Owners face a myriad of challenges in business today with some common challenges that impact nearly every business owner. In particular there are 3 challenges nearly every business owner faces during their business journey and the way a business owner faces these challenges has serious implications for the future viability of their business. In this blog we’ll take a look at these 3 challenges and the reasons an owner would want to join an owner advisory board to mitigate or eliminate the risk from these challenges.
Let’s take a look at the first major challenge many business owners face.
⅔ of Owners cite ISOLATION as a challenge
Many business owners feel that they are on an island and don’t have anyone they can turn to for advice. Spouses and partners? Don’t generally understand the business. Financial advisors, accountants and attorneys? Sure they are in touch 1-2x a year but aren’t intimately familiar with the management of the company. Who else do business owners have? Generally speaking, most business owners will make decisions on their own without the support and perspective of outside, objective advice givers. With that decision making comes serious stress and anxiety.
Owner advisory boards can eliminate isolation by giving owners a forum to open up about their business with trusted advisors that do develop an intimate understanding of the business. This can not only improve decision making, it can also reduce stress levels and increase overall well being for the business owner.
50% of Owners experience OVERLOAD
If you’re like half the business owners out there today, you may feel like you’re being pulled in a hundred directions at once, while juggling and maybe even spinning some plates for good measure. Overload is especially true in today’s ultra competitive environment and is exacerbated when we have struggles with employee retention and company culture. Overload leads to burnout, mistakes and it’s own set of health issues for owners.
Owner advisory boards provide unique perspectives from owners that are in or have conquered similar challenges. Learning from the mistakes they made and gaining insight from other owner’s wisdom can help reduce the amount of overload you feel as a business owner today. There’s an added benefit too. Owner advisory boards that are well designed provide exceptional clarity around mid and long term business intention reducing the amount of time spent on items that do not drive the greater vision of the business.
We don’t know what we don’t know
Any honest business owner will admit they were hit by a curve ball or two since they started their business. For many owners, there’s a lot more than one or two of these while a business is in operation. The savviest business owners are aware that the scariest parts of business is what they don’t know they don’t know.
Balancing business with the rest of our lives can feel like walking a tightrope at times. Having something completely unexpected hit you while you’re on a tightrope is the worst possible thing that can happen. Owner advisory boards offer a way for other business owners to share perspective that can illuminate and open our eyes to some of what we didn’t know we didn’t know!
While business owners face a number of challenges that extend well beyond the 3 mentioned here, each of these challenges offers an incredible opportunity for owners to stand up and overcome. Utilization of a board of advisors is like having an expert set of trainers preparing you to address these challenges head on. If you’re looking for reasons to join a board look no further than this: improved decision making, reduced overload and elimination of blindspots with a bonus heaping of an overall better mental and physical wellbeing!
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