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Wednesday, May 20, 2009

The Secret of Managing Your Advisory Board & Board of Directors for Success

Long title, but another great topic hosted by the Entrepreneurs Forum where I again had the honor of serving as a panelist.

Along with Philadelphia lawyer (and jazzman) extraordinaire Steve Goodman, Neil Vogel (Recognition Media CEO and producer of the Webby Awards), Irv Safra (moderator and high tech speaker) and Marc Sinkow (Vistage Chairman and co-chair of the Philly 100) – we spoke about the nuances of Boards: how to use them, when to get started, issues to watch out for, how to find & keep the right members, and other related topics.

One of the great things about a room full of entrepreneurs is the incredible buzz of ideas and optimism. Pair them with information about how boards can potentially help them be more successful in funding, growth, strategizing, and even exiting – and we’ve got a plan for liftoff.

I spent some time discussing the concept of a “personal advisory board” which I’ve used throughout my career. To the audience’s surprise (as well as mine when I first began that board) was how easy it is to put together such an advisory group. There are a lot of really smart people who find great joy in helping cultivate talent. Many of them are very successful business executives who have learned a lot about what works, and perhaps even more importantly, what doesn’t work.

You can read all the great business and leadership books in the world (and there are plenty of them), but nothing will help you grow faster than real experience and hands-on guidance from and accountability to a personal advisory board. If you’d like more details on how I manage my board, reach out to me in email.