Subscribe to Blog ContentI've heard from one-person businesses that they have advisory boards with people from different backgrounds. One might have financial smarts, another has experience in the industry and another is a pro with operations. These consist of volunteers who genuinely care about you and your business.
The Characteristics of an Advisory Board
A good advisory board contains people with backgrounds in finance, management, sales, marketing, funding, operations, entrepreneurship and your industry. You don't need someone for all of these—just suggestions. These boards can bring insight that you miss from being too close to your business or not having in-depth knowledge in the subject matter.
Some cities offer advisory-matching programs to businesses that meet specific requirements. Check with your chamber of commerce. It may have resources to help you get set up with a board.
Advisers can work with you to put a plan together to help your business grow or survive difficult times. Also, building a plan for the advisory board members that outlines their goals, identifies length of term and discusses meetings logistics. Why would anyone volunteer to join an advisory board? They get something out of it, too—networking, experience and giving back to their communities.
Some companies refuse to get help because they're too proud. Well, being too proud doesn't help your business. Of course, it takes work to set up a voluntary advisory board because you need to find the right people who are willing to donate their time and expertise.
Building an Advisory Board
Don't just try to get advisers from all walks of a business life. Instead, identify what your company's goals are including finances, marketing and business growth goals. After you document those goals, see what kind of roles they need to make them happen.
Mention how much time it will involve. Think of the time in quarters rather than the whole year. 15 minutes a quarter sounds more overwhelming than one hour for the year. They don't necessarily have to meet at the same time—but it may help to have them in a room or on a call —at least once—so they can bounce ideas around.
Advisory boards are not the same as board of directors. Advisors don't have voting power, they have different legal responsibilities, they don't need to follow formal meeting rules and you can control what information you share with them.
Brainstorm names of potential advisers. Make a list as not everyone will agree to do it. Before approaching them, prepare your elevator speech that takes "what's in it for the adviser" approach. Keep the speech short and sweet—this shows your value their time.
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