If you own a business you need to have method for identifying, hiring, and supervising professional advisors you hire. I believe the following points are important.
Advisors often wander off in directions they think are important or interesting. They often want to prove to you how smart they are. They have pre-conceptions about things you need to do. Instead I believe you need to have them understand your goals and to bring their expertise to helping you get an outcome you want.
Here are 5 things you should consider when you hire outside help:
1. Have a clear understanding of what you're trying to accomplish. It's impossible to hire the right advisor unless you first know what you want and why it's important. Why is the key in this part of your analysis.
2. Know whether you need a specialist or a generalist. I believe having at least one very competent generalist on your team who only gets paid by you and not by any product sponsors can help insure that you're outside advisors will be working for you.
Most of the time you will need a specialist. Having a generalist who can help you manage and identify quality specialists is useful. It adds another layer of complexity. That added layer will often help you get the outcome you want out of your outside business advisors.
3. Have a system in place for hiring this person. You should have a system in place for hiring great people. You likely will want to have a great system in place for hiring professional advisors as well.
4. You need to have a system for monitoring the work of the advisor you hire. Professionals often have their own agenda. They will make assumptions about what you should do. If you don't remind them on a regular basis what you want from them, you could end up with a result that is far from what you wanted.
5. You must stay in charge of the engagement. Many times your professionals will want to take over as the lead in your relationship. You need to stay in control and you need to stay clear about what you want.
These five things won't guarantee that you have great results with outside advisors. However, they will go a long way towards helping you get results you think are important.
One of the things that we do at Stage 2 is help our clients find appropriate outside help. I’ve found that having a great hiring system not only gets you a better outcome, but also often will end up saving you money. You may not end up saving money in fees, but the value you get will be much better when you use the right person.
We’ve put together a special report that helps you understand the steps for hiring great employees. You can take this report and slightly modify it for hiring great advisors as well. To get this report, click on the button below.