In larger companies, establishing an Advisory Board is becoming more commonplace as these large businesses seek to add to the value and experience of their Board of Directors.
This is a trend that can also be of great help to a small business, whether you are operating as a company or not. Most of my clients and readers run family-owned companies or husband and wife operations. Their Boards of Directors are usually the owners. While this provides control of ownership, it does not provide these businesses with fresh perspectives on strategy, reaction to economic trends, specific industry or geographic experience as well as on markets and legal and legislative circumstances.
Knowing your business in and out is great - but think of the added value of a pool of new minds that have a different and fresh perspective on the wider business world.
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Creating An “Advisory Board” For Your Small Business
