You might have identified that you need an advisor, but you’re not totally sure they are for you. You’ve heard some stories that they are expensive and not massively hands-on, or that you end up paying them for years as you are committed to using an advisor. What’s the truth?
Let’s focus on the facts – we’ve put together a myth-busting guide on what advisors are REALLY for and how they can help founders develop their growth businesses.
MYTH: Advisors are expensive, I can’t afford one
BUSTING THE MYTH: They don’t have to be expensive… you can use one for only a couple of hours a month or for a couple of days – the arrangement is up to you and what your needs are. Each advisor will tailor their way of working to best suit you and your company. There’s no minimum or maximum.
MYTH: Advisors are all old and don’t understand the challenges that startups face now.
BUSTING THE MYTH: Some are quite young and have been in your shoes recently! At Invigorate we work with advisors that have successfully founded and scaled growth businesses, so they are expertly qualified to support and guide other founders on how to approach the many challenges involved in building a company. Advisors can be all ages – we’ve a diverse crew.
MYTH: Advisors are very hands-off
BUSTING THE MYTH: Advisors can be as involved in your business as you need, they can work with you based on your timescales and budget. Their challenge and support often takes time to process and act on, and requires the business to make changes.
MYTH: Advisors will stay with the business until exit
BUSTING THE MYTH: Businesses need different advisors at different stages – the beauty of an advisory relationship is the need for both these parties to come together at a point in time that works for the outcomes of the relationship.
MYTH: You can’t ask advisors for specific outcomes
BUSTING THE MYTH: If you’re bringing an advisor into your business and they have bought into the relationship, it is certainly wise to define what you both expect from the relationship. We suggest that you put together a contract that outlines the nature of your relationship. Check out our guide
MYTH: You can’t get clarity on an advisor’s approach and ways of working
BUSTING THE MYTH: In your initial calls with an advisor you should absolutely get a sense of how they operate. It’s likely that you may want to flex the time spent with an advisor to find a way of working that works for you both. Originally you may think that meeting once a month is sufficient but in reality, catching up with them more regularly becomes important as your work together develops.
MYTH: Advisors have to serve one purpose
BUSTING THE MYTH: You may find your advisor helpful for a number of reasons. Again, as your business develops and you get to know your advisor better and their skillset, they may be able to guide in a number of different ways.
Any further questions you may have or myths you need busted, feel free to email us on [email protected].