A few years ago, I provided advice to a startup. The team was smart, they were diverse, and they had a brilliant idea. But they didn’t have any practical experience or street smarts. Fresh from business school, they had lots of conceptual notions that hadn’t been challenged by those of us with a bit of grey hair. No one held them accountable for what they said they would do.
So, we put together an advisory board that met three times per year. At these meetings, the leadership provided an update of progress as if we were their board of directors. We were there to help them gain from our experience and add another management layer to their efforts. Unlike a formal board of directors, we didn’t have any legal or fiduciary role.
But our advice was direct – and carefully considered. We pointed the finger at flaws in their thinking and they listened.
Sage Advice
Along with two other hand-selected experienced business leaders, I helped bring some seasoned advice to this startup. We balanced their enthusiasm with some practical challenges they hadn’t considered.
- One of the advisors prevented them from making a severe contractual error that he caught while reading one of their documents.
- Another advisor saw a connection that leads to a valuable partnership. She saw this opportunity because she had done something similar almost two decades ago in another industry.
- I recommended a change in strategy that led to a quicker path to distribution they hadn’t considered.
Often, in my consulting practice, I’ll be the lone-voice challenging plans or questionable tactics to force the owner or leaders to take a harder look at an issue. I’m there to hold them accountable – to do it constructively but doesn’t hold back. I’ll give them some resistance, where their team might say yes.
In a corporate setting, we are often held accountable by our boss. Whoever she is, we need to please her and make sure that she gets what is required. But in a startup or more entrepreneurial environment, efforts are more fluid. Without someone holding your feet to the fire, you can get lost in your dreams.
In situations where it is successful, an advisory board can be like a team of mentors for the CEO. It can be a powerful way to bring wisdom and knowledge to a young business that lacks experience. When the advisory board’s subject-matter expertise complements the CEO’s strengths, something magicall happens.
Accountability 101
- If you are the founder/CEO or on the startup team, consider an advisory board to help guide you and hold you accountable.
- The CEO must hold him or herself accountable. Without this commitment, the business will fail. Not everyone is cut out for this role.
- Develop clear objectives that everyone understands. Don’t be so aloof and ethereal that people hear you but don’t know what you want to achieve. Break it down into simple language.
- The goals must align with your strategy. Business often gets misaligned, and not everyone is focused on achieving the same result.
- Keep score – A dashboard is a simple way to let everyone know how you are doing. Just like in sports, the scoreboard tells everyone how your team is progressing toward victory.
- Hold your colleagues accountable for what they commit to doing. It is your job to make sure that they do what they said they’ll do.
- Hire slow and fire fast is a wise approach to managing. Take your time finding the right people. But if they are disruptive and not a fit – cut them loose so you can find the right person for the job.
- Have a regular cadence for reviewing results. Ensure everyone knows that the last month’s numbers will be reviewed on the first Tuesday of each month.
There are many ways to structure informal advisory boards. It starts by having the CEO realizes, he or she doesn’t know everything and is willing to learn from other’s experience.
Who holds you accountable at work?
Considering hiring an advisory board?
I can help. You can set up a time to chat with me about your marketing challenges using my calendar. Email me jeffslater@themarketingsage.com Call me. 919 720 0995. The conversation is free, and we can explore if working together makes sense. Watch a short video about working with me.
Photo by Adi Goldstein on Unsplash
