Powerful Practices to Grow Your Business
Adriano Pedrelli, a business leader, corporate board member, and entrepreneurial growth advisor sat down with Carl Kutsmode, Senior VP of TalentRise, and offered his perspective on the keys to business growth that he has acquired throughout his career. In his incredibly diverse career, Pedrelli has experienced nearly every aspect of a business organization, having been employed in both front-line and senior executive positions.
Importance of recognizing talents within an organization
Pedrelli emphasized how important it is that a business owner or founder recognizes that he or she should not attempt to do everything or play every major role within the business. Oftentimes, owners have issues delegating responsibilities to other employees, especially when working with family members. This can lead to a lack of productivity or foster feelings of resentment towards their position at the company. It is essential that leaders recognize their niches and skills, and those of their colleagues, and focus on entrusting themselves and others with their talents. This practice is immensely beneficial as leaders and colleagues alike are positioned to enjoy their work. Pedrelli noted that this practice transcends efficiency across the business and boosts growth, whether a startup or a prospering entrepreneurial endeavor.
The value of an advisory board for business owners and how to assemble one
An advisory board is essential for the growth of any business. Pedrelli noted that the “key to success is not the size of the board, but the consistency of the board.” For a board to be considered consistent, a candid feedback loop between the owner and board members must exist. This means that the corporate goals of the board and the mission of the company must be communicated by each party, so the end objective is the same: success.
Pedrelli suggests that when assembling an advisory board, it is key to select members who, to some extent, are not involved in the industry of your business. While many may shake their head in confusion at this thought process, Pedrelli asserted that this practice will allow a business to receive viewpoints from someone learning the industry, offering a different perspective through the questions they ask. Secondly, Pedrelli emphasized the importance of electing members who are comfortable interacting on behalf of the company through networking opportunities and representing the company on another scale.
Formulas for financial success
Pedrelli insisted that “financial issues will never be solved if execution issues are not handled first.” He believes that a business’s ability, or inability, to execute helps it to understand its financial needs and how to structure those needs. He suggests adopting a “10,000-foot viewpoint” comparing the organization to its industry to achieve financial success.
Likewise, Pedrelli highlighted the importance of networking and the practice of continuing to develop a professional network. He referenced a moment in his career in which his former involvement as an advisor to a premium finance company while simultaneously sitting on the board of a bank resulted in a “win-win” situation for both organizations. His professional network allowed the finance company that was once struggling to meet its client’s needs to secure enough capital from the bank. In turn, the bank increased the size of its financial portfolio through its investment. A professional network is key to growing your business and remaining competitive in the industry.
Understanding how to place leaders within an organization
Throughout his career, Pedrelli has fulfilled positions as both an interim and full-time leader within multiple businesses. His work in these roles has given him an arguably expert opinion on when each type of leader is needed and will be most beneficial for each specific company’s needs. Pedrelli offered that an interim leader is most useful to elect for a more “project-based” company. He mentioned that this is a good opportunity for an organization to “test the waters” to determine the right kind of person for the role and the company when approaching a long-term position. Interim leaders are often helpful in filling skills or experience gaps. He or she can determine how to best structure the long-term role to best benefit the company by understanding how their role can be leveraged to drive the business forward.
A full-time leader is often completely committed to the mission, vision, and culture of the organization. Because of their role in affecting change, Pedrelli stated that these roles are often filled when a business needs to be brought from “point A to point B as efficiently and effectively as possible.” This individual needs to be “passionate enough to help the company move forward,” said Pedrelli.
To learn more, connect with Adriano Pedrelli on LinkedIn.
