What are the best practices for managing stakeholder expectations with advisors?

Because most advisors are senior professionals, it can be challenging to disagree with them, as they are often quite convinced of their views and convincing in their arguments. This dynamic can potentially lead to an unequal relationship. Clearly communicating expectations and scope upfront will help prevent this situation.

For me, clarity is key when engaging with advisors. Start by defining their role - are they there for strategic advice, technical insights, networking, or endorsement? Determine the frequency and duration of interactions, set clear expectations for deliverables. Being upfront prevents misunderstandings and sets a solid foundation for a mutually great relationship.

Sin duda un documento legalizado va a formaliza las funciones del asesor, que sin duda es asesorar,más el verdadero compromiso que debemos firmar es, que vamos a tomar muy en cuenta sus recomendaciones, ya que es una de las razones por las que la relación laboral no funciona y fracasamos

One thing I've found helpful is to solidify advisor relationships is to form something. This could be informal or formal and anything is better than nothing. Good starting points are duration, meeting frequency, objectives, responsibilities, compensation, and termination conditions. Depending with how deep you want to go (protecting IP, NDA's, etc) and there are lots of tools and templates out there. But remember most of all that advisors want to maintain their reputation.

Keep your advisors regularly updated on your progress, challenges, and successes. Engage in honest, open dialogues and respect their feedback, while critically assessing their advice against your own vision and goals. Remember, while their insights are valuable, the final decisions should align with your startup's objectives.

It's important to realise the setting and tracking clear milestones and metrics with advisors. Methods like NCT and OKR are great for strategy and to define tangible goals like product launches or customer acquisition, and pair these with key performance indicators like revenue or user retention. Regularly tracking and discussing these metrics with your advisors not only helps assess their impact but also allows for adjustments to strategies, ensuring alignment with your startup's growth trajectory.

One thing I've always found helpful is ensuring you regularly provide feedback to your advisors. Constructive feedback fosters improvement and growth for them too, while also inviting their perspective on enhancing collaboration. Acknowledging advisor contributions and efforts is crucial for building trust and rapport.