Assembling a Team of Trusted Business Advisors

In the search for different types of information, tactics, and strategies, it is important to draw on traditional internal sources (senior management, staff, and volunteer leadership) as well as external professional business sources. Assembling an experienced team of trusted business advisors (“TBAs”) from nontraditional sources will pay many dividends.

While most nonprofit organizations are accustomed to relying on advice from accountants, attorneys, consultants and other traditional outside business experts, there are many potential TBAs from nontraditional sources that are often overlooked. For example, banking professionals, insurance brokers, payroll administrators, investment managers, real estate advisors, and other service providers will all bring unique knowledge, perspective, and experiences that can enhance your organization’s front-end planning and problem-solving. This advice is usually only a short call away and often available for no extra cost.

Every time I reach out to my team of TBAs, I gain useful information and perspectives I had not considered. I also wonder why I took so long to seek out their advice, opinions, and tactical expertise. The process starts with regular and thoughtful communication with your TBAs. Use these three tactics when communicating with your TBAs to tap into this powerful resource.

1. Ask for Their Perspective

Start by asking your TBAs for their perspective on drivers causing issues at your organization such as changing economic conditions, unexpected disruptions, and new compliance issues. Due to their unique experience and expertise, TBAs will often be able to spot issues that were not on your radar screen and add perspective and insight you may not have considered.

2. Encourage Them to Provide Their Opinions

While getting the perspective of your TBAs will help you spot potential issues, asking TBAs for practical, personalized advice will provide an additional layer of ideas and vision. Encourage your TBAs to share their opinions on how they might solve a problem or reposition to leverage a tactical move. I often ask them to visualize how they would maneuver to make the best of the opportunity at hand if they were in my position.

3. Prompt Them to Share their Experiences and Observations

Very seldom will you experience a circumstance that has never been seen before. Ask your TBAs to share observations on how others have reacted in similar situations. In particular, inquire about mistakes others have made and any tactics that were used to successfully navigate challenges similar to those faced by your organization. These examples can yield ideas, alternatives, and strategies that may work for your organization’s particular circumstances.

Planning Tip – Set up regular reach out meetings with your best TBAs. Do not wait for a problem to arise to contact them. Strive to have a two-way relationship with them where they become part of your TBA team, and vice versa. Cultivating a sharing relationship will lead to mutual feelings of trust and confidence. They will look forward to future opportunities and interactions to communicate and share information.

Potential nontraditional TBAs are all around you. They can provide invaluable insights and open your mind to options you might not have considered before. You just have to open your eyes and reach out.