No matter how small your business, even if you’re a sole proprietor, it is important to have advisors. At a minimum, you need an accountant and a lawyer, but you would be wise to have other advisors who can advise you on other topics that maybe aren’t your expertise and have broad business experience. You may be good at providing IT services, but marketing may not be your strength — so find an advisor who understands your market.
Round out your Advisory Board with people who can provide a broad perspective on your business model and your industry. Usha Sekar, in Advice on Advisors, recommend that you seek an advisor or two, “someone who will, at a minimum, be a reliable sounding board and preferably, in tune with you.”
Make sure your advisor is someone you know well and can trust. Sekar says advisors should be:
… people who would have a vested interest in your success (outside of the meager equity you’re likely to give them). And do make sure that the advisor will have time for you, or support you in other ways (introductions, money for example).
Most of all, choose people who will be candid with you, even when it’s not advice you wanted to hear.