If you have a strong desire to be successful and to grow your business, an advisory board can help. It is a group of professionals (between 4 – 6 people) that are independent of your business. You meet quarterly for discussions, updates, advice, and sounding board.
You should have an advisory board because…
- An advisor has the experience and has walked in your shoes
- An advisor can provide a sounding board for business decisions
- An advisor can advocate and network on your behalf
- An advisor can identify company weaknesses and offer advice
- An advisor can identify and pursue new business opportunities
- An advisor has the expertise you do not have
Have I convinced you yet? These are all great reasons to have an advisory board.
So, how do you hire an advisory board and how much does this cost?
Ask. If you have acquaintances in the industry and professionals you admire from a distance. Why not just ask them to serve on your board for a short term commitment. I think they would be honored by your request and if they have the time, will more than likely volunteer.
Pay them a fee. If asking them to volunteer does not sit right with you, pay them a fee between $300 – $500 per person for the Quarterly meeting.
WBCNA. Did you know that the local WBCNA office of Huntsville can help you establish a Board of Advisors by working with an executive leadership network and providing the highest quality of trusted advisors? WBCNA also provides training on how to establish and conduct a Board of Advisors. The investment is $100 per month. If this is an option for your business, please contact Joanne Randolph at WBCNA to learn more. She can be reached by calling 256.535.2038.
If you want to learn more, I will be conducting a 2 ½ hour training class at WBCNA on February 6, 2015 at the new location- BizTech building – 515 Sparkman Drive – from 9 – 11:30 a.m. For more information or registration, go to www.wbcna.org/calendar.