How an advisory board can help small business owners make wise decisions
Industry experts say small businesses, not just large corporations, may benefit from the insight offered by an advisory board.
According to an article in the Houston Chronicle, an advisory board can be "particularly helpful for a small business" and business owners may be surprised at the number of willing participants ready to help.
Whether it’s a retiree from the same industry, a customer interested in helping expand the business or an accountant, there are a number of community members that could offer independent, knowledgeable advice about business strategy or new products, says the article.
Filling the spots of an advisory board with non-family or members without a financial interest in the business is key, according to a separate report on the topic in the Chicago Tribune.
An independent board may be able to offer ideas that could help boost business or steer the company in a new direction to help weather the recession.
"Because these are unprecedented times, you need people you can bounce ideas off of and broaden your network for opportunities," says Ellen Rudnick of the University of Chicago Booth School of Business in the Tribune article.
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