One of the major challenges for business owners is getting objective advice and counsel. Family members often want to support the owner, knowing how hard they work to make the business a success. Employees are eager to please the boss and are hesitant to offer any view that could be construed as criticism. Many other outside interests provide the owner with advice geared toward convincing he or she to buy what they are selling. Even long time outside advisors, like CPAs and attorneys, can be very good at solving problems and completing tasks but do not provide strategic counsel to the client. In some cases, the advisor is not asked to be part of the business’ strategic planning. In others, strategic planning may not be the advisor’s strength.
As a business evolves and grows, the need for objective advice on long-term strategy can be vital to the survival and growth of the enterprise. Many business owners gather several key advisors from time to time to seek their advice on the future of the business. Others assemble an outside Board of Directors where each member brings a different skill set than the owner’s, which benefits the business.