You can’t be expected to have all the knowledge and skills your organization requires, especially as your business grows. As you face new challenges and opportunities, your business will need different competencies and solutions.

Even though resources are available and abundant, finding the right provider fit and integrating  them into your operation is hard. Choosing a bad service professional can have a massive operational impact but even an OK provider often limits efficiency and scale.

How do you find a strong provider that is a good match for your business? 

The goal should be to select an advisor that reflects not where your business is today, but where you want it to go. Your advisor should have the know-how and experience to help you and your company evolve. 

What to Look For in an Advisor

Advisor roles are as varied and diverse as your business needs. You may decide to seek an advisor’s input on employee benefits, human resources, business insurance, finance, taxes, how to manage your board of directors, professional development — the list is nearly endless. 

The right advisor is someone who has strengths in their specific competency with a style/approach that complement yours. That person should be a good working partner.  

When evaluating advisor candidates, it’s critical to review their past experience:

• Do they have previous experience growing and scaling companies?
• Are they an expert in your industry?
• Have they struggled with and overcome challenges you are facing?
• Do they empathize with you as a founder?
• Do they have a track record of success?

A few non-negotiables to keep in mind: An advisor should be willing to roll up their sleeves and get into the trenches, while also being able to offer strategic insights and see the “big picture.” Their experience and expertise should help you to make your business better.

Experience Trumps Price

It’s often tempting to prioritize price over experience when hiring an advisor. This  approach often yields poor results and creates much re-work for the leaders of the company.

It’s critical to select an advisor who will set you up for success and scale. This is true whether you’re establishing your company’s corporate structure, putting in place intellectual property protections, creating a capital table structure, conducting audits, etc. If these things aren’t properly dialed in early on, it’ll make your company more difficult to scale and ultimately, sell.

While not all tech company owners aspire to sell their company, working with an advisor to implement the right infrastructure, culture and controls is hugely valuable. Business owners who have taken the time to be thoughtful and intentional about building a foundation of discipline, structure, equity, employee recognition and rewards, and incentive compensation reap the rewards of improved efficiencies, and thus, greater profitability. Engaging a knowledgeable advisor can help you steer the ship in the right direction from day one.

WTIA Can Help You Find the Right Advisor

One way to find the right advisor is by leveraging the WTIA.  As a WTIA member, you are part of a vast network that includes access to industry professionals who are experts in their field. We facilitate introductions and evaluation of multiple providers in service categories of need and have internal teams that provide payroll, 401k and insurance services.

As a 35 year tech trade association in a major innovation hub, we are uniquely positioned to help find you the right professionals to drive your business forward.For more information on how WTIA can help support your business advisory needs, contact Mike Monroe, President, HR Benefits Inc., at mmonroe@washingtontechnology.org or John Suk, Senior Director, Health Benefits Solutions, at jsuk@washingtontechnology.org