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A private Advisory board……………

Having an advisory board is a good idea for all businesses of any size; however, very few businesses implement this valuable asset.  There are many reasons:

  • I am too small…
  • I don’t know who to ask
  • I can’t afford to form a good advisory board as they want food or ??????
  • The excuses go on and on.

Instead of going out to the community and trying to find “high powered members” I recommend the following option:

  • Form a private three member advisory board
  • Should consist of people who have a vested interest in your success
    • Examples of members we have selected in the past  include:
      • Your banker
      • Your attorney
      • Your CPA
      • Your coach/mentor
      • Your financial advisor
      • A trusted successful business owner
      • The benefits to these three selected members are:
        • Meeting other people to network  with
        • Pride in your  future growth and success
        • Potential for future financial benefits
        • Business benefits:
          • Have a sounding board to share your ideas
          • Gain guidance from others
          • A monthly meeting should be held with your private advisory board. Everything that takes place should be held in the strictest confidence. (May need some legal paperwork as full disclosure of company financials and future growth plans will be shared)

The implementation of this suggestion may be the single most important thing you can accomplish, at any price, for the future of your business.

Good ideas only work if they are acted upon…………

Nick J. Petra CFP

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