Tapping into the Expertise of Outsiders
Many contractors recognize that they need to spend time thinking about the big picture—the growth, direction, and management of their companies. Unfortunately, they are either too caught up in the day-to-day work of running their businesses or too uncertain about their strategic planning skills to give important issues the attention they deserve.
If you find yourself in a similar position, perhaps you need some outside help.
The insights and perspectives of a group of individuals not directly involved in the day-to-day operations of your business can help you see things in a different light. These “outsiders” can offer valuable advice on a range of important issues. You may want to look into tapping the expertise of a semi-formal group of advisors or an advisory board of directors.
Sources of Help
You can use your own contacts in the community or ask for the assistance of professional advisors when seeking the names of suitable potential candidates for your board. Very often, the best candidates can be found among members of your local business community, successful professionals, community leaders, entrepreneurs, and academics.
Types of Advice
Only you know what issues are significant for the long-term financial health of your contracting firm. Still, an advisory board should be able to help you with a strategic business plan, an analysis of your management team’s strengths and weaknesses, and the identification of any improvements that should be made to your overall operational systems. An effective board can help you streamline business standards and procedures as well as assist you with issues related to compensation, best practices, budget planning, cash flow, and overhead.
As experienced financial professionals with a strong understanding of business and the construction industry, we’re prepared to help you position your firm for success. Please call us for advice and assistance.
“You may want to look into tapping the expertise of a semi-formal group of advisors or an advisory board of directors.”