Recently I read an article on a company using an advisory board to help them plan an expansion of their business. By bringing in an advisory board, they brought every member’s experience to bear on the project and in doing so were able to save money, limit their risk, and complete the expansion on time.
It really caused me to think about my own experience. As Diverse CTI has grown over the years we have had many relationships with different companies. Those relationships have been key to growing our business. The insight that we have received and still receive from our relationships with those companies has been invaluable. These companies, though some knew and some didn’t, were Diverse CTI’s advisory board! Which brings me to the question; does your company have an advisory board?
So what is the function of an advisory board? Really, it can be anything you need it to be. You can meet one on one, or bring them all together as a group. When you are making decisions it is good to get some advice on what to do, especially in areas of business you aren’t familiar with. Andy Andrews calls this your ‘board of directors’ and makes the point that you should have a personal advisory board as well.
The simple fact is no one can see the whole picture. Many times we have people in our lives with amazing depths of experience and yet we never tap into those gold mines. This happens both personally and professionally. The wonderful thing about these people is that most of them will help you at no cost at all.
I encourage you to begin assembling your ‘advisory board’!