How to create your own advisory board

How to create your own advisory board

Behind every major decision I make, there is a team of carefully selected individuals who have helped me arrive at my decision. This is my personal advisory board.

This group of individuals are the backbone of my brand, and the future of my companies.  It is this inner circle that I rely on for advice to steer me in the right direction – from finance to strategy.

If you want to take your business or businesses to the next level, investing time in developing a personal advisory board might help you.

Four reasons to build your advisory board:

  1. As they say – two heads are better than one (or four, or 10!).  Think of your advisory board as your personalised market sample; an idea that may appeal to you could get the thumbs down from the entire group. It is invaluable to have the opinion of a group of people whose judgement you trust.
  2. Everyone from small businesses to CEOs can benefit from the assistance of an advisory board in the interest of business and personal development.
  3. You can meet with your board as a group, or individually.  You may choose to operate on a system where the board members are unaware of each other or where you work as a team.
  4. A strong advisory board can be a great learning experience.  Not only will you get support, but you’ll learn a new set of skills and tap into a new pool of creativity.

Four ways to assemble your own personal business roundtable:

  1. Be very selective on who you let in to your inner business circle.  You are giving others access to your ideas and how you are going to generate revenue; don’t take this selection process lightly.  Make sure they are trustworthy and that they don’t have a personal agenda that may negatively impact you.  It is crucial that they are genuinely interested in seeing you succeed.
  2. Typically, your board will be unpaid and will be made up of close friends, long-term business connections and, perhaps, even family.  Find a way to repay and acknowledge their efforts.  Offering your services and/or advice in return is a great return for their effort.
  3. You are only as strong as your weakest link.  If the relationship with the board member isn’t working out, for whatever reason, it is okay to remove them from your circle and replace them.
  4. Establish your expectations up front.  Negotiate what you need from them, and how often.

For more information on building your personal business roundtable,  connect with me.

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