Advisory Board Tip Series 2 – Why have an advisory board?

March 12, 2020Post by Laura Humphreys

Why should you have an Advisory Board?

Good question. And an important one to know the answer to before you to go to the trouble and expense of forming one!

Bring back the joy!

An Advisory Board is there to help you grow more efficiently and with more confidence. They’re there to encourage you, to challenge you, to support you and bring more joy back into your business.

Get the support you need.

Growing a business by yourself can be quite hard. When you have an Advisory Board who care passionately about your business and want you to succeed, it should be an uplifting experience.

You just don’t know what you don’t know!

It’s naive of a business owner to be arrogant enough to think that they know everything.  The whole purpose – the why – of having an Advisory Board is that they will challenge your thinking and bring a perspective you hadn’t thought of before. And they will bring experience that you haven’t yet had, particularly in your industry or part of the growth plan you are trying to achieve.

A worthwhile investment

In my first business I invested $24,000 per annum in two external advisors – in my second year of business, that was all my profit! But it was the best decision I ever made. They gave me the confidence and encouragement to grow, they were there when times were tough and they never stopped believing in me.  Don’t underestimate the return on investment of paying for good external advice.

If you’d like to know more about how an Advisory Board could work for you… feel free to email me

Happy growing!