Gain Priceless Wisdom and Experience
by Rob Marchalonis
If your business could tap into the most successful, experienced, and smartest leaders in your community or industry, how might it benefit? By creating an “advisory board”, you can gain access to wisdom and talent that otherwise would be inaccessible. Advisory Boards are almost always a good decision but, if you choose to create one, you must proceed with care and diligence.
What is an Advisory Board?
In a business context, a board generally consists of a small group (4 – 12) of individuals you respect and trust who assemble occasionally to provide you with valuable input and feedback. They are typically selected by the owner (or owners) who welcome and encourage their advice and support. Unlike legal or ownership boards, Advisory Boards have no legal authority to make or enforce any decisions. They are merely invited to provide advice, which the owners may choose to follow, or not. For many reasons, you should choose the members of your board carefully. Most boards meet all-together monthly, quarterly, bi-annually, and sometimes separately as part of a special task force or committee.
Advisory Board Benefits
Consider the many advantages to you and your business from a carefully chosen Advisory Board:
- Knowledge and Wisdom
- Experience
- Professional Advice
- Strategic Input
- Benchmark Information
- Resource Recommendations
- Introductions to Others
- Referrals and References
- Shared Resources
- Insider Access & Insights
- Cautions and Warnings
- Pitfall Avoidance
- Encouragement
- Advocacy
- Friendship
Who to Invite on Your Advisory Board
Advisory Board members are willing to share their most valuable asset, their time, and because of this you should select your members carefully and use your time with them wisely. Consider whose input and advice will be most valuable to you in the current “season” of your business. For example, if your business is in a start-up or early-stage phase, you may want to select board members who have entrepreneurial, start-up, or related experience. If your business is struggling with legal or human resource issues, it may be wise to invite an attorney or HR professional on your board. Consider the advantages of inviting someone who has experience in your industry or business category, but obviously not direct competitors or others with potential conflicts of interest.
Want More? Learn How to Launch (or Improve) a Board
If you’ve considered a Board, or want to improve the one you have, use the form below to download Optimize Your Advisory Board and get all this:
- What Is an Advisory Board?
- Advisory Board Benefits
- Who to Invite on Your Advisory Board
- Advisory Board Start-Up Suggestions
- Sample Advisory Board Agenda
- 15 Ways to Boost the Productivity of Your Board
- How to Prosper with an Advisory Board
Take your business and results to the next level, with an optimized Advisory Board!
Rob Marchalonis structures and facilitates advisory boards, and helps businesses make better leadership, strategy, and process decisions. Learn more at LSP123.com or connect with Rob@LSP123.com
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