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Monthly Archives: September 2013

Do you need a Business Advisory Council for your business?

Many family businesses suffer from “loneliness at the top” and a lack of external input and this can compromise business growth and performance. One option that I would obviously advocate is using an external Coach or Mentor to provide that external perspective and structured thinking. Another effective tool, that can include your Coach/Mentor, is to establish a Business Advisory Council. This is small group of suitably qualified advisors who perform the role of a “quasi-Board of Directors” by overseeing the strategies and operations of the business with a broader and impartial point of view. The other benefits of having a Business Advisory Council for your business are: 1. The Business Owner, can have an objective “sounding board” for ideas and strategies; 2. It can build rigour into the management of the business by having a requirement for up-to-date Financials, which are reviewed on a regular...

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Who has the most influence over the success of your business?

This article is about understanding the stakeholders in your business and how we can influence them What is a stakeholder? According to BusinessDictionary.com, stakeholders in general are “…a person, group or organization that has interest or concern in an organization”. In general, the word stakeholder refers to the business, its investors, employees, customers and suppliers. In broader terms, it also includes the community, government and trade associates. In a video by David Butter on Stakeholder Management, he defines a stakeholder as someone who can make or break a company. In other words, they’re either with the company and make things happen or they can kill the company.  Oftentimes, companies are passionate about getting close to their customers and making sure that they are given what they want. But the definition mentioned above implies that because stakeholders can either make or break a company, it is...

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