Small businesses need good advisors. If possible, the business may even need an advisory board. But getting people to sit on your advisory board may not be all that easy if they don't perceive there's anything in it for them. Even just getting a mentor is hard. People want pay offs and pay outs for their time and advise. There is no free lunch.
What is a small business on a budget to do? Well, depending on the type of business you are, advisors are probably not a negotiable lot. You need them. Period. Certain tech start ups for example, need people whose experience has been vetted that they can call and ask questions, people who can advise them on management issues, strategy, methodologies and ideas for implementing their vision for the growing company.
You may just have to pay them a stipend if it comes down to it. Or offer them stock options. Or try some sort of barter. If you are an attorney, for example you might trade legal services for management advice. It really depends on what your strengths are, and what they do.
But definitely think about an advisory board. They are often worth their weight in gold.
2 years ago
