Masters of Scale: Building a strong advisory network requires a symbiotic relationship and delivering value.
Masters of Scale - How Ryan Williams built a powerhouse network of mentors | Masters of Scale
The speaker emphasizes the importance of creating a symbiotic relationship when building a network of advisors. This involves not only seeking advice but also offering value in return. The speaker shares insights and trends in real estate and alternative investments with advisors, which can be beneficial for their personal or professional interests. Additionally, the speaker highlights the importance of following through on commitments and maintaining regular communication, such as weekly email updates about business progress. This approach helps in building trust and encourages advisors to connect you with others, thereby expanding your network.
Key Points:
- Build a symbiotic relationship with advisors by offering value.
- Share insights and trends relevant to advisors' interests.
- Maintain regular communication and follow through on commitments.
- Provide updates on business progress to keep advisors engaged.
- Delivering value encourages advisors to expand your network.
Details:
1. Crafting a Strong Advisory Network 🤝
- Engaging with industry leaders such as Michael Ovitz and Josh Krishner can significantly enhance your advisory network.
- Collaborating with a diverse set of advisors from various industries can provide unique insights and strategies.
- To build a high-caliber advisory team, focus on relationships with individuals who have a track record of success and influence in their respective fields.
- Successful advisory networks often integrate feedback from varied sectors, encouraging innovative problem-solving approaches.
- Maintaining ongoing communication and nurturing relationships are crucial for long-term advisory success.
- Implementing structured feedback mechanisms helps in effectively leveraging advisor expertise.
- Illustrative example: A startup increased its market penetration by 40% after forming a strategic advisory board with leaders from tech and finance sectors.
2. The Art of Symbiotic Relationships 🔄
- Focus on developing symbiotic relationships by consistently offering value, not just taking from others. For example, provide actionable insights or resources that benefit both parties.
- Maintain an ongoing awareness of industry themes and trends to keep stakeholders informed, thereby enhancing engagement and demonstrating thought leadership.
- Regularly update stakeholders on relevant trends, such as through newsletters or briefings, to reinforce your value and commitment to their success.
- Consider utilizing feedback loops to ensure that the value provided is meeting the needs of stakeholders, fostering a more dynamic and responsive relationship.
3. Sharing Insights and Creating Value 💡🔍
- Share insights with clients about real estate or alternative investments to assist personal and portfolio growth.
- Provide perspectives on emerging founders to help clients understand market dynamics and potential opportunities.
- Detail specific examples of insights, such as emerging market trends and innovative investment strategies.
- Use data-driven approaches to highlight growth areas and potential risks.
- Employ personalized communication to tailor insights to client needs and investment goals.
4. Consistency and Expanding Connections 📧
- Implementing weekly email updates can significantly enhance business relationships by keeping stakeholders informed and engaged.
- Meeting commitments is crucial as it builds trust, leading to expanded connections and opportunities, similar to a snowball effect in networking.
- Consistent follow-ups and engagements are key strategies for effectively expanding one's professional network, potentially increasing business opportunities.
