The Biggest Mistakes Made By Trusted Business Advisors

Introduction

As a trusted business advisor, you are in the business of helping your clients succeed. The best way to do that is to avoid making common mistakes that can lead to project failure. Here are eight mistakes that I've seen many trusted business advisors make:

#1 – Focusing Only On Short-Term Objectives

The biggest mistake made by most trusted business advisors is focusing only on short-term objectives. You need to focus on the bigger picture and long-term goals, not just the end result. You also need to be focused on processes that will help you achieve your goals and get where you want to go.

#2 - Not Building A Deep Understanding Of The Problem To Be Solved.

When you are faced with a problem, the first step to finding a solution is to understand what the problem is.

This may seem obvious, but it's not easy! In fact, most people do not take this critical step.

To fully understand your client's problems or customers', you need to think like they do — which usually means using their language and speaking their jargon. This will help you see things from their perspective so that when we build solutions for them that make sense based on how they see things, we can be confident that those solutions will actually work.

#3 - Not Building Out Your Network Within An Industry

When you have a trusted business advisor, it's important to remember that they are the ones who know your industry and the right people to reach out to. If you go into meetings with clients or partners without a network of contacts within an industry, you'll be more likely to come across as new in the field. It's important for any business owner to have some sort of network they can leverage when they need help - whether it's finding talent or identifying potential customers.

A good way to start building out your own network is through LinkedIn connections, who may also be good candidates for future partnerships. Another way would be reaching out directly from personal connections or friends of friends on social media platforms like Facebook or Twitter - these people may not know each other but share similar interests which could lead them down similar paths professionally!

#4 - Being A Subject Matter Expert But Unwilling To Invest In Personal Development

• Being A Subject Matter Expert Is Not Enough
• You Need To Be A Trusted Business Advisor
• You Must Be An Expert In Business
• You Must Be An Expert In Your Field, Or Niche

#5 - Mistaking Having A Broad Industry Experience As Expertise

• You’ve got the experience. But does that mean you know what you’re doing?
• Don't confuse having a broad industry experience for expertise. It's great to have a lot of different experiences, but it doesn't mean your knowledge is any more profound than someone who has only worked within one specific—and valuable—industry.
• If you aren't an expert in your field and/or field-adjacent, then don't try to sell yourself as one. If you think people need to hire someone with expertise in their industry because they don't know what they're doing, then this post isn't for you!

#6 - Failing To Communicate Ideas Clearly And Precisely In Writing And In Speaking.

The sixth biggest mistake made by trusted business advisors is failing to communicate ideas clearly and precisely in writing and in speaking. This can be a hard thing to do, but it's important because most people aren't mind readers. If you aren't clear about what you want, your clients or employees won't know either!

The best way to ensure that your ideas are communicated clearly is by writing them down, using simple language (no jargon), bullet points, examples and diagrams wherever possible.

#7 - Not Keeping Up With Changing Trends, Technologies And Practices.

Another big mistake is not keeping up with changing trends, technologies and practices. For example, you might be using outdated technology that is no longer supported by the vendor. Or you may be using a practice that may not pass regulatory scrutiny if it were to come under review for legal compliance purposes.

Keeping up with these changes allows your business to stay relevant in your industry so you don’t miss out on opportunities or lose customers because they are dissatisfied with your services.

#8 - Being Unprepared For Big Changes And Disruptions.

The pace of business is accelerating and the future is full of uncertainty. Disruptions are a part of doing business today, and it's hard to know when or how they'll happen. They can be positive or negative, internal or external, driven by technology, politics, economics or any other factors.

To succeed as a trusted advisor in this environment you need to be prepared for disruptions—and not just good at handling them when they happen but also anticipating them before they take place so that you're ready for whatever comes your way.

The most successful trusted business advisors work diligently to actively avoid making these common mistakes.

The most successful trusted business advisors work diligently to actively avoid making these common mistakes. They are proactive in terms of the advice they give, and they don’t wait for clients to ask questions. The best trusted business advisors know their clients well enough that they can anticipate when their client will be facing a specific challenge or issue, and they help them find solutions before they even realize there is a problem.

• Don't Be Lazy: It’s easy to get stuck in our routine and rely on old habits, especially if we have been working with the same group of people for years (or decades). The professional services industry is constantly evolving and changing, however, so it’s important for trusted business advisors not only stay current on trends but also innovate new ways of doing things that benefit both themselves as well as their clients over time.

Conclusion

Business advisors can have a huge impact on your business, so it’s important to work with someone who has the experience and expertise to help you succeed. By avoiding these common pitfalls and hiring trusted advisors, you can avoid making costly mistakes that could potentially put your company at risk.

For a deeper dive to become a trusted business advisor, join us for a (still) free workshop called, "Business Partnering:? The Path to Performance" at:? https://bit.ly/3yAz93S