Small Business Corner – Building A Board of Advisors

As small business owners, we are in charge of building our business, growing our customer base, and holding our employees accountable. But who holds us accountable? Who do we turn to for expert advice? How do we make sure that we are on track and where we want to be? One of the most effective ways to accomplish these goals is by building a Board of Advisors. A good Board of Advisors will help you grow your revenues, increase customer retention, accelerate your progress, and out-pace the competition, among other things. Here are a few tips for building and running a successful Board of Advisors:

1. Chose your Board wisely.

When you put together your Board, you want to surround yourself with people that are going to challenge you, as well as compliment your weaknesses. Think about the areas you need support. You will want to consider having an attorney, CPA, sales expert, finance expert or banker, a business coach, and maybe even a strategic customer on your Board. Also consider some influential centers of influence from the community. Chose people that are at a higher level than you are, so that you are challenged and grow.

2. Meet on a regular basis.

You should meet with your Board on a regular basis. Consider meeting at least twice a year, if not quarterly. Make sure you have an agenda for your meeting. You will want to review your business plan with them, and check in on your progress. Also make it clear to your Board what you are looking for them to do for you.

3. Make it a win-win situation.

Building a Board of Advisors should be rewarding for both you and the people on your Board. Make sure that you provide time for them to get to know each other and network together. Also, ask them what they would like to gain from being on your Board, so that you can make sure they are getting something from the experience as well.

Having a Board of Advisors can be a very rewarding experience for you and your business. A good Board will provide you with objective, outside perspectives, expert insights and advice, and accelerate your path to success.

Good luck with your Board of Advisors!