We know you want to have a group of people you can rely on to give you great advice. For this to happen, you need advice from advisors, both formal and informal that puts you and your needs first.
The problem is we often see that advisors don’t listen to their clients. On top of this they use jargon that you don’t really understand and this drives you crazy.
I’ve been there and sat on both sides of the table. Both as an advisor and as a consumer of advice. I can tell you I fully understand the problem that happens when your advisor has limited solutions and has a solution looking for a problem.
We know you wanna have a group of people you can rely on to give you great advice. For this to happen, you need advice from advisors both formal and informal that puts you and your needs first.
You know, the problem is, we often see that advisors don’t listen to their clients. And on top of that, they use jargon. That you don’t really understand. And this probably drives you crazy.
You know, when your advisors talk in a language, you don’t understand, you might feel dumb. And on top of that, they never ask you questions and just come in and start telling you what to do. That’s just not the way you wanna work. Or at least it’s not the way I wanna work.
So we believe this is a terrible outcome when your advisors treat your business, like it’s theirs. You know, the way I learned is, this was years and years and years ago. I was involved with a local business and they were thinking about going from a 30% ESOP to a 100% ESOP. We all sat around the table about seven or eight of his advisors. And they’re all telling him about why he needed to sell his business. Now, this particular person had one thing he wanted to accomplish. And that was to keep the 250 jobs he had in his company in Burlington Vermont. Now he already was at 30% ESOP, employee stock ownership plan. And the only way those jobs were gonna stay in Vermont was to have it become a 100% ESOP and buy him out ’cause he was ready to retire. Now, all his advisors kept saying, “You have to sell, you have to sell, you have to sell.” And when I said, you know, I went through that, and they said, “Well, he doesn’t have great management.” Well, the truth was, he did. And what they were doing, they were giving him advice as if the business was theirs, and what they would do. Not listening to what the client wanted and come up with a solution. You don’t want that to happen to you.
You know, I understand how frustrating it is when your advisors don’t listen to you. I’ve been there and I’ve sat on both sides of the table both as an advisor and as a consumer of advice. I can tell you, I fully understand the problem that happens when your advisor has limited solutions instead has a solution, looking for a problem.
You know, to work effectively with your advisor, you need to do the following five things.
- Number one, get crystal clear from what you expect from your advisors. If you’re not clear, it’s really hard for your advisors to tell you what you can do. And it’s even harder for you to evaluate whether this advisor is right to help you get the outcome you want.
- Number two, have a clear method for how to hire or ask for advice. Both paid and informal advisors. You know, I’m a big fan of systems. And in fact, I can tell you that you’re never gonna create a sustainable business unless you have great systems that go along with it.
- Number three, treat your advisors if you’re bringing on board as if you were hiring an employee to be working next door to you. Use the very same systems that you use for hiring other people to come to work for you. As you’re gonna bring in an advisor to work. ‘Cause actually they are becoming an employee he’s just a part-time employee. He might be a very part-time employee but still they have to gel with your values. They have to be willing to do the right things and they have to have the right technical skills.
- Number four, make sure you stay in control of the engagement. I want you to know that you’re the expert on what you want. And if it doesn’t feel like you’re going in the right way, you have to put your hand up and say stop, I don’t get it. Explain it to me. Why are we doing it this way? If you believe it’s not the right thing to be doing. Just don’t blindly sit there and accept advice because these folks are supposedly experts.
- And number five, most importantly make sure you have a system for making decisions at work. We suggest a stage two decision process where you’re gonna find out, what you wanna do? Why it’s important? Go back and review the what? To make sure it’s the right one. Then find out who is gonna help you? And then finally, how are you gonna get there?
So here’s what I want you to do. I want you to make sure you DOWNLOAD our free eBook on Hiring For Unique Abilities. And of course, I would love to have a conversation with you about how you work with advisors. I’m sure I can help you with some really easy systems that will get you a great result.
Now, finally, remember advisors work for you. If you follow the advice in this video, you’ll go from getting the wrong advice that leads to the wrong result, to getting the absolute best result you want every time. It’s really easy.
So just do these three things to start.
- Number one, get really clear on what you want from your advisor.
- Number two, interview potential advisors and use a system you use when you’re hiring someone to come to work for you.
- And number three, make sure you stay in control of the engagement.
Hey, this is Josh Patrick. You’re at the “SustainableBusiness”. Thanks a lot for stopping by. I hope to see you back here really soon. And while you’re at it, why don’t you scroll down and leave a comment below about what you think about hiring advisors and doing it in the methodology that supports you.