Boards, Advisors, Coaches and Mentors

Seeking help

Ever feel like running a business is a lonely endeavor?

When starting or running a business, going it alone certainly allows for more control but comes at the expense of added stress. I've heard some experts say that every business owner should have a coach, or mentor, or some other support. But what does that mean?

First, what are the different types of "help" out there?

• Boards — A group of experienced people (can be paid or unpaid) who provide guidance, strategy, connections, etc. to an organization's long-term goals.
• Mentors — An individual providing guidance/advice on personal and/or professional matters (typically unpaid).
• Partners — An individual or organization that provides one-time or ongoing contributions in the form of money, time/effort, etc.
• Advisors — Experts providing specialized guidance or resources on a specific topic or challenge.
• Coaches — Experts providing ongoing guidance, resources/tools through structured sessions for both personal or professional matters.

Depending on what your needs are and which route you go, here are some things these folks could bring to your situation:

• Clarity on strategy / future
• Mistakes and risks to avoid
• Contacts or connections in your industry
• Financial resources or connections (money)
• Experience building or scaling your type of business
• Structured meeting sessions for training, guidance, planning
• Operating expertise or capacity to work parts of your business

Clearly these are things that could add a ton of value to your business if used properly!

Below is a table with a quick overview of the types of help that are out there and what they have to offer:

Boards can be both formal (board of directors) or informal (advisory board). An informal advisory board might consist of other business owners in your area, a financial person, a mentor, etc. It could meet quarterly to brainstorm growth ideas, discuss financial results, and talk strategy/planning. Side note: even if you don't have an advisory board, it can be helpful to prepare a package of financial results and presentation slides as though you do — this will force you to clarify your business results and future goals/actions.

I lump advisors and coaches into roughly the same category. Advisors might be more niche/specialized (like digital advertising or manufacturing operations specialists). An advisor might come in for a specific project or challenge.

A coach usually works directly with the business owner and hangs around for a longer period of time. They help develop skills, offer a sounding board, provide expertise, etc. Typically, coaches are more of a generalist.

Mentors are everywhere and anyone could be a mentor to you... usually, they are experienced business owners or executives working directly with owners on a 1:1 basis (much like a coach or advisor). Ideally, this is someone who has "been in your shoes" with lots of lessons or experiences to share.

Coaches and advisors usually have a fixed playbook they bring to the table, but for other types of help, it's usually your responsibility to find and manage a well function board, mentor, or partner.

Partners are an entirely different conversation and with my experience there, I'll save that for another newsletter!

Key takeaway...

Don't go it alone unless you absolutely have to. If you must, "pretend" as though you have this supporting person/group even for your own benefit. You might start small with a mentor or coach and scale into something larger like an advisory board as revenue expands.

At Profit Mastery, we have an extensive network of advisors and partners throughout the country. We provide individual or group coaching to select clients as well, so reach out if you find yourself in need!