As you strive to put your organization in a better position to succeed and accomplish your goals, learning from others’ experiences about what works and what doesn’t work can be a valuable opportunity.
We all live in our own worlds of advancing the causes of our individual companies. But most businesses deal with similar issues, including financing and cash management matters, risk mitigation, personnel and labor, tax minimization, and profitability enhancement. Observing how others deal with similar business matters can provide significant value.
One of the best and most cost effective ways to experience this value is to leverage your professional service provider relationships. Advisors like your attorney, accountant, insurance broker, and lender/banker can share their experiences with their other clients. They can counsel you on strategies that have been successful and those that were not so much. My clients that have taken advantage of this knowledge-sharing are often in a better competitive position.
Good relationships with your advisors should include regular meetings (at no cost to you) to discuss the landscape of their area of specialization. Ask them what they think of your business initiatives or what you should be thinking about. Your advisors should welcome the opportunity, as it provides them with the chance to learn more about you and your goals. That, in turn, will put them in a better position to advise you.
The value that the right advisor brings to the table, beyond their functional expertise, is the ability to provide constructive and candid counsel on a variety of business matters. It will give you peace of mind that they have your back.
The right advisors are out there for you, but you must take advantage of the opportunity! Leveraging their skill sets and relationships will help grow your bottom line and protect a valuable asset, while having more fun along the way. Do you routinely discuss issues like labor matters, medical and casualty insurance trends, cash management techniques, the lending and underwriting environment, and tax hot topics with your advisors? If not, give it a try by scheduling a cup of coffee or lunch with them.
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