(From Amazing Pace: Turbo-Charged Business Development)
Dr. Earl R. Smith II
Managing Partner, The Federal Circle
DrSmith@Dr-Smith.com
Dr-Smith.com
When I set out to write a book about how to turbo-charge business development, I met lots of people very interested in getting an advance copy. It made me realize that making business development work is one of the primary challenges that any CEO faces – no matter what industry the company is in.
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I build and manage Advisory Boards as business development engines for emerging and well-established companies. They are the single most powerful component of business development that I have ever found – bar none! The process of setting up and managing the Boards is one of the most fulfilling roles that I play. It is also one of the most subtle and complex processes that I have ever been involved in.
My discussions with a CEO or Chairman about designing, building and managing a board generally begin with an initial contact which has been the result of a recommendation by a friend or business associate. Most often the recommendation comes out of a discussion about the lack of effectiveness of the company’s business development efforts or the revolving door that has become the company’s senior business development slot. During the initial call I usually recommend that the person read several of my articles on Advisory Boards and then call back if they are still interested in talking.
I confess that I make this suggestion purely out of enlightened self-interest. I want to filter out the instant gratification types who see the process of designing, populating and managing a productive advisory board as relatively simple and straightforward. If they will take the time to read and think about the articles, I take it as an indication that there is some hope that they are serious about engaging in ways that I have found necessary in order to produce a highly productive advisory board that will drive the company’s top line.
For those who call back there is yet another hurdle. I have learned that there is real benefit in running through a meticulous description of the process in person before there is any talk of an engagement. It is important that the CEO or Chairman clearly understands what they are signing up for. Later is no time to realize.
What follows is a typical presentation in which I outline the dynamics of the process, a typical engagement focused on the design, population and management of an Advisory Board and the areas that need to be thought through very carefully before embarking on the effort. Parts of my presentation will vary with the size, complexity, scope and intensity of any engagement. But this should give you a fairly good idea as to what is involved. So join me over lunch in a meeting with John Slate – the CEO of Rocket Science, a fictional company that has been in business around a decade and is currently doing roughly fifty million dollars annually in gross revenue.
It’s not normally a monologue, but I’ll streamline it for you. For purposes of brevity, I’ll skip the initial pleasantries and descriptions of the menu items selected! But I will have a martini and do think that food is not suitably dressed without wine.
Lunch with John Slate
John, I appreciate your interest in Advisory Boards and your willingness to sit through a description of that is involved in setting one up. One thing I have learned about setting up and managing advisory boards as business development engines is that preparation is a critical part of the process. Another is that the company, and particularly the CEO, needs to have a good grasp on what is involved in addition to what impact a Board can have on the future of the company.
I’m not a golfer – never found a decent recipe for those little white balls – so I fish instead – but I’m told that a key to the game is preparation and practice. It is much the same with designing, populating and managing an Advisory Board. I want to give you a fairly detailed briefing on what is involved. Some of this may seem tedious but I have found that going through it face-to-face and answering your questions afterwards is the best foundation for any engagement.
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