Small businesses face a variety of challenges.
There are tasks to complete, systems to build and margins to optimise.
For new business owners it can be very beneficial to create a small business advisory board. Many owners and managers do this because they recognise that they might do well on their own, but are likely to do much better with help from experienced individuals.
Here is an overview of how a small business advisory board can help your business.
Direction and Mentorship
The biggest benefit to a small business from an advisory board is direction. Small business owners often get caught up in the daily tasks required to serve clients.
This leaves little time to focus on the business.
An advisory board can be there for your small business to provide direction for the business. The board can also provide mentorship and advice on common business decisions.
The folks that occupy advisory boards are often business owners themselves with experience dealing with the situations new entrepreneurs will face.
Someone To Push You
It’s also good to have someone to push you. Small businesses are often solo ventures or small groups of individuals. Again, it’s easy to get caught up in the regular day-to-day work leaving no time for focus on the business.
While you’re likely self-motivated it’s good to have an advisory board to push you. One of the things a board can help with is budgeting and setting goals.
They will also be there to ask questions and push you when it comes time to review your budget.
Compensation
Compensation is a good idea for anyone involved in your business. It can range from providing for any expenses incurred as a result of meetings or communication to full investment options.
Paying your advisory board gives them an additional incentive to see your business succeed.
In most cases, the members of your board will want to see your succeed regardless, but making sure they’re invested in the outcome is good for you and it can be good for them as well.
Finding Your Advisory Board
Your business network is a great place to start in looking for advisors. You can reach out to people you know and respect in real life and maybe some you’ve met on networks like LinkedIn.
It can be a good idea to look outside your group of “friends” for mentors. They can bring a different approach to the relationship and not feel like they need to tell you what you want to hear.
One possible source for this kind of advisor is your client base. If you serve business owners with your small business, you likely deal with some successful people that could provide you with great direction and mentorship.
You could also ask the people in your network if they have any recommendations for people that would make good advisory board members. You don’t have to know the people directly at first.
You can develop the relationship to see if you trust them. From there the relationship will revolve around the interest in your business and that’s a good place for an advisory board relationship to begin.
Conclusion
Owning and operating a small business has many advantages. You’re free to work on your own and you’re in charge of your professional fate.
But it’s difficult to find success completely on your own. The best entrepreneurs in history have often had assistance.
Consider adding an advisory board to your small business. It can help you in a variety of ways that all would lead to the growth and success of your company.
With thanks to: http://getquaderno.com/blog/why-you-should-have-a-small-business-advisory-board/
