The most valuable asset any business has is its people. Leaders and team members drive growth, execute plans, and turn napkin pitches into concrete value. It stands to reason, therefore, that the best way to expand the value of your business is to expand your network of people.
To make your business bigger than one person, you need to use the wisdom and insights of more than one person. Professional peers and experts can help you lead more effectively and prepare your business for future leaders. The challenge is finding the right people and knowing what to ask them.
Finding the right mentor
Before you settle on a mentor, speak with your internal team for intel into how they see the business (your staff can often cover your blind spots) and then choose a coach who has the relevant experience. Some will come with a proven track record in strategy, while others will be hyper-focused on team management or culture. A fit-for-purpose coach is worth their weight in ROI.
Your relationship with your mentor will be both strategic and emotional, so it’s important to prioritise both concrete results in mutual chemistry when selecting your coach. Their impact on your business will be a direct reflection of their impact on you, so find someone who explains things in a way you both understand and actively engage with.
And finally, make sure you do your homework. Communication and branding can be useful tools, but someone who only specialises in marketing themselves as a great mentor may not be the right expert for your business. Like with any other investment, do your due diligence; read reviews from other mentees/clients and ask for specific examples of how a mentor’s advice led to positive outcomes in a business similar to yours.
The perks of professional peers
Being a business owner can be lonely, especially if your network is largely made up of people within your own organisation. There will be challenges unique to your position and facing them alone can feel isolating and directionless… or leave you in an echo chamber with only confirmation bias for company.
Peer advisory groups—organisations like The Executive Connection (TEC), the CEO Institute, Vistage, and the Young Presidents’ Organisation—offer a structured source of advice and support for business owners and C-suite professionals. These are the perfect environments for bouncing ideas off other entrepreneurial thinkers and problem-solving with peers who’ve likely been there and done that in their own businesses.
People within your organisation may look to you to guide strategies and discussions, but fellow leaders will challenge your ideas and encourage you to follow your curiosity. You may be the one making decisions for your business, but broadening the scope of your conversations lets your ideas—and the business they’re shaping—grow beyond you.
Raise your growth ceiling with a succession plan
Planning for your business’s future beyond your leadership does not mean you’re checking out early. By building a succession plan into the foundations of your strategy, you’re committing to the business’s long-term potential and respecting the loyalty of your customers, staff, and stakeholders. It’s risk mitigation meets futureproofing.
If your staff are focusing entirely on executing your ideas, all the innovation and creativity pumping through the business will be bottlenecked by the need to follow your lead. A succession plan isn’t a break-glass-in-case-of-retirement backup; it’s a precedent you can set on day one to create room for long-term thinking and conversations about what the business could be capable of.
Your stakeholders will also appreciate knowing the security of their investment isn’t tied to one person. Nothing says futureproof ROI like a leader who’s looking at a company with the same long-term vision as an investor. Making it clear that your business will live beyond your leadership lets partners and stakeholders build more confident long-term relationships that will help the business grow for years to come.
Remember it’s still your business
You know your business better than anyone. Wisdom and guidance from peers and professionals can be powerful tools, but the best coaches will recognise your insights and help you turn ideas into actionable growth strategies.
Capital Partners helps business owners and busy executives make confident and well-informed decisions about the future of their businesses. To take the next step in preparing your business for bigger and better things, book a call with our team.
