This is Part 5 of an 8 part series that dives into the eight key benefits of having an advisory board and how it can help you, the business owner, achieve greater levels of success. If you’d like to read an overview of the other key benefits, please click here.
For more information on the benefits of forming an advisory board, listen to my interview on Social Geek Radio here.
“That’s a great idea, let me run it by my board.”
That one phrase can be a powerful tool when it comes to making business decisions – and it’s a core benefit of having an advisory board.
When you have a board, you have someone to deflect responsibility to so that you can think through ideas more carefully. For example, when one of my clients had a lead for an international franchise expansion, they called a quick board meeting to discuss. In just a short amount of time, they came up with several good reasons why the decision needed to be reconsidered – not to kill the deal, but to make it better for the brand, my client. By the end of the meeting, they had come up with a range of questions to ask, as well as strategies to make the deal less risky and add greater value.
By running an important idea past your board, you have the opportunity to tap the brakes, turn the focus toward someone else – and possibly come to a better decision than you would have otherwise.
“Blaming” your board can also be useful when you have to make a hard decision – such as letting go of a long-term employee or family member. Maybe you’ve had a long relationship with this person, but for whatever reason their function doesn’t make sense any more. By putting the decision on the board, instead of yourself, you can take a lot of the emotional drama out of the situation (even if it’s not entirely true).
When you use your board in this way, you’re both able to make clear, well-thought out business decisions – and have the accountability to get them implemented – even when they’re not easy to execute.
Having and using a board is something I like to help business owners do. If you’d like to discuss the benefits of a board for your business, please reach out and we can set up a time to talk.