Developing your own board of directors

This is an article I wrote for the Nashville Chamber’s Small Business Wire newsletter:

Big companies and nonprofits have a board of directors, a group of leaders who act as advisors on the big decisions that need to be made. They keep things in check and make sure the company is moving forward and living up to its stated goals. But what about the solopreneurs, the self-employed or just regular folks running a small company – why don’t they have a board of directors? To be successful, I believe it is critical to set up your own board, a group of advisors to help you plan your success.

When I was laid off from my job in 2004, I had no clear idea what I wanted to do specifically, but I did know that I wanted my job to include the following criteria: being around people (preferably my neighbors); the ability to stay active in the community; work locally, independently and with flexible hours (not an 8 a.m.-5 p.m. job in a cubicle across town).

What I did next scared me: I wrote a list of several successful people I had access to that I really admired, and then I called each one and asked them to meet with me. I asked their advice about what I should do next and how to plan for success.

Looking back on it now, I realize that I was inadvertently creating my own board of directors. Most of the people on the list were people with whom I had not really spoken before, but who are now trusted friends. I still find time to schedule with them to talk out my goals. The advice that they initially gave me and have continued to give over the years has been invaluable. Without them, I believe I would not have gone into business for myself and not had the success I have had.

So what about you and your business? I firmly believe that finding your own board of directors will help you become more successful. Getting perspectives from business leaders with a track record of success will make it so much easier for you to avoid making rookie mistakes and decrease the time it will take you to reach the top.

Ready to set up your own informal board of directors? Here are the steps:

1. Imagine yourself as the CEO sitting at the boardroom table. Picture six to eight successful people to whom you have either direct or indirect access, whose advice and direction could lead you to succeed in your business.

2. Call or email each of the people on your list and ask to buy them coffee or lunch. Tell them that you would like to ask them for their advice on your business.

3. Be sincere and open about letting them give you advice on specific parts of your business and pieces of wisdom about their successes. Ask specific questions — based on their expertise and experience — that relate to your business.

4. Thank them and ask if they would be willing to meet again in the future.

5. When you have met and gotten advice from six to eight advisors, consider them your board of directors.

6. Continue to schedule individual or group “board meetings” as often as you need to in order to make your business successful.