Small Businesses and Advisory Boards

Small land surveying and engineering companies are having a tough go at it in this uncertain economic market that we find ourselves in today. Many of these companies are seeing no profits or declines in profits for this year. That has many owners concerned because lower profits mean finding ways to pay for people and services when there is no money coming in the door. And, at the same time, the banking industry is not seen as lending money to small businesses right now. What can a business owner do? Well, start by forming an advisory board. This is different from a board of directors, an advisory board is there to advise and their advise does not necessarily have to be followed. An advisory board is rarely paid outside of any travel expenses and the cost of a meal when discussing business ideas. Advisory board members are paid with a since of giving back to the community or with new networking avenues to pursue. The business owner gets a wealth of experience and advise to help augment the economic crisis we are currently feeling right now.

Sarah Needleman is a contributing journalist for the WSJ - Small Business and she has some excellent ideas and reason for developing an advisory board to help the small business.

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