Welcome to the Bottom Line Top Line Podcast with Carol Bartlett, Jol Hunter, and Chris Spurvey.
This week on the podcast, we talk about how advisory boards can help get you further in business and in life, as well as what being a member of an advisory board is like. We also give some tips on how to choose the right people for your advisory board and how to get the most out of your time with your advisory board.
Make sure to check it out!
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Choosing People for Your Advisory Board
As a business owner, I may look at a potential member of my advisory board and ask myself why that person would want to join my advisory board when he or she is already very busy. But I challenge myself and anyone who is listening to this podcast to ask the person anyway.
Many successful business people are looking for opportunities to help others who are perhaps a few years behind them in terms of the growth of their businesses. They’re looking for ways to share their experiences and help others in their journeys.
Benefits of Being a Member of an Advisory Board
Being a member of an advisory board is a learning experience for that person as well.
When I’m on advisory boards, I always try to add value—to give back—but I also learn what those organizations are doing and then share what I take from that experience with other business owners who I mentor.
In this way, being part of an advisory board works both ways. I don’t think there’s a downside in having an advisory board or being part of an advisory board.
Operations of an Advisory Board
At the outset, the advisory board and the person who convenes it should discuss the range of issues that are on the table for discussion, the typical meeting agenda, how often the meetings will take place, and who will be the chairperson. Each advisory board needs a chairperson—somebody who leads it and keeps the ball rolling by creating meeting agendas, staying in touch with the person who convened the advisory board, and ensuring that progress is made and follow-up occurs.
An advisory board that isn’t set up with some structure and then proactively managed won’t be effective.
To learn more about these topics, please listen to the episode.
Mentions
Connect with Carol, Jol and Chris on LinkedIn.