This is Part 2 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.
“Let me consider that with my board…”
It may be small, but that phrase packs a lot of power by increasing your credibility and proving that your business is bigger than just you. As the owner, that credibility is important and really does raise the game…after all, it’s something that many other businesses just don’t have.
More than credibility, it shows a level of sophistication in that you’ve taken the time to organize a group of advisors and also demonstrates that you’re confident and mature enough to take advice from other people. This is especially important when dealing with potential investors, strategic connections and lenders or financial professionals, as having the outside Advisory Board helps give legitimate credibility to the business – and the owners of the business – at the same time.
Haven’t yet established a board? There’s no need to wait until the perfect time or until you’ve gathered the perfect group of people. Instead, start now and make adjustments along the way. The reality is that it will take a good year before the board finds its ways and starts adding consistent value to your organization. If you want to recognize those benefits sooner rather than later, you need to get things going now.