How to Get Trustworthy Business Advice for Your Growing Organization

As a business owner or a senior leader in a growing company, asking for help can be tricky. You may feel an expectation and pressure to have all the answers. Perhaps you launched your own business and are out to prove that your vision is viable. You want to show that you’re capable of making it a success.

What we’ve learned, though, is that vulnerability – even for the most esteemed professionals – is a part of life. It’s okay not to know everything, and it’s okay to ask questions (we wrote about this in our ABCs of What We’ve Learned So Far at &Marketing blog series under the letter “V”). If we don’t seek business advice from others, we are limited to our own thoughts and perspectives, which hinders innovation. Without a trusted source of counsel, there is no growth.

One common challenge that many of our clients, partners, and friends in senior leadership positions struggle with is where they can find sound business advice. The good news is that if you’re actively seeking advice, you’re doing the right thing. The success we’ve seen at our company would not have been possible without the input from several trusted people. The question is, where should you go for advice? Which advice should you take seriously, and which should you ignore? We’ve gathered a few suggestions to help you be more thoughtful about where you source insight.

Free Advice Is (Sometimes) Worth the Price

Sometimes, the above quote is true, sometimes not. Informally, we all get advice from those around us – our family, employees, customers, and people we meet in less formal professional and personal settings. How many of us have received unsolicited advice on our business in a social setting that was completely off the mark? This is the type of advice you may want to ignore.

Here are some questions to ask yourself:

• Do they speak from experience? Do they know my industry or challenge?
• Do they have a complete understanding of my business?
• Does their advice align with our company’s vision?
• Do their suggestions reflect current trends and ways of working? 
• Are they biased in any way?
• Do they have an agenda? Is there something in it for them?

The “Rule of Five” has been around for a while, but I heard it most recently from podcaster Lewis Howes. I love his words: “You are the mathematical average of the five people with whom you spend the most time. So, choose carefully.”

We control which people we receive input from and who we allow into our mind-space. If someone gives you bad advice, why continue to listen to them, let alone allow them in your inner circle? Sometimes, we all need to step back and assess the people we share our time with. Your “five” should share your values and vision. 

Don’t take this the wrong way though, you shouldn’t just ignore your critics. Facing a harsh reality or learning to think about things from a new lens is how we progress – so allowing a counter-perspective can be extremely valuable. But ensure your confidants have your best interests in mind and that they speak from a place of experience valuable to your situation.

Finding Better Business Advice: Building a Business Advisory Board

In helping clients with strategic guidance over the years, answering the following questions is a great first step:

• What is your organization’s vision?
• What are your goals for the year?
• What challenges do you currently face or might face in the future?

Then, by mapping out who might have the right insight for you, you can begin to build your own business advisory board:

• Former colleagues, mentors, or managers: They tend to know you very well, including both strengths and weaknesses.
• Subject matter experts: They may know your industry, a particular function, or important trends very well. They can help you ‘see around corners’ or identify blind spots in your thinking.
• Other business owners (or people in similar roles at other companies): They can likely relate to the day-to-day struggle of your role and the unique associated pressures.  I regularly speak to direct competitors about the challenges of managing and growing a team, working with demanding clients, and maintaining sanity.
• Suppliers and vendors: Quite often, those who rely on you for their livelihoods have a wealth of knowledge.
• Customers: By creating a mechanism to engage your customers as peers, you can learn quite a bit about how to serve them better. One way to ensure these customer interactions are outside the daily transactional nature of your relationship is by creating a customer advisory council. We have written extensively about how to go about launching a customer advisory council.
• Team members: Don’t limit yourself by only looking externally. The big brains already at your fingertips may cherish the opportunity to think bigger about your business.

What Is a Business Advisory Board?

A business advisory board is a group of external advisors who provide expertise, strategic guidance, and insights to a company’s leadership team. Unlike a formal board of directors, an advisory board does not have governance authority or fiduciary responsibilities. Instead, its role is consultative, offering diverse perspectives and specialized business advice to help you achieve your goals. 

What Is the Advisory Board Responsible For?

The board typically provides recommendations, but decision-making power remains with the company’s leadership. Members do not have the legal obligations of a board of directors, making the relationship less rigid and more collaborative. Members are often selected for their knowledge in specific areas such as marketing, finance, technology, or industry trends, and the board’s composition, size, and meeting frequency can be tailored to the company’s needs.

What Are the Benefits of Getting Business Advice from an Advisory Board?

Advisors can help refine business strategies and identify growth opportunities thanks to members’ expertise in the company’s industry or adjacent markets. They may also connect the company with key contacts, such as investors, clients, or suppliers. Experienced advisors can enhance the company’s reputation and attract investors or partners, with the board serving as a sounding board for addressing specific challenges or opportunities. Early-stage companies often use advisory boards to gain industry insights, mentorship, and credibility with investors.

Case Study: Building a Business Advisory Board

Based in Indianapolis, Quest Safety is a well-established industrial distribution company in the safety and PPE industry. Sam Yadav, founder and CEO, sought to position the company as an industry leader in life sciences to grow sales within the highly competitive segment. Sam believed developing an advisory board was a key next step, but finding the time required to assemble an advisory board he could trust was challenging, alongside the day-to-day demands of the business. So he enlisted help from &Marketing using our Advisory Board Framework outlined below.

To develop and launch Quest Safety’s advisory board &Marketing’s framework consists of three phases outlined below. The following key questions are essential for developing an effective advisory board: 

• Vision & Objectives: What is the vision of my advisory board?  What are the specific objectives? How should I measure success in business terms (strategic guidance, industry expertise, functional expertise, etc.)? 
• Advisory Board Makeup: Who should be on my advisory board? How many people? What roles should each person take? How should I engage/invite them? How should I compensate them? 
• Rigor and Logistics: How often should the advisory board meet? In-person or virtually? How should each session be arranged? What happens if I need to access them ad hoc or for a longer-term project? 

Phase One

&Marketing interviewed each member of Quest’s management team to understand:

• Their success vision for Quest Safety 
• Goals from an advisory board 
• Gaps that they believe could be filled 
• Key questions or concerns

We then held ongoing bi-weekly meetings to determine the following:

• Advisory board objectives.
• A framework for the Quest Safety Advisory Board (how many people, which roles, how often to meet, etc.)
• Compensation for advisory board members (discuss options, industry best practices, and norms.) 
• Timeline and actions for the first advisory board (initial discussions, references or introductions needed, etc.) 
• Actions & next steps from each meeting: Who will contact whom? Which introductions do we need? Which gaps need filling? 

Phase Two 

Phase Two involved confirming that the advisory board was filled and committed, establishing an agenda with Quest and all advisory board members, assisting with logistics and assigning pre-work as needed. &Marketing also helped Quest conduct an initial advisory board meeting and documented all exercises, discussions, and next steps.

Phase Three

The last phase is the ongoing facilitation of quarterly board meetings, including coordinating, planning, and preparing presentations and pre-reads, plus tracking progress on action items in between meetings. 

The quarterly meetings are not just discussions — they are a catalyst for action and growth. In our work facilitating sessions, we ensure that the insights and strategies developed are transformed into actionable roadmaps. Action items are assigned to the appropriate individuals or working groups, including both internal team members and advisory board members. Our team collaborates closely with the internal staff to prepare for board presentations, define strategic plans, and execute the tactics outlined in the roadmap. Progress is tracked rigorously to ensure accountability and measurable outcomes. This approach makes the advisory board more than a quarterly meeting. It becomes a dynamic, actionable investment that drives the company’s strategic goals and continuously refines the path to achieving them.

Quest’s Advisory Board sessions are designed to address the most pressing issues Sam is facing. These sessions are held virtually or in person for at least half a day and serve as a forum to review the company’s financial performance, discuss key business decisions, and assess opportunities or risks within the context of current industry trends and market conditions.

What sets Quest’s advisory board apart is a mix of its members’ expertise and coordination on action items to bridge work between meetings. Made up of retired C-level executives with firsthand experience as decision-makers in relevant industries, the board draws on their extensive knowledge to challenge assumptions and provide actionable insights to help Quest refine growth strategies. &Marketing facilitators ensure the board’s recommendations are practical, grounded, and aligned with Quest’s goals. Their advice helps empower the executive team to make decisions confidently and frees up Sam to focus his time where it matters most: building key relationships critical to growing the business. 

Since its inception in 2018, the advisory board has helped Quest grow annual sales from $12M to $36M. The company is forecasted to continue the trajectory, on track to meet Sam’s goal to achieve $50M in annual sales by 2027.

We Can Help You Build Your Own Business Advisory Board

In our tech-driven world, markets and customers are constantly changing. To keep up, you must think outside your regular networks of suppliers, vendors, employees, and friends. You may not get the winning answer or solution you’re looking for right away, but an outside perspective will get your brain thinking in ways it wasn’t before and could eventually help you develop that next big idea. If you’re interested in getting our help with building your own advisory board, we’d love to learn more about your business and how we can work together to help it grow. Contact us for a free consultation!