5 Myths About Business Advisory Boards, Busted

You're running your business like a well-oiled machine but don't know where it's going. Or, you know where your business is going but don't know how to get there. Or maybe, you know how to get there but are so bogged down by the daily grind that execution has taken a backseat. 

This is where Peer or Business Advisory Boards are invaluable. Business Advisory Boards are made up of like-minded individuals to help each other succeed. They bring varied experience, knowledge, expertise, and fresh perspectives to help solve business problems and seize opportunities. 

Business Advisory Boards bring many benefits and resources to help grow your business by tapping into a collective Brain Trust. While Business Advisory Boards are widely considered essential and have risen in popularity, there are also misconceptions and myths surrounding them. These myths are missed opportunities to grow your business. Therefore, it is essential to take a look at them. 

Leaders that believe in any of these myths are in danger of missing out on a golden opportunity to grow their business. Many business owners who have experienced a Business Advisory Board have found it to be the missing piece in their business as they have seen unprecedented growth after joining one. 

Myth #1: I know everything I need to know about my business, and I do not need an outsider to help grow my business. 

You think you know your business better than anyone else, so how can an outsider help you?

You cannot know everything, and a peer advisory board brings people from different spheres to fill any gaps in knowledge and expertise.

The power of leadership is in admitting you don't know everything and reaching out for help. You stop growing when you declare you know everything about your business. 

Business Advisory Boards go far beyond giving you great advice and do not serve as "yes men." They act as your sounding board and give you complete support to take your business to the next level. 

Business ownership is a lonely place, and most business owners cannot discuss ideas, opportunities, and challenges with their team or even spouses. They wrestle with performing multiple roles and juggle many responsibilities, leaving them with limited bandwidth and time to execute growth opportunities. 

Every business owner goes through feelings of overwhelm and anxiety because of the uncertainty and pressures of running a profitable enterprise. Showing this anxious side to the team can be demotivating for the employees. However, business owners can freely express their frustrations and doubts in front of their Business Advisory Board. A Business Advisory Board helps not only with solutions but also reducing this stress and potential burnout. 

Myth #2: I operate in a niche industry, so most people won't be in a position to help me. 

It doesn't matter what type of business you own or in which industry you operate because succeeding in any market boils down to a set of business basics. Your end goal is to get customers, gain market share, and become profitable. For instance, you may sell products that cater to only left-handed people or remote workers, but the end goal is to sell your product or service and return a profit. The business principles and basics remain pretty much the same. 

While your Board members may not know the technicalities of your industry, you will be surprised by the wealth of knowledge and depth of insights you can gain from another business owner in your Business Advisory Board.

Myth #3: I don't have time to sit on an advisory board. 

We hear this one all the time. The real question is: Can you afford not to schedule a time to grow your business? During Peer Advisory Board meetings, you get an opportunity to block time to work "on" your business instead of "in" your business, and that itself is golden. 

Business owners, CEOs, and leaders are indeed hard-pressed for time. But when you look at the time you spend on a typical Business Advisory Board, it is invaluable because you are using this time to grow your business strategically. Business owners get so consumed by the day-to-day running of their business that these Boards come as a welcome respite and an opportunity to work on moving the wheels forward in the right direction. When compared to the time you spend running your business, this is a small percentage of the time you can use to take your business to the next level.

Myth #4: Peer Advisory Board members are just there to sell their goods and services. 

While business owners join Peer Advisory Boards to grow their business, selling their products and services to other Board members is not their focus or reason for joining the Board. Selling their products and services is part of running their business, something they do daily. They join Peer Advisory Boards to move away from selling and focus on growing their business. 

Myth #5: Business Advisory Boards are for failing companies. 

This statement could not be farther from the truth. While Business Advisory Boards do a great job of helping businesses struggling in certain areas with great solutions, they primarily focus on growth and opportunity. In fact, most of our Business Advisory Boards include companies in growth mode. Some of the world's most successful companies are a part of Business Advisory Boards because their Boards help them keep their eye on the prize and avoid pitfalls along the journey. 

There are so many reasons to join a Business Advisory Board for leaders who want to reach and exceed their goals. Get in touch with us to start your journey by using the collective brain trust or wisdom of business leaders from various industries and disciplines. 

Kimberle Seale is a trusted advisor & business owner coach Helping privately-owned businesses. To learn more about joining a local advisory board, click here.