In an earlier blog we talked about the benefit that a Board of Directors can bring to your business. But there has been increasing discussion lately about another option you may wish to consider: an Advisory Board
In Harness the Power of An Advisory Board
, writer Susan Ward states, “No business is too small to benefit from having an Advisory Board and an Advisory Board is such a powerful management tool that no small business should be without one.”
Like a Board of Directors, an Advisory Board is comprised of skilled and knowledgeable individuals whose purpose is to support you as you build a successful business. They will ask questions, draw on their own experiences, and push you to think creatively. They will also hold you accountable for decisions you make.
While having an Advisory Board is highly recommended, implementing one may be easier said than done. Now there are not only stories about the importance of an Advisory Board, there are some concrete tips on how to start and use one. Susan Ward followed up ‘Harness the Power of an Advisory Board’ with Creating an Advisory Board
in which she provides several tools and tips including outlining the benefits of participation to potential members and appropriate compensation.
You might also find value in the recent Forbes.com article For A More Successful Business
, Create a Board of Advisors
that provides 10 guidelines on developing your own advisory board.
If no business is too small to benefit from having an Advisory Board, now might be the time to start implementing one…