Having a board of advisors provides you with professional insights; objective opinions and business experience that you need to run a successful business. A board of advisors is a great tool to transform your business and allow you to leverage your skills and attributes along with those of outside professionals.
An advisory board should consist of 6 – 10 serious business professionals who are not a part of your business. This group will meet monthly or quarterly to advise you on specific aspects of your business with the intent to prevent future problems and to avoid pitfalls.
An advisory board is a great tool for your business, allowing you to leverage your skills and attributes along with those of other professionals. They are not compensated with a salary; they are not held legally responsible for their advice. Do not confuse this term with board of directors, who are elected officials, paid a salary, and legally and morally bound to the best interest of your company. This is an entirely different type of group.
Why would people want to be a part of your advisory board and not be paid? Because people love to give advice; they love to feel needed; this is an ego boost as well as an opportunity to use their unique skills and attributes to make a difference when they contribute something to another business in their community. They have the opportunity to be part of a network of other uniquely skilled business owners; everyone in the group gets the benefit of surrounding themselves with this valuable collection of knowledge and skills.
Choose a well-rounded group of individuals to invite to your group. You don’t want “yes” men; but rather, people who will tell you their honest opinion while being supportive to the best interest of your business. This group of people will enhance the credibility of your business; their advice will be invaluable to preventing you from common mistakes made and pitfalls in business. Each member will have their own unique attributes to qualify them to advise you with problem solving and strategic planning.
Your group should meet monthly or quarterly, and meetings should last about 1 hour. Form a good group; see who fits; determine who you need. This is the opportunity to form a group of people who can compliment your weaknesses because they know what you don’t know. For example, you might need a CPA or an attorney; or someone who is great with technology or has marketing and sales skills. Anyone with more knowledge than you in any given area that is important to your business is a valuable person to have on your board of advisors.
A good advisory board will bring a whole new level of expertise to your organization, as business members from your community, who thoroughly understand the economics in your market area, are providing the insight, expertise and business experience you need to succeed. It is phenomenal how a Board of Advisors with their collective intelligence, focused on your business, will transform your business success to a whole new level.
Bill Bartmann is a self-made billionaire who has created the Billionaire Business System, a series of books and seminars that teach you what you need to know about succeeding in any area of business. Bill Bartmann has provided real business guidance to thousands of entrepreneurs to help them succeed in business.