluga TEP, Managing Director of Gibraltar Trust & Corporate Services Limited - “GTCS”. From starting out as a messenger to leading his firm through a major merger, Nick talks about the importance of stepping outside your comfort zone and offers inspiration for anyone carving their own niche.

In an age where small businesses must adapt to stay in business, outsourcing has long been a way to enhance efficiency and streamline operations. Derived from the simple philosophy of delegating certain non-core tasks to external experts, outsourcing allows businesses to concentrate on their primary objectives and strengths. For the uninitiated, it's about seeking external expertise for tasks outside your comfort zone, skills base or business's main expertise.

My name is John Hayes, and I'm a really busy guy. Busy procrastinating most of the time. You wouldn't believe how many unessential tasks I had to complete before sitting down and writing this article. Those sales reports and emails don't check themselves. Yep, I've been busy. Busy doing nothing. We've all had one of those days where we feel like we've been incredibly "busy" - but can't quite put our finger on what we actually accomplished. Maybe we spent three hours answering emails, another two fiddling with a spreadsheet no one asked for, and another hour in a meeting that could have been an email or WhatsApp message. At the end of it all, the to-do list somehow got longer, not shorter.

One of the most dangerous things anyone can say in business is, "We've always done it this way." This phrase doesn't age well and puts businesses at risk. "We've always done it this way" can quickly look like "flogging a dead horse." This doesn't always mean that businesses need to change everything. Some things, like great service, never go out of fashion. But when sales start to slow down, it's always a good idea to consider taking a new approach. Rebranding a product, service, or entire enterprise can be part of this process. But rebranding should never be taken lightly.

With its largely service-based economy, you'd be forgiven for thinking that Gibraltar didn't have to deal with the problem of toxic waste, perhaps more commonly seen in countries reliant on manufacturing, mining and even agriculture. However, every gaming company, insurance firm, fintech organisation, retailer, restaurant, and literally every other business on the Rock is potentially responsible for producing a particularly nasty waste byproduct - e-waste.

Pets are like family, right? As a proud cat dad, I’d actually go further and say that they are family. Over the years, I have spent my well-earned money on (many) toys, beds, treats and vet bills for my two feline furballs Nacho and Drake. And I am not alone. According to a recent Fortune Business Insight report, the global pet care market was valued at a massive £171.78 billion in 2022 and is projected to grow from £180.06 billion in 2023 to £269.29 billion by 2030.

After teaching in schools for 18 years I decided to take the plunge and embark on a self-employed life. Driven by my passion for teaching children with special educational needs I set out to discover alternative ways to make education accessible to all. My vision was to have the individual in mind, with their own strengths and challenges, and with that came the birth of ‘edYOUcation Clare Francis’; bringing the YOU into learning.

For many businesses, standing out from the crowd in an already crowded marketplace is a mammoth task. But for Fresquita one of the ways they tackled this issue was with highly creative packaging.

Over the past few years, I’ve noticed the same logo cropping up more and more often. On coffee cups. On consultancy websites. In email signatures and pitch decks. The familiar B Corp badge, quietly signalling that a business is trying to do things differently. With our horizons widening post-treaty, could this globally-relevant badge could become a way of promoting your CSR values to an international market?

Who doesn’t love a good office gossip? Hushed conversations by the coffee machine, knowing glances across the office, colleagues who "just thought you should know" – it’s all just harmless banter, right? Not quite. While gossip might seem like an inevitable part of office life, the reality is much less entertaining. Workplace backbiting can destroy trust, drain morale, and impact team productivity. Few people understand this better than Norwegian psychotherapist Glenn Rolfsen. With over two decades of experience in psychotherapy, Glenn has dedicated his career to helping businesses tackle workplace negativity head-on. His innovative "Gozzip" method has been transforming office cultures worldwide, earning him recognition at TEDx talks and WHO conferences.

When you’ve been running your own business for a while, you know what works, and it’s easy to rely on the skills that got you to where you are. Chances are, you’re comfortable doing things in a certain way, and your team knows what to expect from your leadership style.

Gibraltar’s size means that shoppers don’t have too far to go to shop. Schools, supermarkets, entertainment, eateries and healthcare are all within easy reach. That hasn’t stopped Gibraltar's business community from wanting to meet its customers' needs online. I met three local businesses that have embraced eCommerce.

Since 2007, Earth Hour has been known as the biggest hour for the planet as millions of people switch their “lights off” as a symbolic action for the environment

Eran Shay's journey is emblematic of the modern entrepreneur. A self-confessed ‘out-of-the-box’ thinker, he swapped a successful corporate career and a senior role at Deloitte to pursue his own projects and business opportunities.

Two decades is a long time for any business - with all the strife that businesses large and small have had to endure these past four years, it seems that anxiety among business owners has never been higher. I recently had the pleasure of chatting with Garren Thompson, co-owner and co-founder of Gibraltar hair & beauty salon Miss Shapes, based on Bishop Rapallo’s Ramp. As the business recently hit the 20-year milestone, we discussed the highs and lows of creating a successful salon in a saturated market, how he and his team created their new range of Miss Shapes branded Hair & Beauty products and how this will help build success for another 20 years.

If, like me, you spend more time than you should doom scrolling LinkedIn, you could be tempted into thinking no-one fails. LinkedIn has become a hyperbolic haven and a place to scream and shout about success. But what about failures - why aren’t we talking about them? In business, failure is inevitable. I mean it. Whether it's a product flop, a marketing misstep, or a company on the brink of collapse, every entrepreneur will face moments that test them. Yet, history has shown that these failures can often be the starting point for something extraordinary.

We recently provided a large local organisation with their uniforms. Once the order was delivered, I felt compelled to send them guidelines on how to take care of their uniform. Spending money on clothes and footwear is not a guarantee on making the right impression, either to yourself, nor anyone else- it’s attention to detail that seals the deal.