- Startups can give themselves a better chance of surviving if they create a board of advisors to provide regular, outside perspectives on internal and external situations.
- Short term planning should look like a road map, but "a 10-year plan is going to look more like a compass." It's simply a guide for making decisions.
- Planning - it's not flashy, it's rarely fun (for an entrepreneur, anyway), and it fails the "does it make me money?" test. At least, on the surface it fails that test.
- In reality, as the axiom goes, poor planning leads to poor performance.
- But if any company - especially a start up - is clear about its values, has a focus for where it wants to go, and gets regular, outside perspectives about its internal and external situations, it can find ways to adapt.
- That means that its chances for survival are greatly increased.
BOTTOMLINE: This advice isn't just for startups. It's for all businesses, in all stages of growth and maturity. Using outside advisors - the right ones -- can make all the difference. That's what our clients tell us every day!