The Benefits Of Creating A Client Advisory Board Vastly Outweigh Any Fears You May Have

Friday, October 05, 2012 08:52
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The Benefits Of Creating A Client Advisory Board Vastly Outweigh Any Fears You May Have

Tags: Advisor businesses | business strategy | Client advisory board

One way to grow your business quickly is to create an advisory council consisting of your clients and prospects. This may seem like a radical idea but it is right in line with the new business model of building community.

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The idea of clients telling you what you did well and what you didn’t deliver well on can be intimidating.
 
But would you really want to risk losing clients because your performance wasn’t as stellar in their eyes as it was in yours? The interjection of fresh ideas is also critical to business growth. And the fastest way to grow a business is to find out what your clients and prospects want and then give it to them.
 
The way they want service delivered is also important. That can create a feeling of customized care.
 
It’s critical to get the right people on your board. Ideally, this would be clients and prospects—even friends—who care about you and would be willing to offer you good business advice.
 
Holding regular advisory committee meetings and hiring an objective consultant to monitor the discussions while you leave the room is the best way to get the feedback you seek. This creates a safe space for committee members who may be concerned about hurting your feelings.
 
It also facilitates anonymity through a conglomerate report the consultant prepares for you.
 
It’s even possible that giving your best clients a stake in your success could make them feel more comfortable trusting you with more of their assets.
 
You can set term limits for membership and size limits to ensure a rotation of fresh ideas and to ensure you receive quality feedback from the clients with whom you most enjoy working—or from the prospects you would most like to attract.
 
Fresh ideas, support from your ideal clients, attracting more assets. These returns should easily outweigh any qualms you have about setting up an advisory council for your business.

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