Having an advisory board isn’t only for big businesses. And although it might seem like a waste of time, money and energy to have one – any entrepreneur and their business can benefit from the many advantages that come with them.
Ultimately, the purpose behind having a board is to gather experienced and compatible individuals that offer you valuable advice, guidance and insight with the intention to develop and enhance your organisation.
They ideally consist of a team of educated and proficient people that share a common goal:
To help your business flourish.
That’s why – no matter how small your business may be – you need a board of advisors.
“I’m Capable Of Creating A Business, So Why Would I Need A Board?”
By understanding that boards only exist to help with the success of your company and not to trample on your goals and ambitions, you’ll come to learn that the advantages of having one will always outweigh any of the perceived disadvantages.
As a business coach, I usually deal with companies that are run by a single entrepreneur (often consisting of a 5-50 man operation) and I’m always shocked to find that a large portion of my clients perceive boards as counter-productive, with a firm belief that having one will slow the company down.
This couldn’t be further from the truth.
Boards usually consist of hand-picked, like-minded individuals that come together to discuss, plan and implement strategies and processes to improve both you and your business. Their purpose is to set certain goals and outcomes that the company needs to achieve, while looking at the different approaches and actions that need to be taken in order to achieve those goals.
Many business owners run into a variety of challenges that come with operating their business: a lack of growth; finding new direction; coming up with new ideas; being lonely at the top; detecting problems and red flags; a loss of vision and creativity; and even being an effective leader.
These problems, along with many others, can be remedied by setting up an advisory board in your company. An advisory board usually consists of experienced and professional individuals that are often paid to provide the guidance, feedback and network that’s needed to nudge a business in the right direction.
These experienced individuals usually include: existing entrepreneurs, lawyers, accountants, a mentor/coach (like me), and even an existing or potential customer/client.
By forming a team that consists of people with these backgrounds, you’re kept accountable and focused on the steps that need to be taken in order to achieve greater success within the company. It also acts as a much needed eye-opener, showing you that your resources and experiences are both limited and limiting.
When I recommend setting up a board to some of my clients, they often argue that they’re far too small to have a board. But I push back and remind them that no business is too small and that with the right mix of people, they’re sure to find the exponential growth that they seek.
Being a business coach means that I often sit on various boards where I provide advice, feedback and guidance for entrepreneurs. I help them identify the direction that they want to take their business in, making sure that they have a clear, straightforward plan and are sticking to that plan. I also ensure that they take things seriously and that they’re held accountable for their actions or inaction.
The benefits of having a board are plenty. You’re given feedback and transparency; support and accountability; honesty and a sense of comfort; and access to resources and new networks.
Another huge advantage of having experienced individuals on your board is that you’re able to learn from their past mistakes.
While you might see an opportunity or have an idea that seems perfect – they might have gone down similar rabbit-holes or made the mistake of chasing shiny pennies. They’re able to prevent you from dealing with any embarrassment or failure.
Together with a powerful, hand-picked board, you’re able to avoid risks that you would’ve taken on your own; you’re able to create improvements around policies, processes and overall workflow; you have the opportunity to enhance your identity through personal growth and exposure. There are certainly far more benefits to having a board, especially in comparison to doing things on your own.
What is there to think about? Get a board of advisors and be advised. Take advantage of the networking and resources that they make available to you. You’ll be pleasantly surprised.
Whether or not you’re looking at setting up an advisory board for your business – I can be of assistance to you.
Most of the amazing benefits that come with having a board can be provided by yours truly.
And if I’m your business coach, you’re immediately given access to a massive network, as well as peace of mind where strategy, advice and accountability are concerned.
With my experience as a business owner, I can also steer you in the right direction – helping you avoid the mistakes that many entrepreneurs make, while keeping you motivated and excited about the future of your company.
Take action. Throw me into your board of advisors, or keep me as your secret weapon:
+2783 253 3339