How to Identify Blind Spots, Seize Opportunities, and Increase Your Influence

One of the most important things you can do to identify blind spots, seize opportunities, increase your influence, insure sustainable growth and enduring success in your life and business is to attract and secure the right members for your Board of Advisors…

…even if there are specific tasks that individual members are not doing for you, there are challenges and mine fields they can guide you through…proving to be very influential for your business.

I highly recommend developing both professional and personal boards of advisors for you and your business/career to help break through barriers that stand between you and success. Too often, however, leaders and achievers fill their board with people who may offer name recognition and “credibility” to their endeavors (which is important), but they neglect to accept that even more vital to success is stacking the board with people who are well rounded, dedicated to their success, passionate about new ideas, and share the organization’s ethos.

How to Form a Board of Advisors to Seize Opportunities

When searching for, and interviewing, potential Board of Advisor members:

cast a wide net, play the field, date around…whatever cheesy cliché you choose, look beyond your own list of contacts, develop profiles of your ideal advisors, and spread the word;
establish relationships with potential candidates before offering them a position on your board. Give them an inside look at how you operate, share some of your dreams and aspirations for you and your organization, see if there is chemistry and an appropriate fit in style of communication and demeanor;
let the candidates know why you’re considering them, what you’re hoping to get out of the relationship, and what your expectations are of them. Additionally, be sure to let them know what you’ll be offering them…even if it’s the idea that you’re a fun organization to work with, and you have some challenging obstacles that need attention that will excite them;
be clear that they can expect an occasional phone call from someone on the team who’s upbeat and optimistic, who’ll be respectful of their time, but may need some guidance to face a challenge that they’ve got some experience with;
and be reasonable with your expectations, and let them know you don’t expect them to always be available to answer every question that may arise, but if there is a crisis, you’ll be expecting their support and wisdom.

After the courting process, choose advisors who will:

be excited about your project and organization and are passionate about assisting you;
positively impact your organization or endeavors—enlist veteran business people in your field who have accomplished what you’re trying to do, or something very similar to what you’re doing;
fill in the weak spots on your team;
be instrumental in introducing you to potential partners, investors, distributors, media, bankers & financiers, etc; and
help you shorten the learning curve by pouring themselves, and their wisdom and expertise into you and your endeavor.

Although compensation is not always expected, if you want to attract top-notch advisors, be prepared to offer it in the form of a stipend or equity. Compensation insures that they remain engaged and available in the face of a crisis (which will, indeed, happen from time to time). Expect to offer one-half a percent to two percent in equity per board member as typical compensation—you may find, however, that offering equity positions as high as five percent is sometimes appropriate. Higher amounts would be offered to those who offer to dedicate lots of time and support to the company, and who bring expertise, name recognition and credibility to your team.

Once you’ve picked your advisors, don’t be afraid to ask for help…that’s what they’re there for. If you’ve picked the right members, they’ll be glad to assist and participate, as you need them.

The key to ultimate success with a Board of Advisors is communication. It’s no surprise that occasional face-to-face and/or videoconference meetings, and quarterly emails are invaluable. The gold in the relationship comes in the ability to reach out to your advisors for assistance with the unscheduled challenges that come up between meetings. Don’t forget to also share company updates, and small wins and successes with your advisors. Invite them to company functions, parties and celebrations. Everyone wants to know that their contributions are making a positive impact on the organization, and it allows them to connect to the soul of the company.

We believe an effective board of advisors includes diverse backgrounds, points of view, and opinions by a team of supporters who share an excitement about growing your company. You should communicate to board members with transparency and respect, and treat them as your most trusted inner circle. You may be surprised to find a team of rock stars willing to pay you back with connections, open doors, ideas, and unbridled passion that will move your company forward in unimaginable ways.