Getting Advice

It can be a lonely experience being the owner of a small business. As such it's important to arrange for structural advice. There are two important ways to do this. This first is discussed below.

First, from day one assemble a small team of trusted smart associates - your "Board of Advisors". I would recommend no fewer than 3 and no more than 5. Ideally you will know them well and they are experienced and have time to help. They don't need to have a huge amount of experience - just the time and desire to seriously commit to helping you grow your business. A family member, a former colleague, a peer in another business, a neighbor, and maybe a CPA or Lawyer. This is going to be useful for you, and fun for them. They won't get paid (except for maybe coffee and donuts) and they will need to be available.

Set a meeting for the Board of Advisors once a quarter or twice a year. Remind them that they are sworn to maintain confidentiality. Share with them the financial performance of the business, what the forecasts are for the coming months, key accomplishments, and key challenges. Then challenge them to engage on 2 or 3 issues that are of concern to you.

You will find that your Board becomes a key resource for you - good advice, positive advocates, and knowledgeable partners. They will also be the ones that can throw cold water on a bad idea - or help you refine and execute a good plan.

Treat them well, involve them, and you will be amply rewarded.

Further reading on this subject can be found here.