- Consider an advisory board
- Recruit people to join your board
- Setup a schedule an agenda for meetings that focuses on objectives
Setup an Advisory Board
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An advisory board can be a great way to obtain outside input on a regular basis from friends of the company. As you meet more people as customers and vendors, you will be in a good position to ask select individuals for advice on growing your company.
Ideally you should have some specific objectives and goals for your board so that when they meet they can help you tackle these head on. Your goal is to make the meetings productive, interesting, and fun for all concerned.
Keep an eye out for people who seem to have good ideas about business and are not afraid to share their opinion. You don't want people who will be overly nice and simply reaffirm everything you are already doing.
Look for the people who make waves - have ideas - and love to share them. While some people may consider it an honor to serve on your board, many of the people you may want to ask are very busy people and their time is very valuable.
Your customers can often be the most knowledgeable about the industry you serve. They have first hand knowledge of what works, what is needed, and how to market and sell to people like themselves.
They know what publications are most read (places you could advertise), they know which groups are well attended (places to network), and they know what other companies are offering in terms of products, services, and pricing. I would avoid having too many friends sit on your board, unless they are very knowledgeable of your industry.
While there are formal board of directors, these informal advisory boards serve a less official role within the company. They work to make your company more productive and successful. You could offer to meet over lunch or breakfast on a monthly or quarterly basis. You want to keep the meetings short, keep the agenda relevant to what can help you grow your company, leave time for all to provide feedback, and make sure to thank them for their time and energy.
You may want to offer a small stipend or an equity stake in your company for their service. Some boards will be in a position to make radical changes (such as change the leadership of a company), while others are merely in an advisory role and it is solely up to you as the owner what actions to take.
You will now be in a position to gain new insight into your marketplace and you'll have a resource that can help you fine tune your direction and actions to best meet the needs of the people you serve. If you want more information on boards including attracting the best people to serve on them, click here.
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