herBusiness - The Australian Businesswomen's Network Blog
herBusiness - The Australian Businesswomen's Network Blog

Creating a Board of Advisors

By Amy Lyden

22 June 2012 | No Comments

Creating Board Advisors

Business can be lonely sometimes, particularly for small business owners.  Out of the 2 million small businesses in Australia, 90% have less than 5 employees and 65% are solo owned and operated - meaning 1.3 million business owners are working alone. With the buck stopping ultimately with you as the owner, it is tempting to feel overwhelmed and stressed.  When we are in these emotional states we simply do not make the best decisions and may forget what is truly important.

Asking for Help

Rather than soldiering on, perhaps take a deep breath and time out to consider how setting up a board of advisors may help you and your business.

When I started my own business many years ago, my vision and the realm of possibilities for success excited me and provided the motivation for me to endure the obstacles, set backs and hard work required.  But after a few years of this (even at the young age I was) I hit the wall.  The burden on my shoulders was winning.  What I then decided to do saved my sanity and ultimately contributed to the growth of my business.  I created a Board of Advisors.

 

Board of Advisors – Benefits

Different Viewpoints

We are all at risk of “tunnel vision”.  We are so close to our businesses – we live and breathe them on a daily basis, particularly in the start up phase.  Being able to access a group of people who have different skill sets, life experiences and ways of being will open you and your business up to new possibilities.  You will be able to draw on the wisdom of people who think differently than you do.

Accountability

When you must report a board meeting by a certain date this certainly lessens the temptation to put due dates back and focus on other areas.  Having a regular board meeting in my business forced me to lift my own game in terms of how I presented reporting, clarifying issues that I needed help with and leading the board meetings.

Driving the Strategic Focus

Getting stuck in the day-to-day running of the business is the plague of business owners.  I know first hand how this can limit you and stunt your business growth.  Having an Advisory Board will keep your focus strategic and constantly challenge you on this.  It will force you to lift your head up from your desk and be mindful of ways to grow and seize opportunities.

Networks

It’s always about who you know.  Having these extended team advocates of your business will be a great benefit.  Things will come up that you need help with and chances are one of your board members will know someone who knows someone…you know how it goes.

Creating a New Team

Coming into the new financial year, I encourage you to look at how you can expand your “team”.  With economic uncertainty and the calling for further of doing more with less, it is more important than ever to have adequate support around you.

For additional tips on how to set up a board of advisors please see the webinar “Creating a Virtual Team”.


Amy Lyden

Blogger

Amy Lyden

Amy Lyden

An entrepreneur and specialist in ecommerce and online strategy, Amy has had over 13 years of practical experience in these areas. Launching her first website in 1998 Amy was at the forefront of an online revolution without even realising it. Within a year this site became and remains today a #1 ra...


Read more about Amy Lyden

No Comments »

No comments yet.


RSS feed for comments on this post.

Leave a Comment

Related Content

Facebook Loosens the Reins on Promotions, But Don’t Forget the Legals

By Alicia Beachley

In what will be seen as a welcome move by many who run online promotions, Facebook has done away with the requirement that promotions and contests can only be administered within 3rd party apps. Its updated rules allow businesses to run promotions and competitions on their Facebook page’s Timeline, with no requirement for an app. [...]

Read More

When is a postcard not a postcard….

By Vivienne Kane

and how could that help you sell? One of my missions in business is finding effective marketing products that won’t break your budget. Postcards are probably the cheapest form of printed marketing you can buy. They can also be one of the most rewarding, if you apply some lateral thought.   Your postcard doesn’t have [...]

Read More

Never give your clients options… and here’s why.

By Bianca Board

If you don’t know me by now, I’m a graphic designer by trade. I ran my own small print design agency before moving into web design and, eventually, started Web123. I now manage over 20 people, and my role has shifted from working in the business to working ON the business. If you’re a creative [...]

Read More

Are you setting yourself up for daily failure?

By Belinda Weaver

I went through the ABN MentorNet program recently and a repeated theme in our mentoring pod was the feeling that we were always behind. We felt like we were always playing catch-up. We talked about time management and prioritising our day, but during one conversation, we hit upon the source of these feelings of failure. [...]

Read More

The Secret to Creating an Inspired and Fulfilling Life

Interview with Dr John Demartini

Author and educator Dr John Demartini is considered one of the world's leading authorities on human behaviour and personal development. His latest book, The Values Factor - The Secret to Creating an Inspired and Fulfilling Life, is a guide on how to realign your life to your true values. Dr Demartini details how once you [...]

Read More