Over the past 20 years, I have been a consultant, coach, and trainer to small businesses across the U.S. and also in other countries. My passion to see small business owners succeed has propeled my career in pursuing an MBA along with coaching certification. Healthy small businesses make a healthy economy, and a healthy economy generates more business startups.

One of the secrets of business growth is to reach outside of your small business and get help and expertise from others. Among the alternatives out there, forming an advisory board offers accountability and stability to that business.

Corporate America functions with a board of directors, and nonprofit organizations also form a board to guide them. A small business owner, and entrepreneurs alike, can learn a lot from the nonprofit model. The nonprofit organization forms a board with diverse skills. It looks for expertise that it does not possess and fills the board positions with experts who will help them in different areas. So they may look for experts in marketing, sales, client development, finance, etc. And in doing so, they gain the knowledge and the help they need. The possibilities are infinite.

An advisory board can be formalized and meet together on a regular basis, say monthly or quarterly. Or, an informal board may be formed with a group of people to whom the small business owner goes for help and advice as the need arises. Whether it’s a formal or informal group, these people must be chosen wisely. They may be the key to your future success!