Business Advisory Boards - A Powerful Tool

Business Advisory Boards — a group of experts from a diverse range of industries and experience — provide invaluable information and guidance in today's fast-paced and dynamic business environment where change occurs at warp speed.

These Boards are a powerful tool for business leaders to strategically navigate the uncertainty of the business world, armed with the correct market information.

However, to reap the full benefits and rewards of a Business Advisory Board, you need to structure it correctly, with members who have expertise in a multitude of industries, backgrounds, subject areas, and experience.

When You Join The Alternative Board (TAB)

When you join a professional business owner advisory board like The Alternative Board (TAB), you not only receive professional facilitation during board meetings, you are also matched with the right board for you and your company.

Selecting Business Advisory Board Members

To create a high-performing Business Advisory Board, consider including members:

  • From sectors that are different from your organization's primary industry
  • Experienced in the areas in which your business needs the most help
  • Experienced in the realms your company wants to move toward in the future
  • Who can fill any management gaps or gaps of expertise that exist in your organization
  • With experience working with enterprises that are larger in size, in growth mode
  • Working with organizations of higher complexity
  • Who ask tough questions — instead of telling members what to do
  • Last but not least — ready to commit time to regular meetings

Setting up Business Advisory Board Meetings

One thing we know about Advisory Board members is that they are busy. Therefore, meetings should be scheduled well in advance. Meetings also need to be productive.

At The Alternative Board, we have a facilitator run the sessions, starting with a temperature check. At the onset, members fill out a questionnaire that allows them to rate their previous month on a scale of 1 to 10 for both personal and business.

They also provide any financial metrics and KPIs, which are kept confidential within the Board. It also allows them to share their wins, opportunities, struggles, and emerging threats.

This helps set the tone for the meetings and helps reflect and see the progress made each month. At the end of the session, everyone has work to do until the next meeting.

The Good Member Charter

The goal of a good Business Advisory Board is to help grow the members and their businesses. Here's our charter given to all members:

  • 1The Board meeting belongs to you.
  • 2You are on the Board for help and to help rather than to impress others.
  • 3The success of the Board meeting rests partly with you.
  • 4Enter into discussion enthusiastically.
  • 5Give freely of your experience.
  • 6Confine your discussion on the topics on the agenda.
  • 7Say what you think.
  • 8Make your remarks impersonal and free from prejudice.
  • 9Listen alertly to the discussion.
  • 10Be patient with other members.
  • 11Appreciate other Members' points of view.
  • 12Avoid monopolizing the discussion.
  • 13Assist in reaching conclusions.
  • 14Be a good sport when the discussion goes against you.
  • 15Be prompt and attend regularly.
  • 16Prepare with what you have to discuss during the allocated time period.

"The moment you think you have it all right, you will stop growing your business. The role of a Business Advisory Board is to avoid this situation at all costs."

The Strength of a Business Advisory Board

The strength of a Business Advisory Board lies not just in the members' expertise but also in the quality of questions they ask. These questions are invaluable and should challenge assumptions so business owners can envision new possibilities to propel their business to greater heights.

These questions help you understand how to scale to become the business of your dreams, identify your limitations and how to overcome them, and change the way you do things now to get a different result.

Being in business does not need to be lonely. Get the best advice from people like you, walking the walk — by joining a professionally facilitated Business Advisory Board like The Alternative Board (TAB).

Nir Makovsky - Business Consulting

Nice to meet you, Nir Makovsky

Business Consulting | Peer Advisory Board | TAB Facilitator

Business coaching for companies and startups. Years of experience in business consulting, organizational strategy, and management development.

The uniqueness of NIR MAKO XCELERATOR business coaching is first and foremost a commitment to your success. ACCOUNTABILITY - Responsibility.

Curious? Send me a message and we can discuss the right Board for your business situation.

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