Tips on how an advisory board can work for your business!

Do you have an Advisory Board for you business?  Have you considered it but you don’t know where to start?  An Advisory Board can be one of the best things that you can do for your business if you use it correctly.  It does take work and it does take commitment from everyone, however if it’s done right, everyone benefits.  Here are some steps to creating your Advisory Board:

1.  Select 3-10 people you believe can bring valuable assistance to your business.  I asked people who are in my business network and who were familiar with my products and services. They were all raving fans. I had a high level of respect for each of them and their business success so I knew that they would hold me accountable.

2.  Ask each person if they would be willing to serve on your advisory board. You cannot get to a yes if you do not open yourself up to the possible no.  Let them know you value their opinion and would like to have them on your advisory board.

3.  Let your board know how often you would meet, when you would meet, what you would like to achieve, and lastly why you chose them to help you.

4. Set your first meeting and be prepared.  Start your meeting on time and have an agenda.  Let your board know what your goals are, what you are currently doing and what kind of things you want to do.  Let them ask you questions and get to know your board.  Above all, be completely prepared to work each time you meet.

5.  Thank your board, ask how you can help them.  I asked my board the last time we met, what it was that I could do for them?  Their response, “Keep doing what you are doing, be prepared and do what you say you will.”  I was very surprised, I am always prepared and always do what I say.  I also take great pains to find referrals for my board members.

A Board of Advisors is a great way to help you focus on your business and build strong relationships. It is a great way to strengthen your business network!