Seek counsel from trusted advisers, benefit from their experience

“Let men be wise by instinct if they can, but when this fails, be wise by good advice.”
Sophocles makes a good point for entrepreneurs: never discount your own business instincts, but do not rely on them solely.
Seek counsel from trusted advisers, and benefit from their knowledge. In my last column, I described the value of an advisory board, and how to set one up. Now we’ll focus on running the meeting, and share how we maximize their expertise.
At Jarrett Cos., we have found the most efficient use of time is to follow Robert’s Rules of Order. As mentioned previously, this method provides structure, formality and allows a sufficient amount of time for each topic.
Unstructured discussions can quickly become disorganized and time-consuming.
Ready to engage
Under this method, attendees arrive fully prepared, having received materials prior to the meeting, and are ready to engage in the discussions to follow. I start the meeting by giving the President’s Report, an overview of the past business quarter’s activities.
The stakeholders then join the discussion to report on the current status of their division. First up is our director of finance. His presentation centers on the financial items of the past term and the immediate future — revenue, expenses, EBITDA. This discussion generates the most questions, and is usually the longest.
Sales and marketing’s presentation is often lively and engaging — the “show and tell” portion of the day. Marketing endeavors are discussed, printed samples of sales literature are distributed, website enhancements are displayed, new customers and clients are described and lead generation ideas are considered.
Next on the agenda is a review of operations. The advisers are informed of what improvements are being implemented to make the company more efficient and profitable.
The IT portion follows, and includes an overview of software enhancements, accounting programs, reporting and IT initiatives — day-to-day issues like bugs in the system, security and expanding the systems for better functionality.
Our final presentation is from human resources. The focus is on retention of employees, recruiting strategies, positions needing filled and other topics that are key to keeping the Jarrett Cos. team productive, challenged and fulfilled.
Time well spent
From time to time, topics must be tabled for further discussion. An advisory board member may come in at a later date for an in-depth conversation on a specific issue, or recommend a consultant in another area. You could always Google a topic, but talking with someone with knowledge of a particular issue who answers your questions and provides additional information is time well spent.
A half-hour discussion with a member of your board may result in new business contacts, networking and a new way of looking at a situation.
As for putting their advice into action, whether you follow their guidance is completely up to you. These are advisers, not directors. Advisers have not invested financially; their investment is in you and your company. They want to see you do well. And you would do well to benefit from their counsel. ●
Michael Jarrett is founder and president at Jarrett Logistics Systems and PackShipUSA.