Advisory boards work for any size business but can be particularly helpful for a small business.
After all, most small businesses don’t have a large management team, but their owners still need to be able to brainstorm ideas and strategies with others who have more than a passing knowledge of their business issues.
A board that meets regularly and gets to know you and your business can provide valuable insight and solid advice.
Its members can help you stay current on trends or act as devil’s advocate when they think you’re heading in the wrong direction.
Advisory boards can also be proud promoters of your business. Most people consider serving on an advisory board an honor and will want to tell people about it, raising your company’s visibility and providing free marketing.
Your board members can also introduce you to their networks of contacts.
Look to customers and vendors who have a vested interest in helping you expand, or ask your banker, accountant or other service provider to participate.
Consider retired executives who have the expertise you need. A board of three or four well-chosen individuals should suit your purposes.
Photo by llawliet.