3 Permanent Members An Advisory Board Must Include

As formally stated in Newton’s third law, “ For every action, there is an equal and opposite reaction.” In terms of starting your own business, what this means is, for all the rewards and excitement on offer, there are a lot of challenges to overcome too. We can’t stress that enough. Yes, entrepreneurship is a fruitful route to go and being your own boss can be the most enriching experience you’ll ever experience in your professional life, but getting there requires commitment, determination, knowledge and support. Those last two points are of the utmost importance. 

To put it bluntly, if you want to beat the odds and succeed, then surrounding yourself with the right team is absolutely crucial. But we’re not just talking about the people you employ to do a job. We’re talking about the advisors you need to support your fight. Like we said, knowledge and support are crucial, and that is exactly why you need to build an advisory board made up of the following people. 

Legal Advisor 

There are so many aspects of setting up and running a business that will require you to adhere to certain legalities. It could be the actual registering of a company, writing employee contracts, licensing details, intellectual property rights or forming a incorporation, all of which are vastly important and should be handled by a professional. As such, make sure you bring on a legal advisor, whether it is in a non-executive capacity or a part-time role. That way you can rest assured that you are cutting through all the red tape, staying on the right side of law and are able to make immediate adjustments should any issues arise. 

Technical Advisor 

Technology has become one of the most important aspects of every successful business because more and more processes and operations are becoming dependent on tech. That is why you will want to bring on someone; to ensure your business is running as smoothly as possible from a technical point of view. Of course, some technical advisors are better than others, so knowing what to look for is absolutely crucial. But essentially, you will want to go with someone that can ask key questions, know which talent to hire at what point in time, develop resources through their position as a Microsoft Partner, make technical choices that benefit your operations and advise on the direction you’re going. All that and we haven’t even mentioned the important role they play on the maintenance side of things too. 

Financial Advisor 

When it comes to your books, you never-ever want to take shortcuts. That’s a fact. There is just so much that well kept accounts can help with, from tax returns to tax deductions, further investment to total buyout. That is why having a financial advisor is worth their weight in gold, especially during the early stages. So make sure you bring on an account of some sort to oversee your books. This may not seem like a complicated process to you because, essentially, it is just adding and subtracting. But it is a college degree for a reason, and that reason is every procedure and piece of paperwork is tedious and overly-complicated. Just trust us on this business insight.

I hope you enjoyed this article about the 3 permanent members of your advisory board you need to include to optimize energy and success.

Interested in more articles about business leadership?

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Published by Michael J Schiemer
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