Advisory Board for Construction Contractors
Advisory Board explained
Before we go further, there is a distinction to be made. Don’t confuse an advisory board with a Board of Directors.
A board of directors is made up of people who manage the CEO and formally approve all key decisions of the company.
An advisory board, on the other hand, is an informal group of mentors, guides, or service providers who each have useful knowledge or expertise to bring to the table. So informal, they may never be in the same room at the same time. Generally speaking, these are the folks you meet with individually.
Advisory Board early stages
It isn’t as if you can put out an add which reads, “Board Level Advisors Needed.”
The development of your advisory board is a process – and it takes time. Perhaps in the early stages of your business you were developing an advisory board without knowing it. You looked close to home. A spouse, a parent, a friend, even a friend of a friend may have been where you turned.
Then your commercial construction business grew, and you realized there was even more you didn’t know you didn’t know. You had to widen your circle of trusted advisors.
And, when you get down to it, that is the best way to understand the concept of advisory board. These are the folks who you can count on to help you and your business grow and succeed. They are your trusted advisors – they become your informal advisory board.
Advisory Board brick-wall method
Often, the way your board is developed is through the brick-wall method. You’re humming along just fine – then you come up against a brick-wall and are unsure of the next method or the next action to take. You go looking for someone who can give you the answer, solve the problem, or simply provide you a next-step alternative. The following is in no particular order, nor necessarily complete, yet provides you with a “possibilities” list of the types of individuals you may wish to add to your advisory board.
Attorney
Tax Preparer
Coach or Business Development Advisor
Outsource providers such as:
Human Resource Expert
Accountant (that’s us!)
Virtual Assistant
Operating Systems Advisor
Marketing Professional
Set your expectations
Your advisors help you in a number of different ways. They can guide you in a strategic direction and help with key decisions. Not only are they a sounding board, they can also be an excellent source of ideas. And, one hidden quality many overlook is your advisory board members’ ability to provide network connections.
Some qualities to look for
They’re available to you for continuing guidance or one-off questions.
They bring specific skills or knowledge you are missing.
They have know-how which increases your odds of success.
Wondering if you should include a construction-centric accounting firm as part of your advisory board? Check out this article to see if the time is right.
We provide Accounting and Advisory Board Level counsel for small to medium commercial construction subcontractors. So you can Run With the Big Dogs. 866-629-7735