Wednesday, October 13, 2010

You Need an Advisory Board:

Even a small company needs an outside advisory board. An advisory board can clarify strategic direction as well as provide diverse opinions on how to handle thorny issues. And, someone who is not an insider in the company will generally have a more dispassionate view than employees who have a vested interest in the outcome.

Yes, I know what you’re thinking. “How can I afford a board of directors when I’ve only got 8 employees?” The answer is, if done correctly, you won’t have to pay them anything other than perhaps a lunch now and then!

Get to know other President’s of small companies from different industry groups. Ask them to join you in an ad hock advisory group that will be available whenever one of you has an issue. These President’s will probably jump at the chance to have someone else’s advice because they face problems just like you do and many times they have questions on what’s the best course of action to take.

This informal group doesn’t need to have monthly meetings or any other structured arrangement. Generally speaking you will only need to get the advice from one or two of the members and it can be done over breakfast or perhaps on the golf course.

We all know that running our companies can be a lonely job. Well, this loneliness can be alleviated by having other President’s who face the same issues you do. And, guess what? You’ll probably make a few lifelong friends in the process.

Next week’s blog: Don’t Be Blind to Embezzlement Signs:

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