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It’s no great shock to say that no one can be an expert in everything. But for some reason, as highly competitive entrepreneurs, sometimes we can feel like we aren’t allowed to ask for help. Or, for some, they don’t feel like they have a ready source of information and experience near at hand when it is needed. For whatever reason, the urge to do it all on our own can be very strong.

What can help overcome the awkwardness, uncertainty, and indecision of trying to find answers outside of your expertise is simply having a structure. If you haven’t done so already, build an advisory board. Far from being an imposition, if you ask the right people, they may even feel honored that you asked. This way, not only do you have access to filling in the gaps in your expertise and gaining wisdom before making big decisions – you also have a group of people that you respect who expect you to give a report and will keep you accountable.

Here’s how to set up an advisory board.

Make a List of Potential Members

Whatever business you are in, we highly recommend that your advisory board includes:

• A Lawyer: Even if you think you don’t need a lawyer, you do. Lawyers are trained to think differently than the rest of us, and it’s always worth having that perspective on the team.
• A Banker: Much of business includes raising capital and safely investing profits. A banker’s perspective is invaluable.
• A Mentor: Someone who knows you and is able to address the mental aspect of business or the spiritual side of your life can be a great asset to your advisory board. This person will bring a deeper understanding of you as a person to the table, and they may be able to save you a lot of trouble by knowing your history, strengths, and weaknesses.

Beyond these three areas of expertise, it is worthwhile asking yourself what other areas of expertise are relevant and finding two to five additional individuals to sit on your advisory board. Sometimes a retired individual from your same industry is a good person to have on the advisory board, because they are no longer in competition with you, but they understand the particulars of your business. Sometimes a niche subject-matter expert is worth having onboard, or in many cases a broader skill set is helpful. Consider an accountant, a consultant, a marketer, a fundraiser, a veteran… whoever will bring a helpful perspective to the conversation.

Once you know what kind of people you need on your board, write down a few names for each skill, and then reach out.

How to Reach Out

When asking someone to be part of your advisory team, remember to be respectful, specific, and appreciative.

Whether you have a phone call or write an email, begin by telling this person how much you respect them in their field, and why you value their perspective.

Tell this person that you are reaching out because you’d like to have him or her on your advisory board. Then, tell them how often this advisory board will meet, what would be needed from that person if he or she joins, and the extent of the commitment. People worth talking to in business are usually fairly busy. Even if they like you a great deal, they still need to know how to fit your advisory meetings into their schedules. Don’t waffle or get flimsy. Know what you are asking and ask for it specifically. Keep in mind that an advisory board does not usually need to meet more than once a quarter or twice a year.

Be sure to thank the person you are speaking to, whether they can accommodate your request, and do not take it for granted that they can be on your advisory board. Come across as confident yet humble. Nothing irks a successful professional more than an entitled attitude toward their services, so make sure they feel appreciated.

How to Run a Meeting

You’ll have to put some thought into how you’d like your advisory board meetings to go, but here are a few tips:

Schedule meetings far in advance. Getting several busy people in the same place at the same time, or even on the same Zoom call at the same time, can be a challenge. Start planning well ahead of time, and schedule out several meetings at once.

Have something to report at each meeting. This will look different from business to business, depending on where you need advice and accountability, but think of some key metrics you can report on every time you get together. Additionally, have a report to follow up on the previous meeting so that you can inform the advisory board of the steps you’ve taken since you were last together. Once you have given your presentation, it is helpful to inform the members of the advisory board what you need their perspective on. Be specific, if you can. Let them talk, and try not to interrupt. Have someone take notes.

Then, when the meeting is winding down, always ask, “What am I not asking? What do I need to hear?”

No man is an island, as John Donne sagely put it four hundred years ago. It’s just as true today as it was then. Get a good group of men and women together, and lean on their experience as you grow and thrive.