More than one way to help: Why business-development advisory boards often fall apart
Virtually every company I work with asks about using an advisory board as a business-development tool. While it is advantageous to engage advisors in the business-development process, it’s generally not a good idea to form an advisory board specifically focused on it.
Why you should engage your executive team in building your advisory board
The people who have the most valuable insight into an organization’s holes are its employees. Too often, CEOs and supporting executives overlook this valuable resource. Instead, they rely on their own experiences and perspectives to decide whose advice they need to help them get to the next level.
When you choose advisors, don’t forget about the culture connection
Advisory boards may seem independent of your company, but in reality, they represent and impact your corporate culture. When selecting advisors, you need to consider how the advisors will integrate into your organization.
Here’s what you need before you can implement an advisory board
Roughly the same numbers of firms start and close each year. Many of these companies go the wrong way about forming advisory boards, which might contribute to their early demise. If you want to build a strong advisory board from the start, there is a list of key elements that need to be in place first.
A rockstar board helped Julie Kantor overcome ‘startup isolation’
This month, we spotlight Twomentor, LLC, a Washington-DC based start-up that brings mentoring programs and curriculums to the private sector. In the following interview, founder and CEO Julie Kantor talks about how her advisors have championed her and helped her get her startup off the ground.
New year, new board: How to evolve, evaluate and exit board members
When it comes to employees, businesses should always be interviewing and meeting prospects. The time to recruit and interview new staffers isn’t when the company is in a desperate state of immediate need. The scanning process should be ongoing. It works the same way with advisory board members.
How the right advisors helped transform Yoko Co.
This month, we spotlight Yoko Co., a Virginia-based web-presence management company. Founder and CEO Chris Yoko talks about how he selected advisory board members who helped ground him personally and define his business vision.
How micro boards and flash boards can benefit your company
Recently, business owners have been asking me about “micro boards” and “flash boards.” These are temporary boards designed to address a specific challenge or growth goal. Think of them like the various pop-up stores that are springing up everywhere.
How SnapShot Interactive recruited the perfect group of advisors
This month, we spotlight SnapShot Interactive, a digital marketing firm, and its CEO, Mark Scrivner. Through one of its client engagements, SnapShot helped a nonprofit education organization raise more than $11.5 million in grants and donations.
How virtual advisory boards could take your company to the next level
Today’s technology options allow business leaders to connect with advisors around the world, provide secure platforms for real-time and recorded collaboration, and share documents and information to keep the entire advisory board informed.
How College Hunks Hauling Junk implemented a winning advisory board
College Hunks Hauling Junk (CHHJ) is the largest and fastest-growing U.S.-based moving and hauling franchise opportunity. In the following interview, Nick Friedman, CEO and founder of CHHJ, provides a comprehensive view of his company’s winning advisory board.
Board diversity: Women and minorities in the boardroom
There is great risk in not diversifying today’s boards. To remain relevant and connected to your client base, your company requires board representation that can provide insight into how clients think and what they want.
Mastermind groups: One meeting a quarter could take your skills to the next level
The eight hours I spend with my own mastermind group of five other business owners are the most valuable of each quarter. However, the construction and facilitation of a mastermind group is complex, and must be done correctly.
How to find the right mentors and keep the relationship valuable
I coach dozens of entrepreneurs who know they need a team of experts but aren’t quite ready for a formal advisory board. One of my coaching clients that fits this description is Stefanie Reiser, founder and CEO of Align Development.
Why you need a technology expert in your boardroom
How many technology experts serve on your board of directors or advisory board? If you don’t have a CTO or CIO in your boardroom, you need to find one fast. Information technology expertise is not a board option. It’s a priority.
How one CEO’s advisory board positioned her company for long-term success
This month features an interview with long-time friend and fellow business owner Lilly Harris, CEO of Man-Machine Systems Assessment (MSA), about how her company’s advisory board has helped MSA grow.
Employee Engagement, sponsored by CBIZ MHM
Podcast: SmartCEO and CBIZ gathered distinguished members of the 2015 Brava class to discuss their strategies for employee engagement.
10 ways an advisory board will change your business
Business owners implement advisory boards because they want to grow, they want accountability and they want to learn new ways to solve old problems. Conceptually, that sounds great. Realistically, they are setting themselves up for some pain — because things will change.
Fundraising and networking: A peek into a nonprofit advisory board
Brandon Miller is the director of Year Up, a national organization that provides educational opportunities to high-potential, at-risk young adults. Here, Miller shares insights into how a nonprofit advisory board works.
Q&A: What makes a high-performing advisory board?
Bobby Christian, CEO of Waterfall Software, is a prolific expert in building successful companies, and in building and serving on advisory boards. He is one of my longtime advisors, so I turned to him to provide insight for companies looking to implement a high-performing advisory board.
What to know before you compensate advisers with equity
One of the most common questions asked about forming an advisory board is, “Should I give my advisers equity in my company?” Whatever reasons lead a business owner to compensate advisers with equity, it’s essential to understand the legal, financial and tax implications.
How to pay your advisers without money
For small business owners who want to implement advisory boards, nothing is more intimidating than the topic of compensation. After all, cash is king in all businesses. The thought of shelling out thousands of dollars several times a year often stops business owners from moving forward with adviser relationships.