25 Oct Why Should I Serve on an Advisory Board?
You’ve been invited to serve on an advisory board, but you aren’t sure if you should do it. An advisory board’s roles and responsibilities can be time-consuming, and you aren’t certain if you want to add one more thing to your plate. In reality, there are several reasons to serve on one of these boards. Consider the reasons to see if you’re a good fit. You just might realize that the benefits make the time investment worth it.
Get New Ideas
Advisory board roles and responsibilities include analyzing and evaluating another company’s resources, decisions, and more. This will give you some insight into the practices at your own company. You will begin to evaluate your own decisions in a different light, and you’ll likely make better-informed choices as a result. You will also come up with new ideas when you evaluate the other company. These new ideas can breathe some light into your own company. That can make you an even more valuable member of your team.
Solve Business Issues
If you enjoy solving problems, you will love your time on an advisory board. You will get to solve issues that are impacting people on the board, and you can also run your own problems by them. This is a great opportunity to problem solve with some industry leaders. It’s also an opportunity to show off your skills. You might become a valuable asset to various members on the board.
Build Your Network
You likely spend some of your time networking. You go to functions and might even spend some time on LinkedIn. However, you can get a lot more networking done in a short period by joining an advisory board. You will meet people in your field, as well as those who are in other fields. As you develop new contacts, you will likely find ways to put them to use. It won’t take long for you to understand the power of having a large network. It’s like having countless resources right at your fingertips, just waiting for your phone call or email.
Get Vital Information on Industry Trends
When you serve on an advisory board, you get to peel back the curtain and get the information you would not normally receive. This includes information about industry trends. Learn about the various trends and how they can affect your own company. Create benchmarks and evaluate your own company against the entire industry. This will help you become an industry leader instead of a follower. You’ll have your hands on the pulse of the industry, and you can jump out in front of others.
Improve Your Resume
Even if you intend to stay at the same job until you retire, it’s always good to pad your resume. It can help you as you try to get a raise, just as it can help in case anything ever goes wrong at your current job. When you serve on an advisory board, it positions you as a leader in your field, and that looks great on a resume. Use it to negotiate for a better salary or to get a better job somewhere else.
Gain Insight into Other Organizations
Have you ever wanted to find out what it would be like to work for a huge company or a startup? If you’ve ever wondered if the grass is greener, you can find out by taking a position on an advisory board. You’ll learn the inner workings of the company without having to leave your current job and take on a new one. This will help you decide if working for a huge company or a small startup is a good fit for you. You can conduct your research without the risk of changing jobs.
Serve the Community
Helping a business make important decisions doesn’t just help the company turn a profit. It also impacts the company’s employees and the community as a whole. When you serve on an advisory board, you serve your community, as well.
While some people serve on advisory boards out of the goodness of their hearts, board members also get compensation. The type and amount of compensation depends on the advisory board you’re serving on, but it can include meals, expenses, cash, and stock options.
Most advisory boards don’t just offer one type of compensation. Instead, they offer a combination of options. In addition, those who are of a higher value might be compensated at a higher rate, so don’t be shy about your skills.
If you are serious about your career, serving on an advisory board makes sense. It can fast track your career and cement your position as a leader in your industry. It will also help you stay on top of the latest trends and learn new ways to innovate.