How Does an Advisory Board Help
Running a business is hard, but there’s no reason to go it alone. Setting up an advisory board or finding the right mentor to advise you, can help you grow your business. Talk to us about your advisory structure. #smallbiz #leadership #solveadvisory
When you are planning for business success, it is important to keep track of the bigger picture. To develop your business in ways that will assist growth may mean you appoint advisors that can help your business to grow.
It is a good idea to get additional support or advice when you:
- require expertise and skills that the business lacks internally
- rapidly grow the business
- are making major acquisitions
- going through large restructuring
- are in a fundraising period.
Setting up a board to advise or appointing a business mentor are good options if you are considering an advisory function.
Advisory board set up
Advisory boards give the small business the benefit of other parties’ knowledge without incurring the expense and formality of a board of directors. Advisory boards are usually linked to not-for-profit companies, but many other companies also benefit from utilising this resource. An advisory board will assist in providing advice and insight to the business, but the advisory board can not make decisions or have roles and duties as directors.
The board you select should bring a range of perspectives to the table. The space should be comfortable for members to disagree. Select your members and carefully set the tone for meetings!
You may not quite be at the level to form a board, but a business mentor could be the perfect idea. Business mentor’s help you to see the bigger picture and assist you to look outside of your business. Working together to identify different ways to seize opportunities and meet upcoming challenges. To find a business mentor start by firstly identifying the knowledge and expertise that you are wanting. Then start building your business network. Look specifically towards local organisations that mentor and make connections with networking organisations specific to your industry. Looking for a person who has the relevant experience is important but also remember you should also consider a mentor that you will feel comfortable sharing your business with. When you are ready, repay the favour and become a business mentor!