Four Heads are Better Than One!

Share on facebook
Share on google
Share on twitter
Share on linkedin
Statistics suggest that 50% of new businesses fail within the first 2 years. There are many reasons why small businesses fail: Not understanding the ‘sequence’ to starting a new business Not having a fully developed business plan Not having a well-defined vision and mission Not having a good enough understanding of the competitive market Not realizing who one’s perfect customers are and howfrequently they purchase

Share this article:

Statistics suggest that 50% of new businesses fail within the first 2 years. There are many reasons why small businesses fail:

  • Not understanding the ‘sequence’ to starting a new business
  • Not having a fully developed business plan
  • Not having a well-defined vision and mission
  • Not having a good enough understanding of the competitive market
  • Not realizing who one’s perfect customers are and howfrequently they purchase
  • Not knowing what you need to know
  • And many more!
It can be a very exciting time when someone starts a business. I highly encourage everyone, regardless of what type of business they start, to create a Board of Advisors. A Board of Advisors acts as a council to provide for expert ideas, suggestions, and to offer feedback in regard to the manner in which the business owner plans to begin and grow their business. Three members who have appropriate business experience are enough. They should be trusted professional colleagues or ones who were highly recommended by a trusted source who will give you objective advice. Avoid adding family members as they are less likely to be objective and may agree too readily with everything you suggest (OR they may disagree with everything you suggest which could lead to a rift the relationship).

Offer the opportunity for a 12-month period with meetings to be held no more than 2 hours per month. Have the meetings in your home, an office, or a private room at a local restaurant. No need to pay your Board of Advisors, but don’t ask too much from them or take advantage of their good will. Feed them well at meetings and ensure they incur no out of pocket expenses to help you. They will join because they believe in you and your vision (so be sure you have a vision statement to share with them).

To learn more about a Board of Advisors and how they can help you, please contact me for assistance!

Share this article:

Like This Article? Share It with Your Peers!

Share on facebook
Share on google
Share on twitter
Share on linkedin
Dr. Rich Schuttler

Dr. Rich Schuttler

Leave a Replay

About Dr. Rich

Dr. Rich is a mentor for executives, faculty, and students around the world in a variety of professional leadership and management settings. 

He is a customer driven, quality focused, innovative and engaging international public speaker, educator, business consultant, mentor and author with over 20 years of expertise.

Tap on the icons below to connect with me on social media below

Podcast: Incremental Gains

Join Me on Facebook

More Great Articles

Improve Your Sales [FREE Download]

Basic Sales Strategies [FREE Download]

error: Content is protected !!
complimentary download

Leadership Self-Assessment

Take your complimentary Leadership Self-Assessment today and learn where your style fits within the Three Triads.