Do you have an advisory board for your business? An entrepreneur or a small business owner should definitely have an advisory board. Let’s review a few reasons why it is so critical to set up and regularly meet with an advisory board.
To begin – “It is lonely at the top.”
The assumption and often the reality is the buck stops here, at the top, or if you are alone in your business. As the CEO or lone business owner you must undertake numerous activities which you may have absolutely zero experience or expertise in.
An advisory board might be made up of people who have many of the skill sets the lead entrepreneur or small business owner may not possess. Their advice and potentially their actual assistance diving in would be an amazing asset to have at your finger tips.
You might hang a mirror in your office and discuss everything with yourself. Alternatively with an advisory board there is a sounding board to engage with and discuss ideas, concepts and issues. Depending upon the level of expertise in the members of your advisory board you will be able to have discussions with them about business opportunities, challenges inside the business and with the competition, decisions of paths to take and company growing pains.
This might be the first step for you – assess where you have knowledge and experience gaps and recruit people who have this knowledge and experience to be on your advisory board.
One of the great fears entrepreneurs and small business owners have about creating an advisory board is their need to now share all of their business information with other people who are in many cases, initially at least, complete strangers. A way to keep everyone above board is to create and execute for each individual a non-disclosure agreement and some type of non-compete agreement.
This might sound a bit too formal for some people who want to keep everything casual. Do not fall into this trap with anything to do with your business. It is a business, not a hobby – correct? Act and behave in this manner – like a person who runs a business!
There is great power in leverage. An advisory board provides one area of leverage. More than one great mind trying to call every shot and meet and every deadline.
Another advantage of your own advisory board is the network of the members. This becomes another group of people who will become familiar with you and your business.
One of the best early decisions in setting up a new business, breathing life into an old business or operating more effectively in your business is to set up an advisory board that meets at least one time every three months or so. Reach out and begin now if you do not have one.
Mitch Tublin is a business consultant, certified coach and professional speaker based in Stamford, CT.
If you are ready to set up your advisory board and want Mitch to work with you on the process contact Mitch here.
