For companies trying to build a successful business, executive experience and expertise are very important. People who have had a real-world business experience are instrumental in helping CEOs and business persons invest in new areas of the industry and overcome obstacles they may face. Companies seek advisors externally who have the required skill set to provide solutions to the problems they face. Companies may be different but they always experience a number of the same challenges. According to a survey done by AdvisoryCloud, firms prefer advisors who can contribute to the overall growth of businesses.
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37% of companies preferred an advisor with strong marketing skills.
For small businesses and startups, the next step would be to invest in marketing. Marketing is essential in influencing customer behavior. Social media, blogs, and websites have become platforms used significantly in influencing customers’ decisions in wanting a product. Marketing Advisors have been recognized by firms in the digital era to have a huge impact on building brands through the implementation of marketing strategies. Market advisors also influence the sustainability of a profitable business model.
17% of companies revealed they needed advisors with strong networking skills
Strong networking is the second most desired skill by firms. These skills are essential in establishing partnerships, hiring highly skilled labor and securing investors. Networking is a skill applicable in every industry. Advisors use their expertise to advise executives on which connections to secure depending on the current and future business trends.
13% of companies want advisors with exceptional deal-making skills
Many first time Managers and CEOs lack this skill. They turn to advisors with expertise in acquisitions, divestments, mergers, partnerships, among others. Deal-making is mostly the second most strategic action a CEO is likely to participate in after promotion. Advisors may also participate in internal deal-making such as salary negotiations, insurance plans, healthcare plans, etc.
12% of companies seek an advisor who will work as an executive coach
Some leaders and executives prefer an advisor who will be a personal mentor to them. This type of relationship helps the CEO receive unbiased feedback from an external source. Though this is ideal for first time CEOs, some leaders have made it a personal objective to have a second opinion before making decisions.
8% of the companies revealed they wanted an advisor with long-term planning expertise
Companies that focus on the day to day activities and don’t invest in long-term planning are likely to fail. Planning for the future is significant to a company’s success. Advisors with these skills help businesses prepare to embrace future business cycles by developing the necessary long-term strategies. This investment reduces risk and promotes productivity.