Form Your Own Advisory Board

Small business owners are sometimes isolated and don’t have the luxury of strategy sessions or staff meetings to bounce ideas around. Networking provides contact but with a different agenda. So how do you obtain the advantages of a team if there is only you?

An innovative idea that many small companies are using is forming advisory boards. What is an advisory board? It is a team of professionals that are interested in your success. The backbone of your advisory board should be your CPA and your banker. Other professionals you may want to consider is your attorney, a marketing consultant, and any other successful entrepreneurs you admire. Are you worried people won’t join?  …Just ask.  Spring for a dinner or offer a small remuneration and you will reap the results in many ways. Many professionals feel honored to be invited to serve on advisory boards.

On a quarterly basis, assemble this team. It is important to be professional about the meetings.  It is not an excuse for a meal tax write-off. Have an agenda and then LISTEN to the feedback.  Remember these are professionals you admire and they will have plenty of wisdom to share. Some key questions may be “Am I headed in the right direction?” This automatically takes into consideration that YOU know where you want to go and have shared this dream with the team.

Another topic may be “Should I be considering incorporating?” “Should I outsource or hire employees?”  Only you know the questions you need answered.  This team of professionals, interested in your success, can provide you with valuable advice.