30 August 2023 • 4 min read
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Are you ready to battle the scaling struggle and take your small business to the next level?
Running a small business can be a constant battle, especially when scaling up. You're working hard to stay afloat, but you can't seem to break through to the next level.
If this sounds familiar, it may be time to consider forming an advisory board.
So, first things first, let's tackle the burning question: How do advisory boards work?
Well, imagine having a team of professionals who can offer guidance and wisdom.
They generate ideas to help you navigate the treacherous business waters. Advisory board members act as your very own sounding board (pun intended).
They assist with issues such as:
They're like your personal heroes without the flashy capes. By offering fresh perspectives, they can take your business to new heights.
Let's explore two scenarios where an advisory board would be beneficial:
If your business isn't growing as it should, it's time to take a look at your network. An advisory board can introduce you to:
Your network will be buzzing like a popular social media influencer's account.
An advisory board's job is to expand your network and connect with new opportunities. Their extensive experience and connections can open doors for you. They provide access to critical resources and partnerships. This leverage can fuel your business growth.
Secondly, those costly mistakes you've made… Well, welcome to the club! We've all been there. It’s hard to avoid costly mistakes.
But guess what? With an advisory board, you'll have a team of experienced folks to help. Professionals who can help you identify gaps and avoid them. It's like having a fail-proof guidebook to success. Well, it's almost fail-proof.
Running a business is risky. It's easy to make decisions that have unintended consequences on your operations. Imagine having the benefit of a diverse group of professionals to bounce ideas off of. I know it would help me make more informed decisions and mitigate risks!
So there you have it, small business owners. Battling to scale? Get yourself an advisory board and watch your business take flight.
Now, you might be wondering how the Advisory Board Centre can help you with all this advisory board jazz. Well, they're like the matchmakers of the business world. They connect you with the right advisory board members based on your needs.
With their expertise, they can ensure effective structure over your company's advisory board. The center also vets that your members have the skills needed to positively impact your business. Think of them as the Cupids of business matchmaking.
Now, when are these advisory board meetings held, you ask? Well, that's all up to you and the board members. You can schedule a meeting whenever you need some brainstorming action.
Ensure you have decent snacks at these meetings to keep those creative juices flowing. Who said business can't be tasty, right?
The frequency can vary depending on the needs of your business. Usually, monthly or quarterly meetings are common for small businesses.
Who exactly sits on an advisory board? Advisory board members are professionals with extensive experience in their respective fields. They may include:
The key is to assemble a diverse group of individuals. Why? They can bring different perspectives and expertise to the table.
But wait, what's the difference between an advisory board and a board of directors? A board of directors has legal responsibilities and decision-making power.
An advisory board provides non-binding advice and expertise.
It's like the difference between a bossy boss and a wise mentor. Both are important but in different ways.
It goes without saying, but having an advisory board on your side will help you stay ahead of the competition. And one of the primary reasons is that you'll have access to various opinions and business expertise. Sounds like a good deal, doesn't it?
An advisory board is a group of experienced professionals who guide and advise a business.
Advisory board meetings are held regularly, typically monthly or quarterly.
A business should consider forming an advisory board when they need external expertise and guidance.
The Advisory Board Centre offers services like training, recruitment, and ongoing support for advisory boards.
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Lindokuhle Mkhize, a skilled creative copywriter and content lead at Trademarkia, brings a wealth of experience in driving innovation and managing teams. With previous success in starting and growing the Innovation and Marketing department at her former creative agency, Lindokuhle boasts expertise in leadership and delivering compelling content. Based in South Africa, Lindokuhle's work focuses on key themes of creativity, effective communication, and strategic marketing.
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