I had the privilege recently of participating in a panel for Mass Mutual as they presented the FutureSmart program in OKC.  During the panel, I was asked: “Business owners often utilize a variety of advisors to help guide them through the various stages of their businesses. What characteristics do you recommend business owners look for in those professionals that will help their business be successful today and in the future? And what are the resources available to help?”  Here is what I told the group:

Integrity and trust are paramount.  If I do not trust that an advisor is giving me advice that is truly in my best interest, the advice is worthless.

Next, I look for personal chemistry.  Someone I get along with and genuinely enjoy spending time with.  There are plenty of times in business where we do not get to choose who we work with, but with advisors, we get to choose.  How much more enjoyable does this make work life if I look forward to that lunch or coffee meeting?  If I’m interested to hear about their business, family, interests, et cetera and they are genuinely interested in mine?

The other seemingly obvious characteristic is that they be great at their job.  They must be better than me at a particular aspect of business.

Recently I made a list of the ten people I wish I could hire as a personal exercise.  Who are the ten people that I wish I could put on my payroll and employ within our company?  Next to their name I wrote down why I wish I could hire them.  It was incredibly beneficial!  Inevitably it was a snapshot of the business priorities because it coincided with what I am trying to accomplish.  It aligned with my worries about things for which I don’t yet have answers.  By setting up meetings with these potential advisors, it starts the ball rolling.  I am taking action on my greatest priorities and biggest worries.

I then set out trying to figure out how I could hire them.  How could I get their expertise or influence into the business?  As a small business, it is impossible for me to add salaries of ten high performers to my payroll immediately, so I had to be more creative than just direct hire.  In some cases, that looks like a true advisory relationship with a retainer or fee structure to perform a service.  In other cases, it is the cost of lunch or coffee every so often.  At this point, these advisors cost me somewhere between $5 and $3,000 per month.

Who are the ten people you wish you could hire?