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| Business Tip #1: Why Form an Advisory Board? Some of the most valuable advice we have received in our lives comes from those who have our best interest at heart. “Always make sure you have a buddy with you” may have sounded silly at the time; but, it made sense once we gave it some thought and realized that we should never try to go it alone. The same is true in business. Having an Advisory Board is like having a buddy beside you to look out for your welfare. There is also a greater chance for a fresh perspective to be embraced for problems that occur. More opportunities can be identified to help expand and diversify your business. Specific assistance can be provided to assure continued success of your company operations.
Basically, a Board of Directors exists and functions according to the legislative rules and guidelines established in the jurisdiction in which the business is incorporated PLUS legal precedence that has been assembled from lawsuits over the years that deal with corporate governance. An Advisory Board, a collection of niche experts that are appointed to offer knowledgeable advice, share ideas, and proactively scrutinize business operations, is not governed by legal statute. It can operate the business any way the group prefers. You can think of it as an organized group of consultants. The benefits of having an Advisory Board are access to:
Are you ready to form an advisory board? Here’s how. 1. Decide which professions and fields of expertise need to be involved. Membership should be multi-disciplinary and well-balanced. Ideally, you may want to include a member that represents the public at large. Overall, no one group or discipline should dominate the group. A company that sells fire extinguishers might seek experts from such fields as fire protection, law, insurance, and emergency services. However, a company that sells fire extinguishers and is owned by women could include those same experts but also tap into women-oriented support organizations such as the WBENC - Women's organization. 2. Select the type of people you want to recruit carefully. The sort of person you will want to recruit for your board will certainly be capable of handling sensitive issues and confidential information with discretion. Prospective members should be leaders in their fields and those whose intellectual integrity is recognized by their peers and the organizations representing their professions. 3. Invite a balanced yet small group of members that can recommend a unified solution in a reasonable amount of time. The board should be just large enough to ensure participation by all elements of the private and public sectors with an interest in what your product or services has to offer; yet, it should not be so small as to be viewed as elitist or a special-interest clique. Ideally, five (5) board members is a good ideal number of members. In the event of a vote, one of the members would be able to break a tie. 4. Promote the board as much as your business. Your selection of an Advisory Board should stem from your company’s ability to have the foresight and determination to set up a formal Advisory Board in the first place. Owner / managers must be willing to present direction, strategy, problems and opportunities to the board in an open and forthright way. Otherwise, your Advisory Board can't help you. You must give credit where credit is due. For a board to be a win-win situation, you must recognize and promote the board member's interests alongside your developments. The bottom line…An Advisory Board can benefit your business; however, the amount of return you will receive from this resource all hinges on what you put in to it. _______________________________________________________________________ Business Tip #2: How to Bankrupt Your Business in Five Easy Steps According to the U.S. Small Business Administration, more than 50% of small businesses fail in their first year of business, while 95% fail within the first five years. There are lots of reasons - poor planning, poor funding, poor leadership, poor management and more. Below are the five easiest ways to guarantee that your business will fail - no matter if you are in your first year of business or have been in business for decades.
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So many business owners just "wing it" and use a shotgun approach at building a business. A focused action plan will ensure your business reaches its maximum potential. Are you building your business for success? Have a question for our business plan creation team? Have a question for our research team about your business? Contact Us. _______________________________________________________________________ Business Tip #3: Make Your Business One in a Million A niche is an architectural term referring to a special place that’s designed to display or show off an object of some kind. Finding your business’ niche will set your company off from others who do something similar and draw the best possible attention to you and what you can offer. © 2001 - 2012. Virtual Analysts TM - All Rights Reserved. | ||||||||||||||
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