Advisory Boards Could Hold Key in Transitioning From Small to Medium Sized Business
Thank you to Spark Business from Capital One for sponsoring this feature highlighting small business.
After years of growth, your small business is enjoying the fruits of your hard labor, forethought, perseverance, and personal sacrifice. You enjoy a strong relationship with your community and have a consistent bottom line. The problem? Your small business seems to have plateaued, and you can’t seem to figure out a way to grow any bigger.
Perhaps it’s time you considered forming an advisory board.
Although companies of all sizes may have a board of directors, an advisory board is different. A board of directors has a fiduciary responsibility to represent the interest of the business’ stockholders. They aren’t necessarily there to provide guidance to someone like you, although they might if it serves their role.
An advisory board is typically assembled by the CEO or owner of a business like yours, carefully drawn together from individuals with experience and knowledge in needed areas. They might be more experienced former CEOs, current business leaders, or even simply creative minds. Advisory boards can provide advice on a necessary topic, when asked, or if they observe it’s needed. They don’t necessarily have any financial or legal responsibility toward the company itself. Or even to you as a small business owner.
If you have reached the limit of your abilities, whether in managing your employees, business processes, or your bottom line, it’s time to realize you might not be up to the task anymore of managing it all yourself. This is nothing to be ashamed of — after all, no wealthy superstar major corporate CEO can do it alone, either. They delegate decision-making. With an advisory board, you aren’t so much delegating as opening up to ideas that may ultimately take your business to a more successful level. You’re broadening the mind that makes your most vital decisions–you.Continued on the next page