Advisory Boards

Question: As a small business can an Advisory Board help me?

Answer: Being a small business entrepreneur is a lonely occupation. You have no one but yourself to bounce new ideas off, evaluate new opportunities, consider new directions, and assess the strengths and weaknesses of potential employees. You are too small for a Board of Directors. So why not an Advisory Board? How is this different from a Board of Directors? It is more informal and made up of people who can provide regular advice and counsel. It is your best source of advice if constructed correctly and that means keeping your advisors engaged in your business. How do you execute this strategy?

Choose interesting people with a range of skills which will complement your strengths and shore up your weaknesses.

Ask people to participate who are unafraid to tell you the truth, as they see it, not what they think you want to hear to make you feel

Select participants who will feel pride in serving in this capacity.

Set expectations from the start

Never be afraid to ask your advisors for help, not matter how small the issue. If it concerns you and your businesses health and welfare, it is a topic they might be able to

Have a regular and scheduled time for dialogue. Schedule a meeting at least two times per year face-to-face and monthly via distance communications, i.e., conference call, FaceTime or Skype or more often if appropriate. The timing and regularity of your sessions depend on the stage of development in which your business


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