What are the best practices for working with a business advisor?

1 Choose the right advisor

The first step is to find an advisor who has the relevant skills, experience, and personality to suit your needs. You can look for referrals from your network, online platforms, or professional associations. Before you hire an advisor, you should check their credentials, testimonials, and portfolio. You should also have a clear idea of what you want to achieve and how you will measure success. Then, you can interview potential advisors and ask them about their approach, availability, and fees.

2 Establish expectations and boundaries

Once you have chosen an advisor, you need to agree on the scope, duration, and frequency of your engagement. You should also discuss how you will communicate, share information, and provide feedback. You should set realistic and specific goals and milestones, and review them regularly. You should also clarify the roles and responsibilities of each party, and respect each other's time and expertise. You should avoid micromanaging or expecting too much from your advisor, but also hold them accountable for their deliverables.

4 Implement and evaluate

Working with a business advisor is not a passive process. You need to take action and implement the strategies and recommendations that you agree on with your advisor. You should also monitor and evaluate the results and outcomes of your actions, and report them to your advisor. This will help you track your progress, identify any gaps or problems, and adjust your plan accordingly. You should also celebrate your achievements and acknowledge your advisor's contribution.

5 Learn and grow

The ultimate goal of working with a business advisor is to learn and grow as a business owner and leader. You should use this opportunity to develop new skills, knowledge, and perspectives that will help you improve your business performance and achieve your goals. You should also ask your advisor for feedback, advice, and resources that will help you continue your learning journey. You should also reflect on your experience and identify the key lessons and takeaways that you can apply in the future.

6 End the relationship gracefully

At some point, you will need to end the relationship with your business advisor, either because you have reached your goals, your contract has expired, or your needs have changed. You should plan for this transition and end the relationship gracefully. You should thank your advisor for their service, provide them with a testimonial or a referral, and pay them promptly. You should also review the results and outcomes of your collaboration, and document the best practices and learnings that you have gained. You should also maintain a positive and professional relationship with your advisor, and keep in touch if needed.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?