Musings on Execution and Advisors
Execution & Advisors
I value advisors and mentors very highly and believe in using other people’s experience to fast-track my company’s growth. I have always worked with a variety of mentors and specialists, and even before starting Open Box, was getting advice from a very experienced businessperson that I have a lot of respect for. He reviewed our financial plans, asked questions about the assumptions, and had great suggestions about risk management, getting clients and what to watch out for.
My current Advisory Board is invaluable
We have a monthly phone meeting, and prior to that I write an update on where we are at with our strategic goals, how the financials are doing, and any questions that I want to discuss with them, as well as whatever background they need to give me the best advice possible. Just writing up this information on a monthly basis makes me stop and take stock of how the company is doing and what changes have happened and what’s really important.
Then, during the conversations, they come up with creative ideas and suggestions, as well as asking questions from their experience that I might not have thought of. They remind me of progress being made, and follow up on what I said I would do in the previous conversation. They remind me to look after myself as well as my business, and when I have a hard decision, they suggest alternatives and things to consider, but always remind me that part of being an entrepreneur is making the hard choices and that in the end it’s my business. I love working with them, and with other mentors that I have had over the years.
Time for Execution and Implementation
At the same time, towards the end of last year, I found myself in the interesting position of having too many mentors/advisors (not just my advisory board, but other experienced people that I respect highly who were available to bounce ideas with & get advice from). I found that I was spending too much time talking with a variety of wonderful people, when I knew what needed doing and really needed the time to implement. There’s definitely something seductive about the brainstorming/idea sharing/gathering wisdom processes. But it was important for me to recognize that it was time to put my head down and prioritize, plan, then implement the plans. 2009 is all about implementation for me. I have pulled back from a number of my mentors, and am focussed on making the plans happen. Lists and execution are the key, so I have pared down my advisors to that core Advisory Board and look forward to seeing what happens as I use the distilled wisdom from all those great conversations.
Signs that it is time to shift
What helped me recognize that it was time to make a shift?
- My to do list was growing (with no inessential or busywork items).
- I started scheduling meetings with advisors further apart because I needed time to execute on plans.
- I didn’t have a lot of key questions that were pressing at me.
- I had the opportunity to participate in a business growth workshop and decided the time was better spent doing.
- I knew exactly what to do next, and had good risk management plans organized.
- I wasn’t spending enough time selling (and yes, I believe that this should be 30-60% of the time allocation of the average entrepreneur).
- I was starting to talk too much about long term plans because the short term was crystal clear.
The Joy of Execution
Since the new year started, I have been focussed on execution. So far, the results are stellar. My to-do list isn’t getting shorter, but some of the key items are progressing well. I know that I’m focussed where I need to be. I’m able to enjoy crossing items off my list every day and have a good sense of the overall strategy for the company for this quarter. Now I just need to make sure I notice when I need to go back to them for more – but fortunately I still have my regular monthly advisory calls and now I’m really looking forward to them again.
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