It is futile to think that one can run a business without anyone’s help. When it comes to business, pride, arrogance and an utter disrespect for team members do not work. No matter how great an entrepreneur you are your ability to work together with people, the amount of respect that you show to those who actually run your company and the simplicity of your nature is what can bring you everlasting success. Many entrepreneurs have the tendency to be bossy to behave like they own the place. But the fact is, the place if left by all the employees who support the company amounts to being simply that, a vacant space. A company and its business is built by the people who support an entrepreneur. If you look at the biggest names in the business world who are known globally you will see that they are the humblest and the most people friendly in the world with a very considerate corner for his/her employees who are actually running the show. Every entrepreneur is fallible and therefore needs a support group that would help them make proper decisions about his/her business. This is where the need for an advisory board comes in.
To give an example, Mark Zuckerberg and Facebook continuously ignored the advisory board’s advice that it is not a great idea to compromise user data. We all know what followed this behaviour.
To quote a member from the advisory board she said that –
“I don’t want this to look like finger-pointing, but I think profits matter to Mark [Zuckerberg] too much, and at some point, you need to recognize that you need to rely on experts in their fields. When you serve for free on an advisory board, you expect somebody’s going to listen to you.”
An advisory board is an important element of your company without which you are sure to find yourself taking wrong decisions. It is impossible to run a business alone and every entrepreneur who is serious about working must have an advisory board.
Here are a few tips that can help you build a great advisory board for your company:
1. Fill your board with members who can make up for your company’s deficiencies:
Every company has some grey areas that they do not have enough expertise in. It is important that you have people in your advisory board especially experts who can make sure that you have someone well experienced to help you in those areas. For example, maybe you and your team are not very good with employee management. Maybe the way you handle your employees make them feel much disrespected. Maybe there are a lot of employees who are leaving your organisation because they do not find it employee friendly. It is important that you have someone in your advisory board who is an expert in talent retention. Letting valuable employees leave your company for your ignorance is not very wise. The repercussions are far reaching. There are many other aspects that an entrepreneur might not be well versed with. While it is understood that one cannot perfect all, it is advisable on the basis of this human flaw that entrepreneurs have an advisory board who can make up for an entrepreneur’s carelessness.
2. Tap your Network and go Beyond it if Necessary:
Tap your network for the experts you are looking for. You may find great people who bond with you well to be willing to don the entrepreneurial cap with you with their advice. Tapping into one’s own network has a lot of benefits given that you know who you are dealing with, the level of expertise that they have and an overall relationship.
But it is important that you also move beyond just your network to find people who can fill your advisory board. You might have people you know, but there might be those influencers and experts who can really make your board teem with intelligence. It is important that you do not hesitate to go beyond your borders and try find to someone who has a greater name and expertise. Many people share a great passion for a companies’ work and they might just love to have a chance to associate with an offer.
3. Clarity of Purpose is important to an advisory board:
It is not enough to simply have an advisory board. You as an entrepreneur must make sure that they know where your flaws lie and where they can help you. It is also important that you understand them. The advisory board would not naturally know what is needed to be fixed. You need to really give them a clear idea of what you are looking to solve.
Reviewing the state of business is another thing that you must do regularly with the advisory board so that you can see where you are going wrong. It does not make sense to have an advisory board who does not know the good, bad and ugly part of your organisation.
An entrepreneur needs to don many caps but that does not make him the perfect business man. Many entrepreneurs do not have the sophistication=on of dealing with people, there are those who do not know how to manage the finances of the organisation while there are others who suffer from self-absorption. It is important that there is someone who points out the flaws that an entrepreneur has and keep them grounded to where they belong. To the business world. They are nothing without the people who support them. It is great to have an advisory board that has all the elements of an organisation in the form of subject experts in it. Entrepreneurs can get an overall support of the much needed experts and balance their business without having to wash their dirty linen in public. Give your business the power and wisdom of the advisory board and make it reach success. Immune your company with the wisdom of the experts and lead it to success.