When I started my first company, I looked at reports and updates to investors as administrative tasks. Homework, in other words, outside of my core duties as CEO. But then I had an epiphany that changed my entire perspective – and my business.

I found that including investors who asked me to account it was actually a boon to my business. The interactions stemming from that “homework” would turn into strategic conversations, a chance to tap into their collective wisdom and gain insight. They quickly taught me that investor value can go beyond a check.

However, some founders focus only on cash investors bring to the table. This is a mistake. What you should really be asking during a funding round is this: Who can contribute the most? value vessel for my business? Value can mean funds, of course. And there is definitely a time and place for silent investors. But often, value can also come in the form of expertise and connections.

Billionaire venture capitalist Marc Andreessen wrote recently that “Raising money is the easiest thing a startup founder will ever do.” Running your own business is the real challenge, and for that you need the smartest and most well-connected people you can find to help you. As the founder of a consumer finance company, I get it: Sometimes, a cash injection comes in handy. But money does not provide wisdom and does not bring experience.

To grow your business, it is essential to train your fundraising efforts building partnershipsnot just investment insurance. When I'm looking for partners, I follow these three rules to keep my focus on what's best for the long-term success of my company.

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Rule #1: Fill in the blank

I take an honest look at my skills and connections. Then I ask myself, “What am I missing?” These are the attributes I look for in investors.

If numbers aren't your thing, then the value of an investor with a financial background is immeasurable. And almost everyone should be grateful for an investor with legal experience. A legal expert who gives you $100,000 in cash, for example, can make a much bigger contribution down the road by helping you avoid $500,000 in legal fees.

I will also seek investors with deep product or industry-specific expertise for my company's offerings. A KOL (or Key Opinion Leader) can provide advice on market fit, the competitive landscape, and industry trends that are almost impossible to obtain immediately. of reason number one startups fail is that they misunderstand market demand, so insider access is a goldmine.

Finally, I'll be looking for investors that open up a whole new contact list of industry leaders I don't know personally. Every connection with an investor is, ideally, a path to you other link: Researchers find out who a leader can connect you with (be it other investors or industry partners) is one of the most concrete signals of their value.

This concept of “filling the gap” is similar to the idea of ​​” hiring in your weaknesses.” It's always important to look for complementary skill sets that complement your own. By reaching out to tapped investors and asking for their guidance, or even just using them as a sounding board, your confidence and brainpower will expand.

Related: What every entrepreneur should know about raising capital

Rule #2: Look for alignment

Enthusiasm for my company's product or service is great – but these are table stakes. I also need a solid agreement on our timeline and growth plan. Beyond that, agreeing to the motivation is crucial. Is the goal to help bring a product to market successfully? THE to be obtained as soon as possible? To grow the business into a public company? Or simply to increase personal wealth? Transparency and alignment on these points – at the outset – is the surest way to avoid conflict downstream.

Perhaps the most subtle type of stretch to negotiate, however, is inclusion. Will get an investor a board seat? How much reporting and feedback can they expect? And you're going to answer their texts at 2 in the morning? Log in to the same page and go there before accepting a check.

If I imagine that an investor's expertise will come into play in the early stages of the company, for example (perhaps they know a lot about board governance, say, and I want their advice as I create mine), then I'll be ahead of where and when I anticipate needing that support.

Related: 6 Practical Tips for Using LinkedIn to Find Investors

Rule #3: Say No to Rubber Stampers

A willingness to hold you to task is one of the most valuable assets an investor can bring. It might sound like a headache at first, but founders don't thrive when they're surrounded by the rubber stampers they're trying to avoid. CONFRONTATION. In fact, while a culture of constant agreement may sound nice, I know it will only hinder my success by blinding me to key problems. And I, like everyone, have my blind spots (just don't tell my team that). We all need partners who promote good governance and accountability.

Ultimately, the board makes me a better leader. I embrace that truth. A well-functioning board will force me to answer any questions I've been avoiding. And as a result, they will make me a more effective CEO.

Ask from a position of strength

Of course, following these three rules is only possible if I have the luxury of time and a position of trust. I always take the long view and build relationships with investors before there is an urgent need for funding. This gives me the opportunity to curate a team of genuine, complementary partners. In contrast, founders who have a scarcity mindset will seize control and make it the only price of admission into their boardrooms. They will inevitably regret it.

On average, there are 18 months between funding roundsbut the savvy founder never takes a break from cultivating relationships with investors. I look for real partners, which is a serious and continuous practice, because money is not the most challenging asset to find.

What is it? It's the people – those with the right expertise and professional network to complement yours. This is what you are actually buying when you hand over some of your capital to an investor. Finding those perfect partners can make the difference between long-term success and a flash in the pan.