I had the privilege of writing an article recently on an issue that arises for many leaders I coach. The piece featured in Thrive magazine, produced by the Gibraltar Federation of Small Businesses (GFSB). In my practice I work with clients across Europe - and beyond (right now I’m currently stateside delivering an offsite helping a new leadership team build the cohesion they need to execute fast) - yet Gibraltar is where I regularly meet clients face to face and work as a member of the Board of Directors at the GFSB to help businesses start-up, grow and thrive.
I’ve learned that the challenges that ambitious small entrepreneurial businesses and their leaders face are often universal - and so whether you’re based in Gibraltar, or far away - I’d love for you to read this and see what resonates with you.
You can find out more about the GFSB and read Thrive pieces below:
How to Surround Yourself With The Right Voices
Starting and running a small business is a rewarding journey, but it comes with its fair share of challenges. The path of entrepreneurship is often characterised by for immense dedication, long hours, and tough decisions. And as a small business owner, you're not just responsible for the operations and growth of your company and team, but also for your own well-being.
Venturing into entrepreneurship can take a toll on you – physically, mentally, and emotionally. The weight of being the driving force behind your business can lead to burnout, isolation, and even strained relationships.
For many it's natural to seek support from those closest to you – your family and friends. Yet whilst they may form an integral part of your support network, relying on them solely might not always lead to the constructive challenge and diverse insights that you and your business need to thrive.
That doesn’t mean your journey needs to be a solo one. While family and friends might provide a huge amount of support, it's essential to extend your network to professionals who can offer fresh insights, unbiased opinions, and challenge your assumptions.
The good news is that there is a wealth of experience and support already around you, just waiting to be tapped into.
Building a good circle of advisors around you doesn’t happen by chance. Yet when you are time pressed, thinking strategically about the support you need around you often defaults into the ‘nice to do’ camp.
It isn’t something that offers immediate business results and building long term collaborative relationships takes time that many small business owners don’t have.
But surrounding yourself with a well-curated support team isn't just a luxury; it's a strategic move that can make or break your business. Those you choose to take advice from will influence the decisions you make, the challenges you tackle, and the strategies you implement.
While the concept of cultivating an circle of advisors might feel like a big task, it is worthy of investment.
Here’s how you can get started:
Begin by doing a quick audit of those you currently use as a sounding board.
Do a simple audit of those you currently use as a sounding board. A good support network will push you to succeed, tell you quiet honest truths and help you make tough decisions objectively. Think about how your current support network has done this over the last year, what you have learned from them and what more you need.
Quick Advisor Audit
Make a list of the names of people you have discussed important work issues with over the last few months; for advice, input or counsel.
Step back and look over the list and consider their demographics, expertise, job roles, background.
What patterns do you notice?
Then complete these three sentences:
The main strengths of my group of advisors are:
The main weaknesses of my group of advisors are:
My priorities as a result must be to:
Gap it: If you’re not sure what’s missing, reflect on what you are trying to achieve or which parts of running your business feel tough for you. What support and perspectives would you benefit from, today and in the future? Alternatively try thinking about another leader that you admire, and reflecting on the support team that they have cultivated and how it serves them. How has the support they have around them evolved over time?
Filter: When it comes to your support team, quality beats quantity. There's a lot of advice available to business owners, some of it might not be helpful, and some might come from people who think they know what's best for you. Look for people who can be objective, who you can share your ideas with, discuss problems, and who will push you out of your natural comfort zone.
Capitalise: Building a broad network is different to developing a close circle of advisors. But your network is an excellent place to start. Whilst the focus of many networking events is business development, don’t miss out on using the opportunity to connect with people with whom you can build relationships that help you and your business in a different way.
Network: There are a large number of networking forums which are incredibly easy to tap into. It is normal for conversations to happen spontaneously but instead, think about who you deliberately want to seek out and develop deeper connections with. It could lead to some great alliances. Done right, networking will help you find role models, mentors, sponsors as well as expanding your business opportunities.
Share: Professional organisations like the GFSB are also fantastic places for building relationships among fellow business owners, many of whom will understand the challenges and joys of running a small business - and also be able to offer different perspectives to your own. Find common ground and build reciprocal peer to peer relationships with other professionals to both your benefit.
Expand: Post pandemic, it's simpler to connect with fellow business owners who share the same challenges, regardless of geography. This is especially handy if your business is unique in town, giving you the opportunity to build relationships with others beyond, and bring fresh insight in. Look for professionals whose businesses complement yours; for mutual exchanges of ideas and expertise.
Diversify: To ensure the advice you receive is diverse, those you take advice from need to be diverse too. Relationships tend to be formed on the basis of having something in common and it is natural to gravitate towards people of similar gender, race, and frame of reference for example. This affinity bias can happen in business relationships too. Ask yourself: Are all the people in your support circle from the same background? Do they all think in the same way?
Remember that building trust takes time and relationships need nurturing. Play the long game and focus on building high quality relationships where you feel comfortable being open and honest. Make sure you’re having frequent conversations and be open to developing relationships that aren’t limited to the realm of work.
Ultimately, your circle of advisors should be a valuable resource – a group of people who push you to be your best, tell you unbiased truths, and celebrate your successes with you. When you approach relationship building with intention, you're not just making contacts – you're finding people who can inspire you, guide you, as well as opening doors for you professionally - as well as doing the same for others.
If you’ve found this weeks newsletter thought provoking, please share it with your friends and colleagues.
Meantime if you haven’t already, you can subscribe to receive the next issue straight to your inbox.