Collaborate with business experts
Effective business leaders are made, not born. One of the factors that helps in the making is having access to sound business advice.
An overwhelming majority of high growth businesses typically look to professional advisers and peers for this guidance, seeking input in five key areas:
- Finding and incorporating strategic opportunities and advice from best-in-class market participants and influencers
- Enabling leadership teams by educating them on growth principles and wider strategic targets
- Bringing fresh ideas to stimulate innovation and revitalise the business
- Balancing views to guide and challenge
- Managing roadblocks, freeing up time and energy to focus on essentials.
When seeking help from business advisers, accountants tend to be the first port of call. Relying on experts makes sense, as these teams are able to provide independent viewpoints and broad business consultancy capabilities.
Companies also commonly turn to lawyers, business coaches and non-executive directors for external advice.
Likewise, industry insiders are a common source of external guidance, highlighting that effective leaders’ need advice from those who understand the inner workings and complexities of their industries.
As businesses’ evolve, they need different types of service to coincide with growth. It is no longer realistic for one person to have access to all the knowledge and experience a business requires. This is where providing the right advice at the right time, from industry specialists, can make a real difference to an organisation’s success. Forward-thinking businesses are recognising that a wider ecosystem of specialists (in areas such as accounting, technology, human resources, funding and legal) is just as critical as the internal team.
It can be lonely at the top
One of the common themes accountants see when first meeting owner-managers is the drive and ambition behind their ideas. But what most people don’t realise is how hard and lonely it can be at the top. Peer mentoring can alleviate this issue, while also offering external points of reference and providing a helpful sounding board.