The concept of a business advisory board is based on the “Mastermind Group” principle first introduced by renowned personal success author, Napoleon Hill, in his famous book, “Think And Grow Rich.”
Continued from part 1.
Before agreeing to engage the group, it’s important to make sure commitment level is high:
- Do you have a personal or business mission or vision statement?
- Do you have 3 – 5-year goals?
- Will you implement business advisory group recommendations?
- Are you committed to moving forward in your business and personal life?
The true benefit of a business advisory group is the synergy building that occurs when one member presents a problem, challenge or decision, and the entire group engages in problem-solving tactics.
Engagement: the Key to Business Success
Engaging a mastermind group to analyse the current state of your business, and develop a utile plan for future growth, may seem an extravagance that’s beyond the means of most start-ups and struggling businesses.
However, without input from a marketing mastermind, an administrative mastermind, a business development mastermind, the business owner moves forward without the valuable knowledge of impartial voices of expert, experienced business builders from all spheres. In fact, engaging masterminds is one of the best investments a new business owner can make and should be a part of the operating budget from the outset.
This team approach to problem solving provides solutions within the context of the business owner’s objectives and undoes false assumptions. For example, many businesses have the capital to launch but not enough in the bank to market successfully. The result? A great business about which no one hears.
How much should be set aside for marketing? How can you cut operational costs through outsourcing and automation? How do you integrate both on- and off-line marketing channels for best effect?
By engaging the impartial expertise of an advisory board, new business owners increase their chances for success. They’re presented with outside-the-basket solutions – cost-cutting solutions
The end result is an inter-connected business based on a workable model developed by authorities and experts who have made the mistakes, learned from them and now pass on this experience to the start-up or struggling business.
It may sound like an unnecessary expense, but the return on this investment in knowledge and experience will deliver far more than a souped-up laptop so decide where best to invest.
In the realm of business growth, good advice is priceless. And that’s what an advisory board delivers – impartial, sound advice worth a listen.
Your long-term success may well depend on learning from the missteps of others. In fact, long-term success is a process of learning.
So learn from the best in the business. Create an advisory board to ensure you’re moving down the right pathway.