Why You Should Join A Small Business Advisory Board

Why should an executive consider being an advisor for a small business advisory board? What benefits would he or she gain as a strategic advisor?

These questions are raised ever so often and so we have come up with the 22 topmost benefits that small business advisors enjoy. There might be other advantages that we have forgotten to include so we welcome any suggestions you may want to add!!

1. A Diverse Experience
A position in a business advisory board is a unique and exciting venture as you take on a strategic role within a company rather than operational. As a member of the enterprise's strategic steering committee, you work directly with the business owner in propelling the business towards greater success and achievement.

2. CV or Profile Enhancer
A Strategic Advisor position in a business immediately upgrades a business executive's CV or resume to a level or two higher than his or her competition. It indicates a professional status, experience, and accomplishment that is not ordinary and sets you apart from other people.

3. Door to Investment
An advisory position can offer you the opportunity to invest or acquire shares in the company. Investment in the same business not only increases your ability to generate more earnings. It also gives you greater impetus and the ability to work more closely to ensure the business grows and succeeds.

4. Marketing & Marketability
Your advisory board level positions will doubtlessly add value to your personal brand, your own company, or your services. The business to whom you are advising will likely include your profile in their own website, press releases and advertising. In addition, you can freely mention your strategic advisor roles in various business boards for your own marketing.

5. Expanded Business Outlook
Being a strategic advisor for a business instantly positions you above the regular '30,000 foot view' of the CEO. Since you provide advice and recommendations to the executive officer or business owner from an external point of view, you are able to widen your perspective of the business or the industry beyond the usual limits of your experience.

6. Increased Knowhow
Similarly, you will multiply your knowledge, creativity and strategies exponentially by learning from other advisors, executives, and experts on your board.

7. Expertise Across Industries
You can advise for businesses within your own or the same industry, but you will certainly gain more by taking strategic advisory roles across varying businesses and markets. This way you pick up and share best practices within one industry, and can do the same in other industries. Mastering many trades!

8. Networking Multiplied
Your increased contacts base brought about by your advisory role in a business will expand your network of contacts, personal and businesswise, and work to your advantage.

9. Contribution to the Community
Your potential and ability to give back to greater community will increase as you take on strategic roles in the advisory board for certain businesses, for instance struggling startups, nonprofits or businesses with social aims.

10. Help the Economy
According to the Small Business Administration, small businesses make up 99.7% of all employer businesses in the United States. You may or may not realize it; when you help small businesses grow as an advisor, you in turn contribute to employment and economic growth in general.

11. Growth
Personal growth is one of the best motivators and comes as a natural result of being a strategic advisor of a business's board. Learning and growth are guaranteed when you share and receive input from other members and advisors. You take the knowledge and diverse experience with you wherever you go.

12. Know New Markets
An executive who becomes an advisor for a business in a new industry or market will be at a very strategic vantage point which allows him to be introduced to new markets and gain valuable input and knowledge that can be brought across industries.

13. Increased Skill Set
As a business advisor, you can greatly improve your forte or specific expertise. In addition, you will also add more 'expertise' points into your already expansive repertoire, because you learn more from other advisors, who are business executives and experts themselves, in strategic meetings.

14. Pave your Way to the Boardroom
If you aspire to spur your career all the way to the boardroom and to eventually become part of a Fortune 500's board of directors, or have similar goals, then joining an advisory board is an excellent place to begin. As advisor for a business, you are working your way through to future board member positions.

15. Candidness in Action
An essential trait for any business advisor and in any board meeting is candor. Being frank, objective and open contributes to your effectiveness as an advisor. Being in a business advisory role allows you to develop and practice straightforwardness in dealing with other executives, managers, and business owners in the boardroom. While not generally within everyone's comfort zone, a business greatly depends on the direct, honest feedback from its advisors.

16. Sharing Your Vision
In strategic meetings, you are able to invite others to see your creative vision for the business, and if implemented, you can see your ideas and vision actually come together and materialize with the support of your co-advisors and the company. Many times ideas go to waste either due to non-action, incorrect implementation, or if the ideas have not been expressed at all in the first place. If you have visions, you are in a great position to share and brainstorm them with your advisory group how they resonate.

17. A Board of Director role without legal implications (or fiduciary duties)
One major benefit of being a business board advisor is the lack of legal or fiduciary duties attached to the position. Unlike the liabilities of being a formal director for a company, an advisory position allows you to earn a board of directors' level like experience without the formal duties and liabilities of actual directorship.

18. Increased Earning Potential
Although most advisors are not compensated with a chunk of ownership in the business, there are many cases where an advisory board receives compensation through a profit share or a small equity. This is additional income for the board member and assures a more focused ownership interest in the business's performance and profitability.

19. Travel Opportunities
If you enjoy or dream of traveling or migrating to a new place, you could choose to advise a company in a foreign location. It will create wonderful opportunities for you to experience a new culture, environment or to travel.

20. Novel Experiences
The same daily routine may bore and bog down more than one executive too many. For those who want to take on new endeavors or a new routine, a great way to stave off boredom and stagnation is to join an advisory board.

21. None of the Downside
It's difficult to pinpoint a downside to the exciting endeavor of sharing one's vision, ideas and expertise as an advisor to a business. The experience is low risk and yet packed with great adventure and tremendous potential on many fronts.

22. Enjoyment after Retirement
Most accomplished retired executives are always searching for new activities that they would be excited about and enjoy. Taking part in a business advisory board is the perfect endeavor for the enthused business retiree who wants to utilize his or her energy towards something meaningful.

If you would like more information, or are considering joining a small business advisory board, please feel free to visit www.boardmybiz.com and register as an advisor.

BoardMyBiz.com is the world's first online matching site for small business owners and small business advisors. Our aim is to simplify the board building process for small businesses and promote small business growth and success.

Bloomberg BusinessWeek published an article about BoardMyBiz.com.

The article provides insight into the reasons why our advisors are interested in helping small business succeed and how BoardMyBiz is positioning to best serve this new market.

We encourage you to read the article and comment!

What Motivates Business Advisors to Help: http://www.businessweek.com/smallbiz/content/may2010/sb20100518_109097.htm