Why Every Practice Needs a "Board of Advisors"

As a solopreneur (Susan Guthrie Consulting) and a small business partner ( Mosten Guthrie Academy ) married to the CEO of a much larger organization with thousands of employees, I often get to benefit from swiping ideas from my husband's business operations. One tip that I glommed on to, and then found that my partner, Forrest (Woody) Mosten , has been advocating for years as well, is the idea of creating your "practice board of advisors."

In today's fast-paced business environment, learning from others' experiences and expertise can be a game-changer. That's why today's Practice Building Tip is all about forming your very own "Board of Advisors."

Why a "Board of Advisors"?

Having a "Board of Advisors" can offer an outside perspective that can significantly enhance the decision-making process of your practice. A group of trusted, experienced individuals who understand your field can offer you insightful advice, help you sidestep potential pitfalls, and provide the support you need to grow.

How to Form Your Board:

1. Identify Your Needs: Before you start, it's important to understand the areas in which you could use some guidance. These could be anything from strategic planning, marketing, legal issues, or finance.
2. Seek Out Potential Advisors: Look for individuals who possess expertise in the areas you've identified. These could be experienced practitioners in your field, business professionals, or mentors whose insights you value.
3. Make It Formal: While you're not forming a legal board, having a structure is beneficial. Schedule regular meetings, set an agenda, and document discussions and decisions.
4. Reciprocate: Remember, a successful relationship is built on reciprocity. Think about what you can offer your advisors in return for their time and insights - it could be sharing your unique perspective, offering services, or helping in their personal projects.
5. Stay Open to Advice: Forming a board is just the first step. Being open and responsive to the advice you receive is equally critical.

The right "Board of Advisors" can help you navigate challenges and open up opportunities you might not have thought of. Remember, you're not alone in your journey - a well-chosen advisory board can provide the perspective, experience, and support you need to drive your practice forward.

Are you looking for more resources to help you build your practice? Be sure to SUBSCRIBE to this NEWSLETTER and here are a few more ways I have to support you:

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