How a Business Advisory Board Sets Entrepreneurs Apart From Other Business Owners
While most business owners get caught up in the daily grind of running their business, the ones with the support of a Business Advisory Board are thinking far ahead and working on growing their business.
Entrepreneurs cannot get out of the vicious cycle even though they know their business is running them instead of the other way around. This is because they wear multiple hats in their companies, and it is challenging for them to get out of their business and run it like a CEO or true leader.
Business owners who join a solid Business Advisory Board, like The Alternative Board (TAB), always set aside a few hours every month for the board. This is when they get away from their business and strategically work on their plan to grow it. The advisory board members are also business owners and experts in various fields. When they meet, they offer each other expert guidance, support, and advice on seizing opportunities and countering threats. At The Alternative Board (TAB), the value of business advisory boards is further augmented through one-on-one coaching sessions between each board meeting.
This level of world-class support from peers and a business coach sets entrepreneurs apart from others who do not have access to an advisory board.
Here are 8 ways entrepreneurs who are part of The Alternative Board (TAB) set themselves apart and gear up for growth and business success.
Create and follow their strategic plan: Business advisory boards help entrepreneurs create and stick to a strategic plan for their business. Even business owners who have a strategic plan have a difficult time following it. Your board members help you stay on track.
Promote innovation: Business advisory boards support forward-thinking and help promote innovation and technology adoption. These boards are comprised of experts in various fields and invariably have people with expertise in Information Technology. This can provide new ideas and help keep businesses abreast with the latest technology and guidance on adoption.
Analyze market conditions: A good Business Advisory Board allows members to analyze current market trends and conditions in view of their specific business issues and opportunities. They also help forecast future trends in the market.
Product changes and updates: A business advisory board can also help with market research, and the board members can act as a focus group of consumers for most businesses. Therefore, they are in a great position to suggest product or service updates and changes.
Fresh perspective: A good business advisory board is invaluable as it brings a new set of eyes to any business situation. They can provide an outside perspective, allowing businesses to look at a business challenge or opportunity in multiple ways. In this manner, business advisory boards can become a huge source of new ideas.
Honest advice: A business advisory's sole purpose is to guide and help a business to succeed. They provide unbiased, objective, and honest advice to fellow business owners to help them reach and exceed their goals.
Diverse pool of talent to fill any gaps in expertise: Businesses get a massive talent pool they could otherwise not afford. They can tap into a vast resource and fill any gaps in management expertise.
Peer Support: Last but not least, with a business advisory board, business ownership is no longer a lonely place. You can bounce off ideas, brainstorm, and plan how to overcome challenges and seize opportunities with others who have been in the same situation as yourself.
To effectively use a Board of Advisors, we make sure all the TAB Advisory Board members are open and frank with each other, sharing their hopes and fears. A Business Advisory Board cannot be effective if members hold back. For the members to provide guidance and support, they need the correct information.
We also have many guidelines to ensure the boards run smoothly, everyone gets heard, and the members show mutual respect within the group.
A well-formed Business Advisory Board with experts from multiple fields and industries is an unparalleled competitive advantage and can help build a company's credibility and revenues.
Curious to see how a Business Advisory Board can help your company grow? Contact us and we will be happy to provide you with more detailed information and even get you to try a sample board.