As entrepreneurs focus more precisely on business issues facing them, The Advisory Board Program® magnifies insight into business issues and thereby gives greater clarity to the entrepreneur. That clarity allows entrepreneurs to make crisper decisions. That clarity of decision making allows better decisions.
The real benefit of all of this is creating an increased level of "confidence". Most entrepreneurs are fairly confident already. But when an entrepreneur sets a goal and achieves the goal, then sets another goal and achieves that goal, an enhanced level of confidence creeps in. When you are confident, you carry yourself differently. Confidence is the "secret sauce" in business. People want to do business with people who are confident. They are drawn to confident people. Most of the time they don't articulate that is the reason they want to do business with you, in fact, they may not even realize it.
What Has Membership in The Advisory Board Program® Meant for Some Members?
- Increase profits so there is more compensation for the owners.
- Increase the grow rate of the business so the business is more exciting and can then attract and retain the best staff and provide a growth path for the staff so staff can reach their personal goals by remaining with the company.
- Develop a succession plan so the business can continue with a second generation, whether family or otherwise.
- Refine the business model so the company can continue to compete as technology moves us all forward, and threaten the status quo.
- Perfect your differentiation strategy so you can compete more effectively against competitors and make sure you don't become a pure commodity service, thereby subject to extreme price competition.
- Entrepreneurs feel the business has plateaued and may want to reinvigorate the growth, figure out what is the "glass ceiling" - or limiting factor - that is preventing them from getting where they want to be.
- Determine the "driver" in their business so they understand the "focus point" of their business. The Focus PointSM is that one point that makes the business work efficiently, through the path of least resistance; in other words, the catalyst.
- Structure the business so as it grows they don't have to spend more and more time in the business through developing an effective delegation plan and hiring staff to allow that delegation to occur. In essence, creating time so that everything can get done.
- Some entrepreneurs struggle to find success at ventures because they lack certain follow-through skills and are then labeled as dreamers, whereas if you hire the right people to help you execute the ideas, an entrepreneur can be seen as a visionary.
- Build a high performance culture in your business where your staff are fully engaged in what they do.