Margot Fraser and Lisa Lorimer

January 2010
by Creating and Managing an Advisory Board

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Creating and Managing an Advisory Board

by Margot Fraser and Lisa Lorimer

We love to hear stories from entrepreneurs who went against the grain; who trusted their instincts instead of listening to conventional wisdom; who believed their vision of what was possible, found a niche, explored fresh ways of connecting with their customers, and figured out how to stay ahead of the curve.

During the early times of idealism and excitement, most of these entrepreneurs did everything themselves. They made the sales calls, developed the products, provided the services, wrote the checks, answered the phone, and swept the floor. This is an important part of the life cycle of a business. But if we remain in this mode, our companies will be only as strong as a single leader.

To make our businesses sustainable enough to grow and create livable work for all stakeholders, the way we operate needs to shift at some point. As this shift happens, we become more knowledgeable about our industry; we begin to make use of conventional wisdom; and we need to ask for help and to know when to delegate and when to hire people who know more than we do.

What has helped us during the tough times? Honestly, getting help. In particular, an advisory board can be a lifeline. This is a place to talk …IBPA Members – Click here to view the full article (login required).

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