When I am starting to work with new clients, one question I typically ask them is do they have a Board of Directors (BOD) or a Board of Advisors (BOA). Basically someone whose opinion that they trust and respect that they can bounce ideas off of.
One client told me that he has 15 people on his BOA, what he was referring to his Vistage Group. This is a formal group structure where business owners go to get challenged on aspects of their business.
I know people who have spent over a decade in Vistage and other who are still active members. I can see the benefit of a peer to peer challenge. But I would not consider Vistage to be a BOA. The structure alone would rule out a BOD.
When I am talking about a BOA I am talking about a group of dedicated people who are only looking out for you and your business. Personal advice not a group’s which may have an age3nda that is not yours.
So whose opinion do you ask?