The Power of a Network
- Board Advisory
- Starting a Business
It is unfortunate that sometimes the best product doesn’t win. The old adage of “it’s not what you know it’s who you know” is true. It’s all about being connected to the network.
As a start-up or scale-up, if you are considering appointing advisors to your board – in a formal or informal capacity – don’t just look for friends, consider the network and experience of the advisor. The network of the advisor can be instrumental in achieving growth and funding which may not have been previously accessible.
We consider the following traits as those critical to the advisory team of any start-up. These will vary depending on the stage that your start-up is at:
For start-ups without internal marketing skills, having an advisor at an early stage with marketing skills is critical. This will help you shape the UX / UI of the products and help to develop a brand identity. In advance start-ups, ready to go to market, this role can assist with growth strategies and growth hacking.
Raising capital is the largest fear of most entrepreneurs and takes an inordinate amount of time. If you can find a board advisor with experience in fundraising, this will help considerably in focusing your time and efforts in the right place. Not to mention they might have a “little black book” of wealthy contacts.
If you’re an entrepreneur who is new to the business, it pays to have an advisor with good commercial experience (like a business mentor) to guide you through some of the less glamorous facets. Such as insurance, legal (i.e., terms and conditions), governance, contracts etc.
Be careful with this one. An accountant with experience with start-ups is great. They can address matters such as ESIC tax concessions, ESOP plans for key staff, R&D, structuring to protect IP, back-office processing and bookkeeping, ATO compliance and tax planning. A bad accountant (who basically only lodges tax returns) can be a drain on your energy and is not recommended.
Find advisors who understand the vision, who have walked the path before you and who walk-the-walk and actually get stuff done! Need assistance? We can help! Send us an email or give us a call and we’ll happily help you find the right members for your board.