What Are Advisory Boards?
Not to be confused with a board of directors, advisory boards are extremely helpful resources for small businessowners. A board of advisors is an entity that provides advice to managers and owners of businesses. Boards canhelp shape your strategic goals, give you invaluable ﬁnancial advice, and ensure you stay on track with your valuesand mission. Perhaps most importantly, however, the board can open doors for an entrepreneur sheerly from theconnections board members have. The relationship is actually quite informal
a board has no authority, nor anylegal or ﬁduciary responsibility. Make no mistake, however, having such a board can be the difference between suc-cess and failure. Whether you are a solo entrepreneur or a small multi-employee business, a board is useful in pro-viding you much-needed independent advice and helping you avoid common mistakes.
Advisory Boards for Small Green Businesses
This may be one area where being green is really easy. People
sustainable businesses, and you may ﬁnd that,unless you are careful, you end up with an advisory board that is enormous. Many people will want to volunteertheir services, and if you can use this to your business’s advantage, you will gain a crucial competitive edge for yoursmall, green business.
This document will introduce you to boards of advisors and discuss how you can effectively utilize them to the ad-vantage of your business. In Part 1, we discuss the beneﬁts and drawbacks of creating a board of advisors and dis-cuss the roles that an advisory board may play for your small business. In Part 2, we discuss setting up your board ofadvisors, including how to ﬁnd the ‘right’ board members that lend complementary skills to your organization. InPart 3, we discuss how to manage your relationship with your board of advisors for long-term success. We discussvarious options for engaging your board members, including what you can offer in return for their service. Thedocument closes with a glossary of relevant terms for your reference, both current and future.
Green Business Owner