A couple of days ago, we talked about some of the benefits of creating a Board of Advisors for yourself. While we could come up with a number of advantages to us, the next question was: Why would anyone want to become a part of such a beast? What was in it for them? It’s a good question. One of the easiest ways of coming up with some good answers would be to ask yourself what reasons you would have for joining such an endeavor. Let’s look at some possibilities.
Money. Conceivably you could pay your advisors, I suppose. Someone who was motivated by the pay, though, might not be willing to be completely honest with you if it was likely to make that funding go away. One argument in favor o payment might be that you would take the advice more seriously if you are paying for it. If you felt you needed to go this route, though, you would probably be better off just hiring a business coach who specialized in the area you felt you had a need.
Recognition. This one is a stronger possibility. Being recognized as an expert in the field might well be an argument that would resonate with some potential board members. The challenge would then be to continue providing recognition.
Giving Back. Many whom you should consider as potential members of your team will be those who have already experienced a significant level of personal and professional success. Often those who’ve already learned the lessons are more than happy to share the wealth.
Challenge. The potential board member has not only succeeded, but may also have retired from that career. They may be looking for a challenge. The good thing about someone like this is that they will be seriously invested in helping you with your career. After all, your success is also their success.
Connections. Remember that you want to ask very successful business owners/runners. The opportunity to get in contact with other such individuals is a definite bonus to anyone who is serious about helping. Truthfully, the connections that such individuals would make and the ability to give back by helping you succeed are probably the two most powerful motivators.
There are a lot of reasons someone might be willing to become a part of a Board. It’s up to you to first either find and meet those who would be of most benefit as advisors or to locate them already within your existing network. Then when you have your team assembled, be willing to listen to and (usually) follow their advice.
Get ready to be amazed at how much your Board can contribute that you never thought of before.