Is an Advisory Board Right for Me?
When establishing a business, the last thing many consider is creating an advisory board. The daily operational tasks are consuming enough - and by the time you manage your cash flow, create a sound marketing plan and establish a world-class team, there remains little time or effort left for anything else. This issue is especially prominent among small to medium-size enterprises, where resources are spread thin. You may find yourself thinking - do I really need an advisory board? The answer is a resounding YES no matter how big or small you might be. The most successful businesses have regular access to outside advisors that provide sound advice and information to fill potential knowledge gaps. An advisory board acts as an advocate, supporter and a resource for your company.
The Advantages of an Advisory BoardAn active advisory board can have many advantages for your business, including:
Diversity of Opinion
Forming an advisory board with members with different areas of expertise will provide a variety of perspectives to strengthen your company.
The advisory team offers a judgment-free zone to bounce off new ideas before spending time and resources implementing them.
When you face a difficult situation, you may tend to approach it emotionally. Your advisory board will likely offer a practical solution without bringing emotion into the picture.
When you require advice or assistance in a specialized area, your advisory board can focus and find solutions for this specific issue.
The board will provide the company with additional skills, technical expertise and knowledge that may not be found within current staff members.
Preparation for Board of Directors
Some companies may form an advisory board before deciding on the appropriate Board of Directors. This will help identify a group that works effectively and cohesively towards the benefit of the company.