10 Ways To Get A Seat On A Small Business Advisory Board
Posted on 08. Oct, 2009 by Bill Bubenicek in Advisors, Advisory Board
An advisory board is a good idea for small businesses. Regardless of its objectives, having a board of advisors can benefit a small business in many ways.
A proper board of advisors holds a similar function to a board of directors, but without the legal hassles. In some cases, an advisory board may act as a sounding board for brainstorming ideas, in other cases, the board members may bring additional outside resources, experience, and advice from various industries and positions. The most important element is that the advisors have the best interests of the small business in mind.
Many business people have the desire to advise small businesses because it provides a unique experience that adds value to both their own experience and the business they are advising.
But how do you find a small business to advise?
We’ve put together a list of the top 10 ways to get on an advisory board for those who are interested in such an endeavor:
- Small Business Administration (SBA): The SBA is a US government resource that is dedicated to assisting and improving small business in the U.S. Their objective is to help small business succeed due to the impact that small business has on the economy. Making contact with your local SBA agent could certainly assist you in your search.
- Service Corps Of Retired Executives: SCORE is the non-profit arm of the SBA. This organization is dedicated to assisting small business through the advice of executives who are interested in volunteering their time to give back to the small business community. You can go to your local SCORE chapter for free advice on any business related matter.
- BoardMyBiz.com: BoardMyBiz.com is a site that matches entrepreneurs with small business advisors. This site utilizes a sophisticated matching algorithm to help business owners and advisors find each other based on various criteria and preferences.
- Networking: Networking is always a good way to get the word out that you are looking for any position. It shouldn’t be any different for an advisory position, and depending on the type of small biz that you want to advise, you should frequent places where those types of entrepreneurs are likely to be.
- Friends & Family: A friend or family member could be a good place to start looking. Similar to networking, a friend or family member may know of someone who is looking for an advisor with your skills and experience.
- Business Referral: If you know consultants who work with small businesses, they may be a great place to begin. Colleagues in your own business may know of a business that may benefit from your service as well.
- Inherit An Advisory Board Position: If you know of someone already advising, you may be able to be their successor or even join the same board.
- Investment In A Small Business: If you invest or are thinking of investing in a small business, it is a sure way to justify such a position.
- Online Social Networking: LinkedIn, Facebook, and other social networks are growing rapidly. Get your profile up and start making friends – the advisory board spots are out there and you can get tremendous exposure to them through online social networks.
- Advertise: Advertising your services is another solid strategy to get you an advisory board position. Check out LinkedIn, Craigslist and Google Adwords for a few good places to start.
If you have an immediate interest in advising a small business, feel free to contact Chevaun . The Advisory Board Group is a firm that works with small businesses and assists them with building their advisory boards.
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7 Responses to “10 Ways To Get A Seat On A Small Business Advisory Board”
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10 Ways To Get A Seat On A Small Business Advisory Board
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Small Business vs. Large Business - How To Level The Playing Field
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William Bubenicek: Agreed! In principle, a board makes sense for a s...
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Lennart Thornros: In principal I am in agreement with the statement ...
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S. LaFleur: I agree that getting outside perspectives is key t...
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Paul D: To invest time in choosing advisors that can add v...
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Mike D: I agree with Josh W but oftentimes it's hard to pi...
dturner321
13. Oct, 2009
How much experience is required to become an advisor to a small business? I would love to get a position on a board of advisors, but I’m not sure that I’m qualified enough.
Bill Bubenicek
13. Oct, 2009
Experience is all relative to the company you may advise. There are many companies out there, especially start ups that could use some outside perspective on their business strategy and execution.
If you are unsure of your qualifications, it is a good idea to register with boardmybiz and complete your profile. This way, your profile is in the database and eligible for matching to a business that just may be looking for someone with your skill set and experience. Best of luck
On a separate note, for those applying for the advisor positions, ideally, we do prefer the following;
➢ Income of 100K+ (minimum)
➢ Position/Title: C-level executive, Director, VP, Partner, Consultant, Politician, or any position similar or equivalent.
➢ Academics are also welcome to join; MBA’s and PhD’s only at this time*
➢ Experience Level: Minimum 8 years business experience; exceptions may occur depending on level of experience
➢ A sincere desire to participate in the project and contributing positively to small business success.
Hope this helps
Josh W
13. Oct, 2009
Getting an advisory board position seems like less of an issue than getting the right position with the right company. I have advised ’small business’ ventures before and often I was surprised to find that I was more serious about making the venture successful than the owners. I want to advise people who are serious about taking their businesses to the next level! Finding a good fit between board members and management is the key. It looks like you guys are on the right track.
Mike D
13. Oct, 2009
I agree with Josh W but oftentimes it’s hard to pick and choose the opportunities. Most of the time, you’re asked to be on boards (formally or informally) through your personal or professional network. I currently sit on boards of companies I had no prior experience in but as long as there’s dedication and passion coming from both the board member and business owner, good ideas will rise to the top. I think it’s less about education (and industry experience) and more about finding smart, critical business thinkers whose interests are aligned.
Paul D
18. Oct, 2009
To invest time in choosing advisors that can add valuable perspective to your business’ decision-making, to me shows great foresight from a management team. Strategic advice can help you avoid spending your time putting out fires and instead focus on creating value. Simply put, if someone has already been where you’re going, you might as well ask them about it before you go there yourself. Helping people gain access to this kind of advice is a noble aim indeed.
S. LaFleur
09. Nov, 2009
I agree that getting outside perspectives is key to success. This is especially true for small businesses that may not have an established management team where several different opinions can be considered before making an executive decision. Small business may also lack the financial resources to hire full time individuals who have expertise in specific areas such as finance, marketing, etc…
Of course you can always bounce ideas, concepts, and goals off of family, friends, and even a SCORE advisor, but the concept of having an advisor who is uniquely matched with your business needs is a new concept.
It shouldn’t be surprising that technology now allows us to find an individual that has the background and experience to help improve our business. After all you can connect with old friends through Facebook and potential mates through eharmony.com. Now you can find business advisors through boardmybiz. What’s next?
MAPping Company Success
02. Nov, 2009
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