Don’t be shy about asking for help. That should be the motto for every business owner/manager. In fact, as a daily reminder, those words should be posted in a visible location at the business. It doesn’t matter if a business is growing, shrinking, or staying the same. There is always room for improvement.
As a business owner you could be doing all the right things. Your business is marketing to your target market. You’re trying to stay one step ahead of the competition by reviewing your company decisions. At the same time, you’re also implementing various strategies to keep your employees inspired and motivated. However, there may be something you’ve overlooked which could result in higher sales and profits.
What should you do? Consider enlisting a group of objective advisors.
Board of Objective Advisors
There’s a common misconception that a Board of Advisors or Board of Directors only pertains to large businesses or publicly traded corporations. However, every small business owner/manager should consider this factor. With its business expertise, an informal Board of Advisors could serve as a small business sparkplug by offsetting any weaknesses the business owner might possess. Again, don’t be shy about asking for help. The Board of Advisors can be comprised as an informal group of trusted friends or business colleagues eager to meet quarterly or every six months for a couple of hours. Those sessions could be over coffee, lunch, or dinner. The topic(s) of discussion would be to offer suggestions and unbiased insights for the business owners’ consideration.
Pluses for Board of Advisors
There can be several positive returns for a small business when there is a group of individuals wanting the business to flourish. Here are a few of those benefits:
- Capitalize on the expertise of individual board members for guidance and another perspective. For example, a five-member board might have more than 75 years of combined experience dealing with a variety of business circumstances.
- Board members can offer definite skills the business owner/management team may need.
- An advisory board can challenge a business owner to think clearly and accurately in order to avoid becoming too “Pollyanna” or narrow -minded concerning the business.
- Board members can offer imaginative suggestions and other methods for problem conditions or new business opportunities.
- Every business should prioritize networking. Board members, through their network of contacts, can open the door for potential funding sources, strategic associates, vendors, or locating various business experts.
- A business owner can utilize its board as a “brain trust” on various business issues.
- To help with the business owner’s professional development, specific board members can serve as mentors or teachers for the owner.
There is one matter or “Surgeon General’s Warning” that needs consideration. To a certain degree small business owners do have egos. Small business owners run their businesses, as the late Frank Sinatra would sing, “ I did it my way.” That’s because small business owners either started from the ground up or bought the business.
So, a business owner, in thinking about creating a Board of Advisors, needs to be receptive to recommendations. In fact, the business owner needs to determine if forming a board will be beneficial to the business. If a business owner is not receptive to useful advice and new concepts, then there’s no sense in forming a board.
Meanwhile, increased growth leading to elevated profits could be the end result when a Board of Advisors provides solid suggestions and strategies for an open-minded business owner.
Board of Advisors Help Close the Gaps
A Board of Advisors can help close those gaps which exist for small business owners. Board member knowledge and previous business experiences provide valuable information which can guide a small business owner away from the pitfalls of owning and operating a small business.
Therefore, the message is very clear for those small business owners looking for more growth and long-term success. Don’t be shy about asking for help.
