Advisory Boards Increase Ideas and Cost Next to Nothing
CPAs working in small- to medium-size practices and other endeavors essentially are working in the small business arena. Money and time can often be tight, especially when the company or firm isn't billing time or selling a product.
One way to increase ideas, brainstorm solutions and throw ideas back and forth is to form an advisory board.
Advisory boards cost nothing, and unlike boards of directors, are not held legally or financially accountable for the company's outcome. Instead, advisory boards are made up of friends, industry experts, knowledge managers and others who meet several times annually (or all the time, virtually) to help the company. Honorariums and travel expenses usually are paid to boards to help members defray expenses.
Numerous scenarios on how advisory boards have helped businesses worldwide illustrate just how useful boards can be-and how simple they are in structure. Practitioners might consider arming their board with a few well-informed customers, suppliers and others who can help them sort out their future endeavors.