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Advice Worth Taking

Aug 1, 2008 12:00 PM, By Bradley Dawson, LTV Dynamics

CEO support groups have become an interesting way for owners (usually from different industries) to share common business problems. The founding philosophy of these groups was the recognition that, as a business owner, you really don't have anyone else within your company to effectively “share” your problems. The CEO support groups allow owners to realize the problems they are experiencing are not unique. Someone, somewhere has already seen and hopefully resolved your issue. Sharing the information often provides a ready resolution to the troubled business owner.

Associations have also begun to realize the value of knowledge contained in their member base. Many industry associations, including those that support the electrical contracting industry, have instituted online forums that allow members to seek answers to their questions from other members. Invariably, someone in your industry community has a resolution or, at a minimum, a host of other questions that can help resolve your current dilemma. Again, the downside is that all members share a common characteristic — they all own their own electrical contracting firms. Just like your board of advisors needs to be from outside your industry, the information you receive from industry members might lack the perspective of broader corporate views.

Do these alternatives really replace a fully functional board of advisors? In a perfect world, the board approach provides you, the owner, with the best advice to move your business forward. Lacking such resources, the CEO support groups and association forums allow you, at a minimum, to get someone else's perspective — a helpful action when faced with a difficult situation.

As the owner of an electrical contracting firm, your plate is full of difficult issues on a daily basis. To truly maximize the potential of your firm, it's in your best interest to surround yourself with a board of advisors. The alternative — doing everything by yourself — can be a lonely and costly decision.

Dawson is managing director of LTV Dynamics, an international sales management and business-consulting firm in Washington, D.C. He can be reached at BLDawson@LTVdynamics.com.

Sidebar: Where to Find Advisors

Not sure where to find qualified individuals to join your board of advisors? Some of the best candidates are actually through your personal and professional networks. If you belong to a local Chamber of Commerce (or other similar group), you probably already know several lawyers, accountants, and marketing specialists. Look at local businesses you admire, and ask them to refer individuals to you that may be a good fit for your advisory needs. If all else fails, look to those individuals who align themselves with your local electrical contracting association chapter. While they may be unknown to you, these individuals have strong industry knowledge and can be validated through other association members who have used their services.

Ask candidates what they can bring to your board. Let them know where you anticipate needing advice and areas where you feel weak. Setting expectations before they join your board goes a long way toward ensuring a productive relationship.

Older owners and more established electrical contracting businesses are more likely to have an advisory board than their younger counterparts. It makes you wonder whether advisory boards are one of the reasons young firms are able to become “old” firms.

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© 2012 Penton Business Media, Inc.

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