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The one tactic guaranteed to skyrocket every entrepreneur’s profit

Entrepreneurs love the idea of upping their game. Everyone wants to earn the big cash, cushy benefits and rockstar recognition that a very successful business creates.

In fact, most entrepreneurs lust after the trappings of a bigger business – even if they value running a tiny, agile team or being solopreneur.

In the perfect world, entrepreneurs would be able to enjoy corporate levels of success, right? Most assume it’s impossible.

This post reveals a single business tactic that rockets your business to the level of top corporate enterprise. Without the giant staff or hassle. The best part? You can begin right away.

The biggest difference between an entrepreneur and the CEO of a Fortune 500 company is psychological.

Of course, the CEO is going to spend their time working on slightly different activities. However, they also operate differently at a strategic level. A CEO thinks different thoughts.

By thinking and acting more like a corporate executive, an entrepreneur can boost the performance of their business. That doesn’t mean hiring a team and delegating everything either.

There’s just one thing you need to do to start playing a bigger game, right now.

Build a team above you, without building a team

Many people forget about one of the most important parts of a corporate business – the board of directors. This is the team above the CEO – the bosses of the boss. Most boards give membership to the people who own significant equity (shares) in the company concerned. In a publicly listed company, you can literally buy your way onto the board of directors by trading on the stock exchange.

The board of directors is responsible for reviewing the CEO’s strategy. They’ll assess the game plan, providing advice and guidance on how to move forward. This works out well, since company directors are typically very successful people – that’s how they got to where they are.

The CEO has to sell their big decisions to the board. A grand new marketing plan on the cards? A significant investment in new hardware needed? The CEO will have to convince her board that the decision is a good one that’ll benefit the company.

Ultimately, the CEO is accountable to the board – she’ll provide regular updates on how the business is tracking toward it’s objectives. If the board doesn’t like what they hear? Well, the CEO could be out of a job!

What about the lonely entrepreneur?

If you’re running a tiny business, you’re both the CEO and the board of directors. It’s wonderfully liberating, but there are some big unanswered questions:

Who is keeping an eye out on your performance?

Who is evaluating your strategy and gameplan?

Who is making sure you hit the targets you set?

For most entrepreneurs, the answer is “no one”. But it doesn’t have to be.

You might not want to offer up shares of your business to get hold of some directors, but that doesn’t stop you forming your own advisory board.

Ask for help from your mentors and friends. Hell, sign your mum up for the job. Build an advisory committee of people who’s opinions matter. They don’t need to be business geniuses. It’s actually a fantastically good thing if you have to work hard to explain things clearly (and simply) to your board.

Pick people who’ll offer unique insight, who’ll cut through any bull**** and be constructively critical when it’s required. I wasn’t kidding about asking your mum – I know mine would be perfect! A coach, good friend, fellow entrepreneur or sibling are all great people to invite too. If you really want to shake things up, ask your accountant to step in.

Meet quarterly and present your strategy and goals for the months ahead. Update the board on your past quarter’s performance.

Can you imagine the change in thinking this one simple strategy would create?

By convening an advisory committee or board, you add instant accountability into your business. Suddenly you have to justify your decisions and plans. Procrastinate now and you’ll have to hang your head when you report a lack of progress at the end of the quarter.

An advisory committee delivers an injection of old school, big-business reality. It makes what you’re doing real by forcing you to rationalize and coherently communicate your business strategy. Simultaneously, a board forces you to take a good hard look at the actual results you’re currently producing.

Big business thinking in a little business. Corporate results with all the freedom and fun of entrepreneurialism.

Above all else, your advisory board need to ask quality questions and keep an eye on business results. These are the kind of questions a board asks a CEO:

  • What are your goals for the next quarter?
  • How are you going to be (more) profitable this quarter?
  • What wins did you experience last quarter? What setbacks were there?
  • What makes your current offerings different from the competition?
  • What’s your exit strategy and succession plan? (What happens when you want to retire?)
  • Why are you spending so much money on <insert your largest overhead here>?

This tactic is a game changer.

If you’re reading this with a vague, clenching sensation of apprehension (be honest) then it’s probably something your business needs. If you fear sharing your results and plans with an audience, that’s a good sign that this exercise is one you need to commit to.

I’m passionate about high leverage tactics – small changes that create big results. This one is one of the best.

An advisory board transforms a business from half-assed to rockstar faster than anything else I know. It’s relatively painless too, once you overcome the initial fear of genuine accountability.

Have you got what it takes?


+ Add Comment
  1. You’ve done it again, Peter. Huzzah! Seriously, your blog is the most valuable and inspiring blog I’ve discovered in recent months.

    As for this advice: Too bad I’m a hermit without any family 😉 Would be great to implement it though. So far, I’m everything here: From janitor all the way up to CEO AND board of directors. And yes, I keep fooling myself or evading the difficult questions. Why do we people have to be sooo good and fooling ourselves, eh? Shrink me that!

    1. Hey Martin, thanks for the kind words buddy 🙂

      Sounds like this is one tactic you need to take action on – I’m sure you’ve got friends, if not family. Otherwise, what’s stopping you calling together a meeting of online folks? Technology is a wonderful thing.

      1. You cheeky sod 😀

        Have you checked your email lately mate? I’m happy you emptied your inbox, but when I send you something it’s for paying attention to etc donchaknow?

        On a serious note: it’s not about just having friends, of which I do have almost 3,5.

        If they can’t relate or provide anything useful, they’re not helping much as a virtual board of directors, as in the mother example above.

        Damn, these balls are killing me 😀

          1. Subterfuge.

            You mean to say your comment section runs on a different time server than your mailbox? Go try and fool another idiot. This one is too smart for you. 😉

  2. I’m sending this post off to my mastermind team. We’ve spent the last year working on the project of the moment for each other, but this tactic could really kick us all off in the new year.

    Thanks Peter!

  3. This is so important. You cannot do it alone. I have been luck to have a powerful group of mentors who play a board of advisors role in my business and in my life. This is the best advice for a beginning entrepreneur – stop trying to do everything yourself… learn to ask for help (and be grateful whether the answer is yes, no or later).

  4. Hi Peter,

    Excellent suggestions for folks who want to go big with their businesses. It’s all in the mindset.

    I do want to say that it’s o.k. to not want to be a rock star and to stay small or medium. My father had his own business and when others around him went big, they ended up going under when tough times hit. He stayed small, weathered the storms and ended up doing remarkably well – slow and steady sometimes wins the sailboat race.

    Perhaps, I follow in his mindset footsteps, but being a business rock star doesn’t appeal to me. I’m more interested in in living a kick ass life, which to me is a bit different than rock star. I do the things that make me feel alive. If the spotlight finds me when I’m doing these things — that’s fine. Finding the light, isn’t what drives me. I prefer to be the light …

    Much thanks, Giulietta

    1. Hi Giulietta, thanks for your comment.

      My point here is that by creating a “advisory board” even a solopreneur can enjoy the focus and accountability of big business…. without some of the negatives (large teams, big overheads etc etc). I’m a big advocate for staying small and nimble – but with the mindset to out-fox bigger players.

      This tactic gives the best of both worlds! 🙂

  5. Hi Peter. Although I haven’t asked them to question me each quarter like you mentioned above (noted and saved), I have spoken my plan and agenda to my wife and mother to get their feedback and see if I’m on the right track.

    They are not entrepreneurs and my experience so far when I try talking to them in question to review my plan and “does that sound good”, I always get, “Yeah that sounds excellent. Well you know more than I do.”

    In other words, asking them if my plan sounds both logical and sound, I always get a “yes” response. I believe it’s because they don’t know any better and have a lack of experience in the home-based business field. Now… what I will add to it though is those list of questions you put up there. That is excellent for a concrete review and accountability. Thanks.

    1. Hey John,

      Well done for already getting started on this approach. I do think there is some value in formalising the process – especially with family volunteers. By setting a proper “meeting” time and an agenda, you’re going to send a clear signal that their input is very valuable. They won’t hold back and you’ll get more useful insights.

      If you want to keep taking things to the next level, start thinking about who you could add to your board to compliment the strengths of the people already on there.

  6. It’s the same reason you hire a great coach or even a business manager. At some point you must buy the grit. ‘Me, myself and I’ might seem like a romantic way to run a biz but life is better all around when there are people around you who will check your blind spots and call you on it.

    No matter how ‘rogue’ or introverted or otherwise special we think we are as entrepreneurs fact is we do better to surround ourselves by objective players who will help us see through our own BS.


  7. Excellent post, Peter.

    It reminds me of one of my favorite quotes I heard from one of my professors.

    “If you hire a manager who agrees with you all the time, he’s useless. If you hire two managers who agree with you all the time, their both useless.”
    (If anyone knows who said this quote – please advise)

    I agree with the benefits you have listed for advisors. Absolutely, you need someone who can and is willing to cut through the BS.

    You need to have an advisor who will be another set of eyes and can see the bigger picture with your best interest at heart.

      1. I agree – Need a team.

        Yeah, the Gravatar is up. Yikes! I needed something to scratch off my list of things to do. 😛

        Oh and I meant to say in the last comment.. I like how you carefully chose your words in your post. Very thoughtful. 😛

  8. Peter,
    Thanks for a thoughtful reminder…….funny how I advise my clients to do this all the time and forget that it can benefit me as well. I do work with 2 MM partners who keep me in check and are aware of my BS factors and can help me quickly put them to bed and move on……guess they are my BOA! Fabulous.

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