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Edmonton Business Broker – Tip of the Day

Create an Informal Advisory Board

Put together an informal board of trusted advisers to serve as a sounding board and a source of ideas and honest advice. Make sure the members have varied levels of experience; look for a marketer, a finance person, a fellow entrepreneur, etc

A Mastermind Group Can Help Any Small Business Thrive – By Robert Schumacher

We hear a lot these days about think tanks. Ever consider one for your own business?

No business is too small to benefit from having its own sounding board…call it an Advisory Board, a Mastermind Group or a Success Team. Call it whatever you wish but understand that this concept can be a tremendous catalyst for growth.

Think about the last time you met with other business people and had an open discussion, sharing your ideas and concerns about business challenges.

Why not form some type of informal advisory board that meets on a regular basis and serves as a sounding board and a source of ideas and honest advice focused on just your business?

Your first question might be: Where would I find such people? Look around. There are many retired executives and managers who might have interest.

Other business owners and managers or vendors may be an additional resource. Aim high. Choose people you admire, not those who are likely to only tell you what you want to hear.

What harm is there in asking? You just might be pleasantly surprised when they accept. If you do not ask, no one is going to tell.

Three people will do nicely for most small businesses. Set up a QUARTERLY meeting to discuss and advise.

Hold your advisory meeting in a nice restaurant that can provide a quiet room or area. Prepare a simple agenda that your advisory members receive ahead of time. Keep your agenda simple and focused

Brought to you by:
Dwight Lester, Performance Business Broker

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