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Forming a business advisory council

On Behalf of | Dec 9, 2022 | Business Formation

You do a great job running your small business in Massachusetts. But sometimes it’s wise to get business advice from trusted experts. They might point you in the right direction when you’re having doubts. Forming an advisory council for your small business is possibly a good idea.

What is an advisory council?

An advisory council consists of people who meet to discuss your business. You can discuss business ideas or problems the business is facing. The size of the group is your choice. But the goal is to get advice on a variety of business decisions. The advisory council is there to give advice and has no control over your business.

An advisory council isn’t as formal as a board of directors. However, putting membership rules in writing and setting consistent meetings keeps everything organized. You might want to meet at least once a month or every four months.

Choosing your team

Your advisory council should consist of people you trust. They understand your business, have the expertise you can use and want to help you excel. Think back to when you decided to form a business. Perhaps you consulted with an attorney, a trusted mentor or an accountant about business formation. The advisory council is similar, except it’s your own group of professionals.

Anyone you think is beneficial can join the council. Some members will join to help, network and learn from other council members. They might not want compensation. But some business owners do offer compensation to advisory council members.

Consider a financial professional

You can invite anyone you want to join your advisory council. However, you might want to make sure to invite a financial professional. The council will often discuss business finances. Having a finance pro in attendance will benefit you, your business and the council.

Everyone needs help sometimes – even small business owners. With a well-chosen advisory council, you’ll get the business guidance you need.