As a small business owner, it’s important to surround ourselves with good people. Good people who know more good people and how to do things. And that’s why I suggest business owners put together their own advisory board.
It doesn’t have to be a formal board, with paid positions and regular monthly meetings. But getting a few trusted advisors and colleagues to discuss growth and opportunities is ideal for the small business owner who otherwise tends to out there on island by themselves. Bringing your tax pro, your attorney, maybe your insurance agent, banker and a few other key people together to brainstorm and bounce ideas off of might be just what you need to prevent a stagnant business.
Ideas and innovation can come from a group of local business experts who bring together experience and knowledge. These people can help open the door to both clients and strategic alliances. They can help you find the best resources at the best prices because they have contacts.
Creating this kind of trusted group can help you bring your business to higher profitable status much faster than you can on your own. They might even be able to find your investors or be so impressed with you’re working on, they may even offer to invest themselves.
If you haven’t done this yet, it’s never too late to set up your own informal advisory board. If you have, I’d love to hear about your experiences. Drop a note in the comments below.