The Magic of Advisors, Mentors, and Coaches Revealed

by Patrick VanTyle, Founder of VanTyle Business Solutions.

 

An article in the Wall Street Journal’s Small Business Section revealed the results of a survey by the National Federation of Independent Business and Wells Fargo regarding the “Sole Adviser on Critical Decisions” to the small business owner. The results showed more than 50% of the owners relied on family for advice on critical decisions and another 16% relied on their partners. The smaller the business, the more often the sole adviser was a spouse. The combined statistic for family and partner advice is coincidently close to the same rate as small business failures within five years of startup.

History is full of business success stories. Likewise for every success there are thousands of defeats. How can there be such disparity between success and failure in business? The simple answer would be knowledge. In reality knowledge will not guarantee success. Neither will raw talent. The most successful business owners tap into knowledge, talent, and another key element to achieve their goals: practical advice that works. The New England Patriots football team provides a perfect example.

I was teaching the Entrepreneurial Training Program in the fall of 2004 when the N.E. Patriots were making a run at another championship. The team’s winning streak was continuing so I posed some questions to my students regarding the team. “How many of you feel the Patriots are so strong they could beat any team they play each week?” After everyone in the class raised their hands I asked, “If the players are so good and the team is so strong you feel they can beat all the other teams, why do they have coaches, assistants, player personnel, trainers, and other support staff?” To play at the National Football League level requires talent and knowledge, but those two traits alone are not enough. It takes a system to reach the level of success the N.E. Patriots have achieved. Not just any system but a well-run and focused business system with checks, balances, training, reviews, coaching, mentoring, strategies, decisions, and follow up. Additionally, advisors, mentors, and coaches make it easier to implement these systems of success. Perhaps most important they help bring accountability.

Most business owners are like football players—they have talent and knowledge, but often do not have effective systems in place, if any systems at all. Symptoms of ineffective business systems include: being concerned because you have no time for vacation or to spend with your family, being worried due to a lack of clear business or marketing plans, lacking clear financial accountability, being too busy to schedule production activities, being overwhelmed with the day to day operations because you are understaffed, and being frustrated by handling the same issues time and time again without gaining ground.

Advisors help owners create effective business systems. They offer an outside perspective, objective insight, help with strategies and plans just like a coach, advice or assistance in areas that are not your expertise just like a trainer, and they set up reviews, checks and balances, and provide accountability and unbiased expertise just like a trusted mentor.

The New England Patriots won their third NFL Championship in four years. Experts agree the “Patriots System” is at the core of this success. Behind the system is perhaps one of the best coaches and mentors in the business: Coach Bill Belichick. Imagine what would have happened if the Patriots acted like most small business owners and turned to their family and friends for coaching, instead of someone like Coach Bellchick and other Patriots staff. Do you think they would have attained the same high level of success?

While family and friends can provide invaluable support for business owners, they may not always be able to give you the professional advice you need to make your business truly flourish. In this way, business advisors are like coaches. Regardless of the talent that you possess on your playing field, a professional coach is often your best ally in making the most of your talents, strengthening your weaknesses, keeping you well-focused on the game, and devising new strategies to attain victory.

If you’re frustrated in your business because you never seem able to reach your personal or the business goals you set, perhaps speaking with an advisor will help you eliminate that frustration and lead your company to greater success.

 

Interested in finding an advisor to help reach your business goals? Contact VanTyle Business Solutions, Inc. For more information, see our Business Advisory Services.