Preface: In Part IV of our series, we look at the role a trusted advisor occupies in doubling business value; along with the three main reasons trusted advisors usually are, and should be, retained.

Investing to Double Your Businesses Value – IV

Socrates was once known as the name of a famous philosopher, today, it is also the name of a real world artificial intelligence system, a thinking machine.

When Bill Gates, the entrepreneurial face of Microsoft Corporation, was young, he was late for supper one evening. His mother inquired why he did not promptly appear to the table. His response. “I was thinking”. Asking and answering questions to stimulate critical thinking and draw out idea’s and underlying assumptions, will always be a key process to building business value.

Today, most entrepreneurs wouldn’t ask a computer for advice. For example: why do customer shop at our location? Or, where are the opportunities for our business? Or say, what will our customer service look like ten years from today? Yet, often leading to the right answer (resolution) is the right question. Let’s ask a rhetorical question relevant to this blog – Can we double the value of (your) business?

An entrepreneur’s trusted advisor(s) are part four of building business value. When entrepreneurs retain ‘trusted advisors’ to coach and advise on key business themes, the decision on what advisor to rely on for advice will ultimately be key to the success of the purpose. What do you want to achieve with an advisor(s)?

Trusted advisors are the people responsible for thinking through (and avoiding, and resolving) fundamental entrepreneurial risks. To mention a few risks a) marginalized pricing power, b) marketing campaigns, c) building expansions, d) human resource decision, e) new market jurisdictions f) new product or services, g) innovative changes in the marketplace, etc. Choosing the right ‘trusted advisors’ is as simple and yet complex as understanding what role they will be responsible for in your business.

Entrepreneurism is challenging, and often uncertainty abounds, i.e. “Why are we working to double business value, when we can’t get enough qualified help for current projects?” An advisor who brings reassurance, calm fears, and inspire confidence is invaluable to a business. A trusted advisor who has resolved specific problems before, or inspired marketplace confidence, holds substantial value to that question.

Say business is going well, and you’d like to expand into a new location or product line. Those prerequisites are sometimes the path to doubling fundamental value. Many entrepreneurs have specific skillsets that have led to success, and a decision in certain instances requires resources beyond those skillsets, i.e. a trusted advisor is necessary. A trusted advisor in the normal course of business can be someone of accomplishment, authority, education, and respect. A consultant(s) say, or an employee(s), or business partner(s).

Trusted advisors should be obtained with referrals and endorsements. Trusted advisors are usually retained for these reason – i) to bring confidence to a decision, ii) take away worry, iii) or resolve business hassles. A trusted advisor will not manage your business. A trusted advisor will help you build confidence to make sound business decisions, they will provide assurance and clear worries with clarity of the risks, and viable options towards resolution. A trusted advisor will advise – that is offer suggestions about the best course of action for you and your business; inform about the facts of the situations and circumstances; and recommend viable, practical solutions. You will ultimately be responsible for the outcome of those suggestions.

A trusted advisor will appreciate your values, principles, and ideals, and advise you in a way that supports those personal fundamentals towards business success. A trusted advisor will work to make their advice, your business successes.

A truly trusted advisor’s role keeps you true to your fundamental values, principles and ideals in business decisions, along with developing financial and operational business value. Burgeoning entrepreneurs can rarely double a business value alone. Who they choose as a trusted advisor(s) is focal.

Step four to doubling your business value – true trusted advisors