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.