People are often surprised when I mention that our independent design studio, Made for the World, has an Advisory Board.

The typical reaction is, “But you’re only a small business – why do you need an Advisory Board?” It’s a common assumption that Boards are reserved for corporate giants or much larger companies (and that may still be the case for the more formal ‘Executive Board’ which has a legal responsibility and decision-making authority).

But when you’re your own boss, where do you turn for support and guidance?

Why you’re not too small for an Advisory Board

I went into business with my long-time creative collaborator Chris Wolf in 2016. Until then, we’d both been working within classic agency set-ups, with systems, processes, managers and bosses to hold us to account. And as freeing as it is to run your own company and make your own decisions (and mistakes!), we definitely felt the loss of having a range of experienced people to turn to for guidance.

This came into focus when we were navigating our company’s B Corp assessment. As anyone who’s been through this process will know, the Governance section has questions asking whether the company has a Board of Directors.

At first, we glossed over it – much of the assessment is geared towards companies different to ours (i.e. those with supply chains, or with larger teams), and we figured this was just another thing a bit beyond where we were at. But then we thought about it some more…

Was there any reason we couldn’t have a Board? Should size matter? We were certainly open to advice and guidance, and we’d even considered mentors and coaches in the past – but it had always proved difficult to find one person who ticked all the boxes. Perhaps an Advisory Board was just what we needed – a way to pull together a group of trusted peers to help guide us through the maze that is small business ownership.

The value of outside perspectives

So what does having an Advisory Board really mean?

Small business owners know the constant tug-of-war between working on the business versus working in the business. The work on your business – the strategic piece that underpins everything else – can risk being one-dimensional if it’s devised within a vacuum. It’s these scenarios where an outside perspective can be really valuable.

At its core, an Advisory Board offers exactly that: an opportunity to gather a diverse group of trusted professionals who bring fresh perspectives to the table, to help you challenge, shape and refine your ongoing business strategy.

A group who can:

• Bring specialised expertise and experience
• Guide decision-making
• Provide an external perspective
• Increase accountability

The clue’s in the name really – the Board are there to ‘advise’. It’s a non-executive Board, with no voting rights – purely a group of people to help us, as business owners, navigate the strategic side of running our company.

Who gets a seat at the table?

The goal in appointing an Advisory Board isn’t just to receive validation or a pat on the back. It’s about welcoming constructive feedback that can strengthen your business. It’s important to avoid creating an echo chamber, by ensuring your board members bring diverse points of view – looking beyond your own sector or industry can help with this. As can a mix of ages, genders, backgrounds, levels of experience…

Our own Board is made up of four associates we’ve come to know over the years, each of them bringing different knowledge, skills, and ways of thinking to our quarterly meetings. As a digital partnership, focussed on the positive impact space, it was important for us to appoint representatives for each of the areas our business touches upon. We have a member with experience in the world of digital product design; an entrepreneur who has built multiple software businesses as well as a sustainability-focussed foundation; someone with vast experience in sustainability strategy and communications; and a business and leadership coach and strategist.

The aim is to have a well-rounded group that are willing to both challenge and champion you and your business.

How to get started with your own Advisory Board

If you’re considering appointing an Advisory Board for your business, here are a few key steps to help you get started:

• Identify the gaps: What areas of your business need support or fresh perspectives? It could be anything from strategy and finance to marketing or sustainability.
• Tap into your network: Look for people whose expertise aligns with your needs but also those who bring different experiences and industries to the table.
• Set clear expectations: Be upfront about the role of your Advisory Board. Outline the time commitment, the goals of the board, the kind of advice you’re seeking, and whether you will compensate them for their time.
• Make it suit your business: Meetings can be as formal or as informal as feels appropriate to you and your business – the main thing is you get out of them what you’re aiming for.

By taking these steps, you can begin assembling a group of advisors who can help you tackle challenges, think bigger, and develop in ways you might not have considered on your own.

For years, appointing an Advisory Board had never crossed our minds – it seemed too formal and official. But when we set aside those preconceptions and explored the true value an Advisory Board can bring, even to a company of our size, it was clear that this was the missing piece we’d been searching for.

It wasn’t just about adding another layer of structure, or a box-ticking exercise on the B Corp assessment – it was about gaining fresh perspectives, unlocking new opportunities, and steering our company forward in the right direction.

If you’re a small business owner, I encourage you to think about how an Advisory Board could help you reach your next milestone.