Spouses Make 'Best Business Advisers'

Despite being equipped with an army of business advisers and consultants, as well as the senior team on their own board, most business leaders also turn to their spouses for advice when facing tough decisions. This is the surprising finding of research carried out by MORI for business consultancy.

It would seem, then, that some of the most influential people in British business may not even realise they are influential at all. Wives (and occasionally husbands) are informal advisers to over 60% of UK board members facing a difficult challenge at work.

Board directors turn first to their life partners because they feel they can trust them to be discreet, rather than because of any technical ability or expertise in business strategy. Indeed, trust (71%) is far more important to business leaders than objectivity (18%).

Tony Dutton, European Head of Novartis Animal Health, is typical of respondents: "I nearly always seek the advice of an old college friend. I can trust him and he is really up to date with the issues affecting the business world. In times of indecision, I also turn to my wife or daughter for their advice. They have the ability to cut through the politics and look at the decision in terms of its human impact."

Julia Middleton, founder of Common Purpose, the leadership campaigner, adds: "As you progress, people tend to start deferring to you too readily. The advantage of many spouses is that they won't hold you in too much esteem. They provide support, of course, when all looks grim; but they are also able to get you to face the difficult questions you would rather avoid."

The main findings of the research are:

• Almost two thirds (63%) of board members prefer the advice of their spouse or partner to that of another board member or colleague when facing a difficult challenge at work.
• In all, families were mentioned as a source of advice by 64% of respondents.
• The only source of advice more highly rated than a spouse or partner is the managing director, chairman or chief executive, cited by 69%.
• For 27% of board members, the chairman, chief executive, or managing director is the first person they turn to for advice.
• After the CEO/chairman/MD, board leaders are evenly split on who they would turn to first in a difficult situation: 17% favour the finance director, while another 17% favour their wives, husbands or partners.
• External professional advisers tend to be less frequently mentioned as key sources of advice. A total of 20% of board members say they might turn to management consultants; 21% to accountants; and 16% to an executive coach.
• The most important reason why board members turn to any adviser is that they can be trusted, highlighted by 87 % of respondents.
• Some 63% said they turn to their adviser because they are objective; 56% because they are experienced and 45 % because they are discreet.
• People management issues are the primary reason for seeking advice, specified by 21% of board members.
• A total of 17% turn to their primary advisers for advice on strategy; 15% on long-term planning; 14% on their personal career and 12% on finance.

Technical details

The Captain's First Mate is published by business consultancy Chiumento. It is based on 101 face-to-face interviews with chief executives, managing directors, chairmen, finance directors and other board level directors from a mixture of FTSE 500 firms and the country's largest 500 by turnover. The interviews were conducted by MORI in late 2003.

Details of the findings are available free of charge at www.chiumento.co.uk/infospace or order the full report for just 16325 from Clare Thomas at Chiumento on 01865-882 100.