Assembling a Team of Trusted Business Advisors [SUBSCRIBERS-ONLY]

In the search for different types of information, tactics, and strategies, it is important to draw on traditional internal sources (senior management, staff, and volunteer leadership) as well as external professional business sources. Assembling an experienced team of trusted business advisors (“TBAs”) from nontraditional sources will pay many dividends.

While most nonprofit organizations are accustomed to relying on advice from accountants, attorneys, consultants and other traditional outside business experts, there are many potential TBAs from nontraditional sources that are often overlooked. For example, banking professionals, insurance brokers, payroll administrators, investment managers, real estate advisors, and other service providers will all bring unique knowledge, perspective, and experiences that can enhance your organization’s front-end planning and problem-solving. This advice is usually only a short call away and often available for no extra cost.

Every time I reach out to my team of TBAs, I gain useful information and perspectives I had not considered. I also wonder why I took so long to seek out their advice, opinions, and tactical expertise. The process starts with regular and thoughtful communication with your TBAs. Use these three tactics when communicating with your TBAs to tap into this powerful resource.