How many business owners have an independent board of advisors?
Answered by:
This is one of my highest recommendations for any small business. My standing recommendation is to form a small group of 4-6 advisors. Each one should represent a key area of guidance. Examples would be legal, financial, operations, marketing, and growth. You don't need a lawyer or CPA as advisors.
You need other business owners who are experienced in these areas. Try and pick individuals who have businesses that are larger than you, but not too large. For example, if you are moving toward $1MM in sales, pick advisors who have $3-$5MM companies.
I would initially set-up quarterly meetings for review of the immediate past quarter and planning for the next quarter and balance of the year. They have been where you are, not that long ago and their perspective will be more relevant to you. I would also look to an organization like YPO, EO, or Vistage. My experience with them has been great.
These positions are normally not paid. It is customary for you to provide lunch or dinner. The meetings should be 2-4 hours in length and are typically mid-day or after normal hours. Meals can range from pizza, sandwiches, tacos, really anything that would work well for a working meeting.