12 Essentials for Success in Life and the Workplace

Secret to Unlocking hidden Potential to achieve more Growth and Success in your business.

Tracey Watts Cirino Blog

Secret to Unlocking hidden Potential to achieve more Growth and Success in your business.

Have you considered setting up an advisory board for your business?

I am a huge advocate for advisory boards. I have always used them in all of my businesses and I truly believe they are a key link to achieving long-term and sustainable success in your business.

According to Working for Women, less than 2.5 percent of all venture capital goes to women and many female business owners face systemic challenges in building their businesses.  Scaling a business can be a lonely and challenging endeavor, especially without a deep talent pool to assist. Now, however, many organizations are stepping in to eliminate barriers to success.  One such organization is Executive Women's Forum, whose mission is to create more vibrant economies and improve company performance by increasing the number of women in business leadership and ownership.

Most women business owners lack an Advisory Board, which provides guidance on the company vision, innovation, risk management, and profitability. Though this Board can provide management with advice, they do not possess the authority to vote on corporate matters. 

In Harness the Power of an Advisory Board, author Susan Ward writes that advisory boards are such a powerful management tool that no small business, regardless of size, should be without one. In establishing a Board of Advisors, Ward suggests emphasizing the benefits of serving on your board, which can include:

  • Extending their circle of contacts and perhaps developing new business
  • Getting new perspectives and ideas
  • Contributing to the development of a particular profession or industry
  • Discovering new potential leads, customers, business partnerships, or opportunities for cross-promotion
  • Personal satisfaction of helping to steer a company to success
  • Prestige or resume building

According to Bob Arciniaga, Founder of Advisory Board Architects, advisory boards working on a strategic outcome are the most successful.

Transformational events are challenging for leadership teams because they add stress and risk distracting management from core responsibilities.

An advisory board can be a huge help. For example, if a company seeking capital assembles an advisory board to complete the round of financing, the advisors would be tasked with identifying sources of capital and guiding management through the fundraising process, which is a measurable and specific objective.

 

Serial entrepreneur Patrick Donohue points to another scenario where a business owner could benefit from an Advisory Board: When the leadership team has skill gaps. If the company cannot justify hiring full-time employees, advisory boards can provide a new perspective it’s not getting internally. This could be a member who provides feedback on inclusion and community relations. Or, an advisor with knowledge about emerging trends could be invaluable. Advisory boards are an elegant way for executive teams to learn from individuals different from them. 

If you and your business need help getting to the next level, my book Beyond Common 12 Essentials for Success in life and in the Workplace will be a great resource for you. Or if you need a hand getting clarity on how to attain the right strategy to achieve your goals, please contact me so we can set the stage for the next chapter of your success!

With Gratitude,

Tracey Watts Cirino

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