Why every business decision maker needs a solid support network

26/07/2021

Discover the benefits of having a support network and how you can build one.

As a business owner, CEO or MD a lot is riding on your decisions.

At times, this can feel isolating and lonely, especially without an adequate support network, and can put a lot of pressure on even the most talented or experienced business leaders.

Although you may be surrounded by Directors and colleagues you trust, there may be some decisions or ideas you need to develop independently for a number of reasons.

This is where building an external support network of other decision makers could be the ideal solution.

You are not alone

As a business owner or founder, you generally start out by playing every role required.

This can result in the mindset where you must solve everything yourself, but this can in fact be detrimental to success.

Think about it this way, if you wanted to learn a new language or a new sport would you progress faster alone or with support?

Why should running a business be any different?

What are the benefits of building a support network?

• Get your decisions vetted by experienced peers
• Access unbiased advice and gain fresh perspectives
• Learn best practices and how to focus on what’s most critical
• Find and fix errors with your current strategy to help you solve problems and uncover opportunities
• Get access to models of success to take your business to the next level

Don’t just rely on personal connections

When seeking support it can be tempting to lean on those you are already close to. But over-reliance on these relationships can take its toll and put you in a more vulnerable spot.

For instance, friends and family can be great support, but these relationships are two-sided.

You can’t take too much otherwise it will feel imbalanced and could cause issues. Or you could pass your troubles on to those around you.

Plus, your natural connections may not necessarily be the best people to help you. They probably won’t have the experience and knowledge to offer you the best guidance and support.

When you seek external support you have an opportunity to approach the challenge from a different perspective and access relevant expertise.

How can I build a business support network?

Business support networks for decision makers can come in various forms. For example:

• Confidential peer advisory boards of small groups of decision makers from non-competing industries
• Private executive coaching from an accomplished business leader
• Events and boot camps where experts share experiences
• Specialist online networks and communities often organised by industry, function or geography

Whilst you might not feel like you need support right now, exploring or trialling them could help you to assess whether you’d benefit.

It’s not just times of difficulty that they come in handy, either. They can be equally beneficial during times of success, both in terms of keeping you grounded and to help you turn that momentum into longer term success.

Are you a member of a business support network or would you like to be? We’d love to hear your experiences in the comments below.