One of the toughest challenges of being an independent planner is the loneliness of the entrepreneur.<\/p>\n
If you have just left a large organization to start your own business, you are faced with … yourself \u2014 no more colleagues around, no more “cooler talks,” and no more assistants to execute your instructions.<\/p>\n
If you have been independent for a while, you know how to fulfill the jobs of CEO, Janitor, Director of Sales, Driver, Receptionist and CMO, all in one day!<\/p>\n
In both cases, you are on your own! As exhilarating as it is, alone you can do nothing.<\/p>\n
The solution to breaking the solitude of the entrepreneur: create your personal Advisory Board.<\/p>\n
Define your objectives and expected outcomes<\/strong><\/p>\n Why are you setting up this group? What do you plan to achieve?<\/p>\n Answering those two questions will guide your selection of advisors and will help you explain why you are reaching out to them.<\/p>\n Who should you include?<\/strong><\/p>\n Between 10 to 15 people from various backgrounds is the ideal number.<\/p>\n You\u2019ll always have “no-shows” because of scheduling conflicts. You\u2019ll want diversity of thoughts. Make sure they cover all the areas in which you are the least experienced.<\/p>\n Most importantly: select people you trust and respect and who will be straightforward and honest with you.<\/p>\n Make a list of your preferred people, reach out to them, preferably face-to-face, and share with them why you\u2019re setting up your personal Advisory Board.<\/p>\n How often should you run it?<\/strong><\/p>\n Two to three times a year is ideal.<\/p>\n Keep in mind that you need to prepare each meeting, send invitations and create the agenda in advance, as well as take notes on their feedback and decide which actions you are going to take.<\/p>\n It is obviously extremely valuable, and it does take a lot of time, so be realistic and make sure that your personal Advisory Board is something you look forward to.<\/p>\n It should never feel like an obligation you have to deal with.<\/p>\n How long should it take?<\/strong><\/p>\n Half a day should be sufficient to share your strategy, objectives, achievements and concerns while having enough time to listen to them.<\/p>\n When I started my agency, I would preferably hold the meeting at\u00a03 pm and then finish with a nice meal afterward. Accordingly, my Advisors didn\u2019t need to block a full day and would still be available during dinner for additional discussions.<\/p>\n