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Three Things: How to get the most out of your advisors
Three Things I Learned in Saas, Sports, Tech & Live Events
Advisors Week
Advisors are either exponentially additive or they are empty calories with very little between. Three things we'd advise given our many mistakes and wins with advisors
1) All equity requires an investment- even if very small. Even advisors who are getting paid. It's a controversial take but anyone who is working with you without skin in the game is a vendor, not an advisor. There is plenty of room to bring on vendors who can help you. Keep your advisory positions for those who will dedicate the time and brainpower your company needs to be successful.
2) Start right away. Reach out to 5 potential advisors every week until you have 5 good ones who will give you at least one uninterrupted hour a month minimum.
3) Define what they are doing to advise. Are they operational, business development/introductions, vanity/influencers or personal care advisors? Make sure you have a balance of each. 5 sexy advisors looks great to the outside but won't help your business get where it needs to go.
4) Take total responsibility for communication. They are part of the team. They get all company updates, invites to team meetings and even the informal meet-ups. Too often entrepreneurs think it is on the advisor to be proactive b/c they have shares or are getting paid. That's backwards. Keep them involved and they'll offer more value. Remember, great advisors are usually very busy.
5) Listen. We chose them for a reason. Even if, in the moment, we disagree, it is important and honest feedback. I've had a number of those calls over the years.
To date, our advisors have saved us more money and heartache than we could measure. Some made north of $500k for an hour a month over a few years and it was worth every penny. Nail your advisors right away and you will reap the benefits.
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By Tony Knopp
5
11 ratings
Three Things I Learned in Saas, Sports, Tech & Live Events
Advisors Week
Advisors are either exponentially additive or they are empty calories with very little between. Three things we'd advise given our many mistakes and wins with advisors
1) All equity requires an investment- even if very small. Even advisors who are getting paid. It's a controversial take but anyone who is working with you without skin in the game is a vendor, not an advisor. There is plenty of room to bring on vendors who can help you. Keep your advisory positions for those who will dedicate the time and brainpower your company needs to be successful.
2) Start right away. Reach out to 5 potential advisors every week until you have 5 good ones who will give you at least one uninterrupted hour a month minimum.
3) Define what they are doing to advise. Are they operational, business development/introductions, vanity/influencers or personal care advisors? Make sure you have a balance of each. 5 sexy advisors looks great to the outside but won't help your business get where it needs to go.
4) Take total responsibility for communication. They are part of the team. They get all company updates, invites to team meetings and even the informal meet-ups. Too often entrepreneurs think it is on the advisor to be proactive b/c they have shares or are getting paid. That's backwards. Keep them involved and they'll offer more value. Remember, great advisors are usually very busy.
5) Listen. We chose them for a reason. Even if, in the moment, we disagree, it is important and honest feedback. I've had a number of those calls over the years.
To date, our advisors have saved us more money and heartache than we could measure. Some made north of $500k for an hour a month over a few years and it was worth every penny. Nail your advisors right away and you will reap the benefits.