An entrepreneur can use an advisory board to weather current challenges and opportunities. For example, a chef entrepreneur about to open a new restaurant may decide to form an advisory board to gain expertise in marketing, human resources and construction and design -- skills that a culinary type would not necessarily possess. In forming the advisory board, the entrepreneur should carefully consider his or her critical knowledge gaps to identify appropriate advisors. No entrepreneur needs yes men disguised as advisory board members.
The most ideal advisors have the entrepreneur’s best interests at heart. And so, they are not afraid to give advice -- even if it contradicts the thinking of the entrepreneur. Because the feedback can be brutally honest, entrepreneurs may wish to avoid picking advisors who are close friends or family members. Initially, identifying potential advisors can seem like a daunting task. These individuals are familiar with the owner and likely would be willing to serve as advisors. To the extent a particular need cannot be met by someone in the entrepreneur’s network, referrals can seek. After identifying potential advisory board candidates, the entrepreneur should carefully vet them to ensure that they would be a good fit. Advisors should not only have the technical knowledge but also a desire to help the entrepreneur. Plus, there should be good chemistry between a potential advisor and the entrepreneur. While advisory boards are generally less formal than governing boards, the entrepreneur should protect his or business. Advisors will be privy to highly confidential information about business plans, intellectual property, and trade secrets. They become involved because of their desire to help the entrepreneur -- and perhaps feel good about mentoring someone in need of their expertise. Advisors who feel appreciated will put forth their best effort. Entrepreneurs should seek out three to five advisors with the necessary skills to meet the current challenges. Then the entrepreneur can seek new advisors with the needed skills. Advisors who are no longer relevant or contributing as needed should be retired. Asking advisors to step down is not easy. So, setting term limits for advisors is a good approach. This will result in less drama and stress and allow the entrepreneur to easily rotate advisors as needs change. Advisors can provide valuable feedback and recommendations -- if they are prepared before meetings. All relevant information such as business plans, financial statements and other reports should go to advisors well in advance of board meetings. If the entrepreneur provides advisors interim information such as monthly financial and other reports, however, board members can remain informed.
Besides if you do have any questions give me a call: https://clarity.fm/joy-brotonath