CEOs are always looking for ways to save money and increase profits. Well one answer to this is using advisors instead of consultants. Almost every company uses consultants in some way or another – whether for marketing, human resources, technology, or even specific industry insights. It is time to try hiring an advisor instead. Advisors are senior executives interested in “board work” – be it in an individual advisory role or as part of an advisory board. Most executives are allowed to do this alongside of their current job because it falls in the “Board of Directors/Advisory Board” category of professional opportunities. And advisors usually cost only a fraction of what consultants cost. You can pay them on a “per-meeting” or “quarterly meeting” fee, or come up with some other type of arrangement. They often want the experience, intellectual stimulation, and opportunity to put advisory work on their resume as much as they want the cash compensation.
Here are some ways companies are using advisors instead of consultants:
Having a Chief Marketing Officer advisor who can help update and improve your online marketing strategies?
Do extra due diligence on a big upcoming technology expenditure to see if a CTO advisor thinks it is really worth the cost, or if there are more cost effective options in the marketplace?
Get specific insights from an industry veteran on how to break into that market?
Utilizing “eyes on the ground” with an advisor based in another country you are looking to enter?
Have a CEO from another industry serve as a sounding board for your quarterly or annual goals?
Garner the expertise of a CFO who can help you understand your financials better, or even on a quarterly basis bring suggestions on how to be more profitable?
There are really endless ways advisors can help your company. Think about a particular challenge or opportunity your company is currently facing – how could someone with deep industry or position-specific expertise help? What about amounts you are paying consultants right now? That money would be better spent on someone currently “in the trenches,” not a professional consultant who is not as in touch with the current market. And just to mention it again – these senior executives want the experience – they want to help you and your company to show other companies how they would be a good advisor or board member as well.
You’ll be amazed at the caliber of executives just waiting out there to advise your company. Aren’t you curious who would be interested, and what they could help your company achieve?