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the greatness of a
community is most
accurately measured by
the compassionate actions
of its members.
coretta scott kin
the greatness of a
community is most
accurately measured by
the compassionate actions
of its members.
coretta scott kin
Business Consulting And Support
The Challenges Of Owning A Business Are Unlike Anything Else
The challenges of owning a business are unlike anything else.
At our company, we often hear from business owners who feel they can’t properly share those challenges with their friends, family, employees, consultants or even the people they have hired to run their businesses. In fact, we’ve heard many business owners use the phrase, “It’s lonely at the top.”
But it doesn’t have to be lonely. Not when business owners get together with an established group of peers to discuss problems as part of a business owner advisory board.
What Makes A Business Owner Advisory Board Different
A traditional business advisory board is a hand-picked group of individuals who come together to help guide a business owner through tough decisions. These individuals generally complement the business owner’s own expertise and could include anyone from a financial advisor or a lawyer to a sales expert or a marketing specialist.
Business owner advisory boards are a longtime staple of large businesses, but owners of privately held businesses generally haven’t had the resources to take advantage of them. Plus, when you’re mired in a business problem, even expert advice from an advisory board often can’t compare to sharing your concerns with a group of people who not only understand your business but also understand the pressures you face as a business owner.
That’s where local peer-to-peer external advisory boards can be valuable. They bring together like-minded business owners across a variety of industries who can all share insight and expertise in order to help each other’s businesses grow. In these peer-to-peer boards, members come together as equals in business with a shared goal of growing their companies and developing their own skills as business owners and leaders. This creates an atmosphere of mutual respect and trust, where members can be frank about their challenges and questions.
The concept of an alliance of business owners and other high-powered peers was introduced in the book Think and Grow Rich by Napoleon Hill. He recommends that business owners run every plan they have by what he calls their “Master Mind” alliance, writing, “No individual has sufficient experience, education, native ability and knowledge to insure the accumulation of a great fortune, without the cooperation of other people.”
Not only do fellow business owners more fully understand the issues you face, as a business owner advisory board matures, members will become more familiar with each other’s businesses and be able to offer personalized insights on things like how to increase sales, how to run the business more efficiently and how to solve thorny personnel problems.
And as business owner advisory board members become more familiar with one another’s businesses, something incredible happens. Allen Fishman, founder and executive chairman of TAB – The Alternative Board – explains why this type of board is so successful. “The members are able to open up with the kinds of things they don’t discuss with anybody else,” he says. “They never discuss their fears or their pocket dreams of what the future holds with their employees in general — or even their executives.”
The ability to open up so fully among a trusted group of peers allows business owners to not only grow their businesses, but also to find personal and professional balance. Consider the following points to better understand how a business owner advisory board can help your company — and you— thrive.
Who Might Benefit From A Business Owner Advisory Board?
Whether you’re just getting your first business off the ground or you’ve been around the block a few times before, you’ll benefit from a business owner advisory board. Don’t underestimate the power a group of like-minded business owners can have when they put their attention and business acumen toward the same goals.
The benefits extend to any type of industry, such as professional services, wholesale and retail trade, manufacturing, construction, finance, insurance and real estate.
Seeking out a business owner advisory board is a smart move for a business owner who:
Is considering a transition of power — especially within a family — and needs advice
Knows that the business is in a rut and isn’t sure how to get out of it
Is considering a new direction for the business and is headed into uncharted territory
Has been running a business smoothly for some time but is ready to increase growth
Is looking to sell a business and wants to make it more attractive for a potential buyer
Has just bought a new business and could use expert mentorship
Wants to run the business more efficiently in order to improve work-life balance
Could use regular help with marketing, hiring, employee management and other day-to-day business
In short, a business owner advisory board is a smart move for every business owner who wants to improve both professionally and personally.
The Value Of An Advisory Board
Membership in a business owner advisory board yields more than just an increase in company profits. Experience has shown that board members often see a rise in their quality of life as they improve their work-life balance, learn how to fight burnout better and even work on their interpersonal relationships.
Augment your core competencies
Help you evaluate new ideas and strategies
Are you puzzling through a new growth idea? Considering a possible business opportunity? Here’s another place where the real-world experience of your business owner advisory board will come in handy.
Coming up with effective business growth strategies, marketing strategies, succession strategies, etc. can be difficult. Adapting generic advice to your specific business is a challenge, and evaluating whether or not a specific strategy will work for you is easier with the help of other seasoned business owners. In a board with a diverse membership, it’s likely one of your peers has come across whichever situation you’re considering and can give you custom-tailored advice.
Provide an outsider’s perspective
Create accountability
What Should You Consider When Joining A Business Owner Advisory Board?
The Members
Who are the current members? What types of professions and industries do they come from? Do they represent a wide range of experiences and disciplines? Both LinkedIn and Google are useful tools for doing your due diligence on the current members of a potential business owner advisory board.
Time Investment
How much of your time will the business owner advisory board take up each month? How often are the meetings, and how long do they last? Beyond the meetings, are there any additional time requirements, such as volunteer expectations or outside business coaching?
The Facilitator
The facilitator or chair is the linchpin for how a board functions. If you are considering joining a board, ask to meet with this person one-on-one to understand his or her personality and style. Pay attention to how he or she directs the meeting if you attend a trial session. Do they run the meeting efficiently? Do you agree with the insights and suggestions they offer to other members?
Monetary Investment
How much are the annual or monthly dues? How much would your business have to grow (or how many new clients would you have to take on) in order to realize a return on investment from joining the board? Does it seem like the board will offer at least that much or more value?
Your Own Commitment to Openness
There are two last big things that are important to the success of a business owner advisory board: willingness to share advice and openness to receiving advice. Ask yourself if you are willing to be vulnerable enough to learn and grow along with your fellow board members. Are you willing to share (and empathize with) personal challenges? Are you willing to hear (and offer) tough advice?
What Is A Board Meeting Like?
Is This For You?
Our company helps forward-thinking business owners grow their businesses, increase profitability and improve their lives by leveraging local business advisory boards, private business coaching and proprietary strategic services. Becoming a member of one of our Business Owner Advisory Boards gives you access to resources and expert advice to help you create, and maintain, a strong company culture.
In addition, the majority of the members attest that the cost of their membership has had a high return on their investment.
Along with business owner advisory boards, our company offers members professional coaching and consulting services, along with valuable networking opportunities and access to proprietary business resources.