1. Set Clear and Specific Goals
Most CEOs who sign up advisors initially plan to use them as a general sounding board. For the informal advisor this works fine, but for a compensated advisor, the role should be much more focused. The advisor should have a job description the same as any employee in the company. The CEO should set clear and specific goals on what the advisor should do.
Advisors generally serve at the will of the CEO or the board but can also be setup for specific term of service. This makes it easier to transition into new and out of arrangements as the company grows.
3. Make Clear the Preparatory Work that Needs to be Done
For each meeting, there should be some clarity on what preparatory work that needs to be done by the advisor. This sets expectations on both sides on what is to be done.
4. Include the Advisor’s Name on Investor Documents
A substantial portion of the value of the advisor is in raising funding. The CEO should add the advisor’s name and position to the investor documents and make clear the value of the advisor to the team.
Most advisors have an extensive network and one that should be mined for the benefit of the company. The CEO should discuss what help is needed to see if the advisor’s network can bring additional support.
TEN Capital Network is proud to announce our Advisory Program which provides a roster of qualified advisors to assist in supporting your company in its growth plan. This includes increasing revenue traction, identifying the business model, and helping prepare the company for a fund raise.
This program is only available to companies enrolled in the TEN Capital funding program.
If you want to find an advisor for your business, please contact us at info@tencapital.group.