5 Compelling Reasons to Create an Advisory Board for Your Small Business

By August 5, 2021 May 8th, 2023 Building a Better Team

Last Updated on May 8, 2023 by Dave Schoenbeck

Owners of small businesses don’t tend to have an extensive network of people they can rely on for advice and counsel. A business coach can help in a big way, but to truly thrive, you should have a team of experts to fill in gaps in your expertise.

and advisory board meets with an entrepreneur

What Is an Advisory Board?

An advisory board is a group of professionals who can advise business management. These boards are informal and usually meet regularly, depending on the schedules and needs of their members. The people on your advisory board can be industry leaders or other professionals you respect. 

An advisory board can be an indispensable resource. Here are five reasons why you should create an advisory board for your small business:

  1. An advisory board allows you to fill in gaps in your knowledge by consulting professionals with extensive experience where you need help. 
  2. Every advisory board member has a network of connections and resources to tap into if you nurture that business relationship.
  3. Consulting outside experts can provide a much-needed objective perspective when you are your expert.  
  4. If you fill your advisory board with the right people, they can challenge you to think outside your usual perspective.  
  5. The informal nature of an advisory board allows you to tailor it to suit your needs. 

How to Create a Business Advisory Board

Are you ready to create an advisory board for your small business? Selecting the right members is critical to your success. 

First, consider the areas of expertise most beneficial to your business. Of course, it would help include people who have achieved the success you’re pursuing. Still, it would help to welcome experts in other helpful areas, such as marketing, information technology, or HR. These people can be indispensable resources when you need clarity. 

Once you’ve identified the types of people you’ll need, get specific, ask your network for recommendations, browse LinkedIn, or attend local networking events to find the people that can add value. Of course, it’s better to ask people you already have a good relationship with, but you can reach out to strangers if you think they would be amenable. 

Finally, consider how you would like your advisory board to function. Would you instead bring everyone together for a regular meeting, or would you prefer to meet with your advisors individually? The meeting structure will depend on your needs and your advisors’ relationship. 

If you keep these things in mind when you create an advisory board for your small business, you should be able to choose the right people to help your company thrive. 

Have you decided to create an advisory board for your small business? A business coach can help you get started. Please fill out my contact form, and let’s discuss how to create 
advisory board roles and responsibilities
 for your business. 

Coach Dave


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