The Small Business Encyclopedia from entrepreneur.com defines an advisory board as “A group of individuals who’ve been selected to help advise a business owner regarding any number of business issues, including marketing, sales, financing, expansion and so on; a body that advises the board of directors and management of a corporation but does not have authority to vote on corporate matters. This can be especially beneficial to smaller companies who don’t want to release control to a board of directors, but still obtain the benefits to having the advice of many experts on hand”.
An advisory board is not invested in the business with an investor mindset and, as such, operates outside the business. In light of this more unattached approach, an advisory board member can provide often much-needed perspective or unbiased advice. According to a BDC Study, a whopping 85% of companies with an advisory board in place claim it has had a positive impact on the business. Advisory board members, since they are engaged in other activities outside of this role and within the field specifically, can bring true change in demonstrating what a company, brand or service should do around real challenges they are facing in the marketplace.
So how do you go about setting up an advisory board? Consider those who already provide opinions and feedback because they care. Ask others for referrals in your field. Consider those who take an active interest in your product or service offering. Start there. It will build and grow organically; there is no need for force fit folks on your advisory board. And if you are interested in serving as an advisory board member, then don’t’ be shy. Reach out and ensure people know of your interest.
If you would like more information about advisory boards, please check out “Why You Need an Advisory Board” from inc.com is a great read on the subject. If you desire specific information about being an advisory board member, Baileigh Allen of ZigZag Research won’t disappoint – feel free to reach out at hello@zigzagresearch.com for more information.