Do you need an advisory board?

Do you need an advisory board POST

Suzi Dafnis is one of many small business entrepreneurs who consider an advisory board a business must-have

 

Two heads are better than one. Even better when there are three heads or more. I’m talking about tapping into a brains trust of people who can give you advice about your business. That’s where an advisory board can help, particularly if you are a small to medium sized business. That inspired this week’s Enterprise post.

Last week, an up-and-coming entrepreneur asked me to be on her board of advisers. As she’s just starting out in business, it’s a smart move. She wants to tap into the brains of people who have had more experience than she has, and soak up their advice.

When I first started my business, I didn’t seek advice, mentoring or coaching of any kind. But I wish I had. It took me a few years before I had my first mentor and it transformed the way I approached my business.

Members of an advisory board to a small business often participate on a voluntary basis. However, depending on their level of involvement, payment (or an equity stake) may be involved. There are few formalised rules over how a board of advisers should be run, so it’s up to you to determine what will work for your business and what you need to do to get the right people on board (pardon the pun).

You can read the rest of the article here.

 

 

About Valerie Khoo

Valerie Khoo is founder and national director of the Australian Writers' Centre, the country's leading centre for writing courses. She is a journalist, blogger and author. Her latest book is "Power Stories: The 8 stories you MUST tell to build an epic business" (Wiley). Valerie is co-founder of SocialCallout.com and is an investor and mentor to startups and businesses in Australia.
  • Nick P

    Hi Suzie… I think you are spot on with this post. the most important times I see that business’s need a high level of guidance and a sounding or advisory board are exactly in the start UP phase. as most SME’s are very tight with a minimal budget and lots to take in and make decisions around.

    I have just been reading a book by Seth Godin called “The Dip”
    http://www.amazon.com/s/ref=nb_sb_noss_1?url=search-alias%3Daps&field-keywords=the+dip… Which I found great to help Business’s prepare for what’s ahead and know when to what i like to call “fail fast”. As you have shared the best way to keep you on track is to have a third eye looking in with no Bias !!