If you could create your own fantasy board of directors, who would be on it? CO— connects you with thought leaders from across the business spectrum and asks them to help solve your biggest business challenges. In this edition, we ask an expert about why an advisory build is worthwhile.
This edition of “Ask the Board,” features Bob Manley, Co-founder of Hermit Woods Winery & Eatery. Bob explains how an advisory board can take your business to new heights.
An advisory board refers to a group of experts or leaders who share their expertise, skills, and knowledge and help grow a small business. Since Hermit Woods Winery & Eatery instituted an advisory board in 2015, we’ve reaped the benefits of the following:
Specialized expertise and experience
Advisory board members typically bring diverse skills, knowledge, and experience from various industries and disciplines. Their expertise can provide valuable insights and strategic guidance that may not be readily available within the core team of the business.
An objective perspective
An advisory board offers an external and objective viewpoint. Its members can assess business challenges, opportunities, and strategies impartially, offering constructive criticism and fresh ideas that may not be apparent to internal stakeholders who are deeply involved in day-to-day operations.
Experienced advisory board members can provide insights into risk management strategies, helping the business identify and mitigate potential risks more effectively.
Bob Manley, Co-founder, Hermit Woods Winery & Eatery
Networking opportunities
Members of an advisory board often have extensive networks and connections in their respective fields. Leveraging these networks can open doors to new partnerships, potential clients or customers, suppliers, investors, and other valuable resources that can accelerate business growth.
Strategic planning support
Advisory boards can assist in strategic planning processes and decision making. They can help clarify long-term goals, validate business strategies, and provide guidance on navigating complex business decisions, such as expansions, mergers, acquisitions, or market pivots.
Guidance with risk management
Experienced advisory board members can provide insights into risk management strategies, helping the business identify and mitigate potential risks more effectively. Their guidance can enhance the business's resilience and ability to adapt to changing market conditions or unforeseen challenges.
Credibility and validation
The presence of respected advisory board members can enhance the business's credibility and reputation, especially when dealing with stakeholders such as investors, clients, or regulatory bodies. Their endorsement can validate the business's strategies and strengthen its positioning in the market.
CO— aims to bring you inspiration from leading respected experts. However, before making any business decision, you should consult a professional who can advise you based on your individual situation.
CO—is committed to helping you start, run and grow your small business. Learn more about the benefits of small business membership in the U.S. Chamber of Commerce, here.
