An advisory board is a great management tool that all small business should consider.
An advisory board is a dedicated group of business professionals that advises the CEO and management of a business but does not have the authority to vote on corporate matters and does not have a legal fiduciary responsibility.
The advisory board provides expertise and perspective that present management lacks. This group should possess skills not currently in the senior management team and should be respected and connected members of the business community.
If your company is positioned for growth and you want to be able to run ideas off of others to receive varied perspectives, consider forming an advisory board.