Most small and medium sized business owners do not consider advisory boards until you’ve found yourself hitting a wall of sorts. Things have been going along just great for your business and then suddenly you’ve stopped growing at a rate you’re comfortable with. You may even feel as though you’re losing ground. You’re confident it’s not a problem with the product or service you provide, but you can’t seem to get the foothold you want for renewed internal excitement and growth. In these situations, an advisory board might be the perfect solution. These are just a few of the ways an advisory board can breathe new life into your business.
Allows You to Benefit from Expertise of Business Leaders
Advisory boards give you an opportunity to pick the brains of business leaders in your community. You gain the benefit of insights from leaders in various industries you’ve selected for your advisory panel without paying the prices of hiring them to come and work for your business. This is especially important when you have a specific problem you need solved, but can be equally important when you’re trying to generate new passion in your employees to jump start your business going forward.
Expands Your Understanding of the Business Side of Things
It is very likely that you know your business very well. You’ve taken it from a simple idea and worked very hard to create a business that has enjoyed great success – even if you’re not currently as successful as you’d like to be. While you know your business well, your advisory panel needs to be made up of people who understand business in general. People like Noel Biderman who has 20 years of experience in leadership roles in business in different industries are great choices for your advisory panel. Look for diversity in industry and business styles in order to get a greater impact from the advisory board and keep it small with six to eight people serving on the panel so that you’re not overwhelmed with the different responses and approaches.
Gives You an Opportunity to Draw from a really Deep Well of Knowledge
Creating an advisory panel gives you access to men and women who are true leaders in their respective fields and industries. They have the nicks and scars that come from climbing to the tops of their industries and you get the benefit of that knowledge without developing the same scars yourself. How does that help you reinvigorate your business? Because they’ve all hit similar walls in their own businesses and they can help you see what it took for them to power through.
Opens Your Mind to Growth Opportunities
When you run your own business it can be hard to see it objectively. It can be harder still to recognise room for growth and opportunity. Bringing objective observes into your business from the outside allows you to view your business through their eyes. Not only are they more objective, but they also haven’t been desensitised to issues that have been around so long you don’t really even notice they exist. It’s sort of like diving into a cold pool. When they dive in they feel the shock of the cold right away where you no longer feel all that cold because you’ve been swimming in the pool for so long. Your panel can point out the things you haven’t been seeing so that you can kick start your growth once again.
Don’t think your business is performing up to expectations? Consider an advisory board to help you get to the bottom of things. You’re sure to be amazed by the insight and advice they have to offer.