8 Reasons Not to Develop an Advisory Board

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The survival and success of privately held and family owned businesses depends on many factors. One of the most significant factors is a board of advisors. Yet an American Family Business Survey reports that almost half the boards of these types of businesses meet only once or twice a year, over 60% don’t compensate directors, and a quarter of family businesses say their boards make no contribution all.

It’s very interesting and puzzling to me that so many businesses do not use an effective tool most US corporations utilize. Why do so many smart owners and entrepreneurs ignore a strategy that will give them long-term payoffs, and ensure the resilience and success of their business? They must know something that I don’t!

With apologies to David Letterman (I really miss David, do you?), I’m going to use his famous countdown list format to make my point. Here are my top 8 reasons not to develop a board of advisors:

Forget About Answers and Focus on the Right Questions!


One of the areas that prevents many of us from achieving the results we are capable of is that we obsess about getting better answers – but spend almost no time on asking better questions.

In other words, if you want to solve your problems and create a new growth path in your life and business, one of the first steps is to quit obsessing about the result you want. Instead focus on improving the quality of the questions you are asking yourself and others.

I continue to be astounded by how few organizations have any kind of process in place to pause, reflect, and insure they are coming up with the right questions. Apparently, I’m not alone.

How Do You as a Leader Motivate Yourself?


Many people I talk with today are totally focused on strategies and tactics for their companies to achieve sustainable growth. While this is paramount, I would like to focus this article on the “other side of the coin.” And that is the side where your leadership skills and energy reside.

Whether you are an owner or leadership team member, are you achieving your inner strength for all those in your company who need your leadership? How do you as a leader motivate yourself?

25 Books Jeff Bezos, Mark Zuckerberg, Meg Whitman, Warren Buffett and Other Top CEOs Recommend

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Always be learning! This is a mantra we have heard over and over again form all directions. Our personal growth is key to winning in business. Workshops, conferences, webinars and such are common approaches to staying ahead. But due to time constraints in running a business, top CEOs often choose to boost their personal growth by reading a good book. It’s a great way to learn and grow, but it also provides a way to relax.

Inc. Magazine recently published an article on 25 books recommended by some of the top CEOs in the world. Are any of these on your reading list?

Seven Keys to Dominating Your Market


Hermann Simon wrote one of the most definitive books on privately held growth firms called Hidden Champions of the 21st Century. He studied thousands of little known mid-market firms that dominate their niches globally. There are over 2700 of these companies worldwide, and almost half are from Germany. The Hidden Champions concept attracts attention worldwide. In the last ten years, the 1300+ German Hidden Champions have created one million new jobs.

What can we learn from the Hidden Champions? What are they doing differently from large corporations and many privately held companies? The answer is “Almost Everything!” Here are the seven most important lessons from which any company – large or small – can benefit.