Creating a personal advisory board
A recent study revealed that 93 percent of small medium enterprises attribute their success to mentors. No business or professional for that matter can succeed without the right kind of support, and the support needed changes at different life cycles of the business and person’s career. Several years ago, I attended an event, and I was delighted to hear the speaker say that one mentor is not enough, since no one person can give you all the support you may need to attain professional success. This is something that I have believed for a long time. If you are a business owner or a senior level executive the road you travel can often feel lonely because many of the people who surround you do not understand what you are going through, or even why you are doing what you are doing. So you do not end up feeling like Atlas, carrying the world on your shoulder, it’s important for you to build a support network of personal advisors consisting of people who you can occasionally call on. And even if you have not attained the professional success that you strive for, a personal advisory board can help to show you the ropes, so to speak.
Creating a personal advisory board can give you the support you need, providing you with invaluable information, and the members can share their experiences and act as a sounding board, giving you their perspective on a variety of issues that are affecting you. Before you create a personal board of advisory, regardless of whether you are an entrepreneur or not, you have to understand what needs are prompting you to seek advice. Start assessing your needs, for instance, when you assess your skills, what knowledge gaps do you identify? What expertise do you need to develop to work on a new project? What is the best way to market your products and services? What skills do you have to acquire to achieve your professional goals this year? After you have assessed your needs, ask yourself what is the fastest route to getting what you need? Who are the people who can help you to get the best information?
Prospective advisors are all around you? Who are your service providers? Who do you volunteer with on projects in your community? Who are knowledgeable people in your industry associations? Who are interesting speakers at conferences that you attended with whom you connected? Which of your online friends have you had interesting and enlightening conversations with? Who are the people who are already succeeding at what you are trying to do? Looking at the people whom you have access to, both online and offline, which ones have values that align with yours, who can provide you with what you need?
Offer to take someone out for a meal to get his or her advice, or have a phone conversation, whichever is more convenient for your prospective advisor. Always be upfront with your expectations, and give the other person the opportunity to say “No” without it being awkward for them. For entrepreneurs, business owners tend to make the best advisors because they understand the challenges of running a business, and are familiar with issues such as hiring the right people, marketing and selling, financing, launching products and services, having the right technology and compensating fairly. You want the people on your advisory board to have expertise in the areas where you have knowledge gaps. When you have found a group of people who are willing to serve as members of your personal advisory board, clarify each person’s expectations of the relationship, be clear about their willingness to be available, then structure your requests to meet those needs.
Take the time to determine and understand what your advisors need because all great relationships are based on give and take. It goes without saying that it is important not to abuse your relationships with the members of your personal advisory boards, and find ways to express gratitude and show appreciation for their contributions to your success. It’s also worth saying that in the age that we are living in, there are a plethora of very good books written by experts that can teach you what you need to know, so do not bother your personal advisory board, if what you need can easily be found in a book.
Get Started Here – I want to help you get started on your learning journey. It's not too late to join The Invisible Mentor 2015 Reading Challenge today, connecting the ideas from the books you read!
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