20 Benefits Of Having An Advisory Board For Your Business

Forbes

2 days ago

Business leaders today face both common and new challenges as the business landscape continues to evolve. Rather than attempting to go it alone and navigate problems as they arise, building an advisory board is one proactive way leaders can reduce risk and rely on the expertise of those who have battled and overcome these challenges before.
However, some leaders may be hesitant to invite outside voices to the table. To help, 20 Forbes Business Council members share the potential benefits of having an advisory board for a business, as well as why companies should want one.
An advisory board helps create an organized framework to think through and creatively debate strategic initiatives. I recommend structuring the advisory board with two or three people per subject matter expertise. For example, you can have two people who are focused on talent, two who are focused on technology and cybersecurity, and two who are focused on strategic acquisitions and integration. - Brett Hickey, Star Mountain Capital
As much as I'd love to be a one-man army, no one can truly be an expert in everything. It's important to stay humble and recognize that different perspectives are invaluable. An advisory board allows us to tap into expertise we don't have in-house, and that's how we can navigate complex challenges effectively. Even the best farmers know when to call in extra hands to make the harvest successful. - Laimonas Noreika, InSoil
Forbes Business Council is the foremost growth and networking organization for business owners and leaders. Do I qualify?
An advisory board gives your business the gift of perspective. It brings fresh eyes, seasoned insight and a healthy dose of challenge to your thinking without the internal politics. As a keynote speaker, I often see how the right advisors help leaders make braver, better decisions by widening the lens. It's not about having more voices; it's about having the right voices. - David Meade, davidmeade.co.uk
While advisory boards are always valuable to a business, they mean different things depending on its stage of growth and maturity. Early ventures gain credibility and strategic insights from industry experts. In contrast, mature companies benefit from advisors with operational, financial or HR expertise to help manage and scale growth. - Thomas Burgess, Snipp Interactive
A key benefit of having an advisory board is the trust it builds and the strategic guidance you receive. At my company, our oversight advisory board ensures that we are governed by transparency, integrity and reliability. Their independent guidance strengthens our decision making and reassures clients that we're committed to doing business the right way. - Jack Hayes, Champions Speakers Agency
When advising clients who may one day find themselves under close scrutiny, I encourage recruiting an advisory board that reflects the community they serve. Advisory board members will ideally reflect the breadth of experiences the client's business might impact. This expertise naturally guides the client to better serve their company while also benefiting their community. - Tina Wallis, Law Offices of Tina Wallis, Inc.
An advisory board brings the benefit of distance. They are not in the weeds, so they see the bigger picture. They can offer clarity when decisions get clouded and confidence when the stakes are high. For any company aiming to grow with intention, a board is a way to borrow experience you have not yet earned and avoid mistakes you never have to make. - Brett Husak, PayBlox
It was important for me to have an advisory board because they were able to see our business from the outside and reaffirm some of our strategies and beliefs. However, it was even more important when they challenged or completely disagreed with me. There is no replacement for sober feedback in business. It's life-saving! - Neven Dilkov, Neterra EOOD
An advisory board offers strategic foresight. It challenges internal echo chambers and legacy bias by introducing external, independent thinking. For businesses facing rapid change or complex markets, this input is critical to staying competitive, spotting emerging risks and making informed, future-focused decisions that preserve both agility and vision. - Radu Magdin, SMARTLINK COMMUNICATIONS
Formal boards are bound by duty and propriety, while informal advisory boards have no set duties. Leaders may call on specific members at various times to hear their honest takes on whatever the topic. - Arar Han, Sabot Family Companies
Having an advisory board will correct your tendency to repeat mistakes. While most founders learn painfully through a process of trial and error, the savvy ones leverage advisors to absorb decades of expensive lessons without paying the tuition of personal experience. You'll also attract exceptional talent who avoid board directorships due to liability concerns. - David Goldstein, 9% Club
One specific benefit is the strategic guidance our advisory board provides in aligning our initiatives with the evolving needs of stakeholders, such as industry, education and workforce development. Our advisory board brings together diverse leaders who offer critical insights, foster cross-sector collaboration and help ensure our efforts are both forward-looking and grounded in practical impact. - Eva Mitchell, Coalition for Career Development Center
One unique benefit of having an advisory board is using it as a real-time research and development lab for strategic ideas. It's a dynamic, judgment-free zone for leaders to test bold concepts, controversial pivots or unconventional growth plays with seasoned minds. It's a low-cost, low-risk, high-impact way to de-risk innovation and pressure-test your next major move before going all in. - Ines Nasri, WebPower USA LLC
If done correctly, an advisory board can deliver a free flow of information about your business, along with uncomfortable truths that lead to great results for your company. The key to success with this strategy is to assemble advisors who will tell you what you need to hear, not just what you want to hear. - Todd Villeneuve, IFC National Marketing
Advisors give you access to experienced input without adding full-time costs. The value is in their ability to spot risks early and stress-test decisions based on real experience. They can help you navigate challenges faster and avoid common execution traps. It is a focused way to strengthen your strategy while staying lean and in control. - Zain Jaffer, Zain Ventures
Outside experts on an advisory board can give you new ideas and special knowledge to help with business choices. Companies often want advisory boards to help with things they don't know much about, like tech or marketing, without having to hire expensive full-time workers. Advisory boards also help you meet useful people who might become business partners, customers or investors. - Vikrant Shaurya, Authors On Mission
An advisory board gives you access to their black book, facilitating introductions to partners, investors and customers you'd otherwise struggle to reach. These warm doors can accelerate growth, shorten sales cycles and unlock strategic opportunities that cold outreach or paid ads rarely can. - Henry McIntosh, Twenty One Twelve Marketing
True growth doesn't come from yes-men—it comes from voices that challenge and elevate you. The right advisory board pushes me to think bigger, spot what I can't see and move faster with clarity. Rather than advice, it's about having strategic minds invested in helping you win. That's how you turn ambition into real, scalable impact. - Lyubov Artemenko, GO TO-U
One specific benefit of having an advisory board is access to diverse expertise and perspectives that can enhance strategic decision making. An advisory board typically comprises individuals with varied backgrounds and experiences. This diversity can lead to more informed decisions, innovative solutions and, ultimately, better business outcomes. - Veena Jetti, Vive Funds
Unlike traditional governance bodies, advisory boards don't have to be as focused on efficiency and cost savings. Their charter is to think big. When leadership truly respects and trusts the directors, an advisory board can help flesh out a bold vision and find new paths for success. The outside perspective cuts down on negative bias and assumptions that can harm creativity. - Matt Cullina, CyberScout, a TransUnion Brand