Plain and Simple: Bright Business Insights Summer 2019 | Page 4

IT’S LONELY AT THE TOP...
A Business Advisory Board Can Help
It’s not uncommon for business owners to feel like there is no one Later in your meeting, set aside time to speak confidentially with your
they can turn to for help, advice or validation. Fortunately, a business advisory team. Doing so will provide everyone with the opportunity
advisory board can help. to speak candidly.
Business leaders who consult an advisory board not only gain Say ‘No’ To ‘Yes-Men’
camaraderie, they gain ready access to experts in a variety of fields, such
as marketing, sales, financing and others – not to mention a valuable
multi-perspective approach to your day-to-day managerial duties.
Business Success Is A Team Effort
Not ready to commit to utilizing a business advisory board in all aspects
of your business? That’s fine. Start small instead. Many successful
boards are originally formed with a very specific goal in mind – such
as the implementation of a new strategic plan.
And you don’t always have to look exclusively outside of your
business for help. Consider tapping members of your management
team for specific organizational reports. Each advisory board meeting
could begin with members of your management team providing
updates on assigned areas, such as finances, operations/production,
human resources, IT and sales & marketing. This portion of the
meeting will ensure that everybody is on the same page and will
encourage your management team to buy into the advisory process.
If you don’t trust the members of your advisory board, the initiative
will not be effective. You need to go into advisory board meetings
ready and willing to share sensitive information about the business,
as well as personal information about yourself. If you don’t trust your
board, you are unlikely to tell them everything they need to know to
provide you with the best advice possible. You might consider the
following experts to sit on your board:
• An attorney
• An accountant
• A banker
• Experts in marketing, HR and/or IT
• Other successful entrepreneurs from other industries
• Potential customers
Optimally, you should try to keep the group small and close-knit.
More than six advisors on your board is not recommended as the
productivity of the team is likely to take a hit.