Now that you understand the value of an advisory board, are you ready to have one? You may think that's an obvious question since you're reading a book about creating an advisory board, but it requires a commitment to trust, transparency, and change that you may not have considered. For example, a younger or less experienced entrepreneur may be hesitant to accept advice because they don't want to feel weak or controlled. This fear leads them to dismiss the advisory board's hard-earned knowledge and is, quite frankly, a waste of everyone's time. Reframing the advisory board as a sign of personal strength and commitment to improving is a mindset shift to help you succeed.
The foundation of your advisory board must be trust and transparency on both sides, or it will not work. But what does that look like? In this next segment, we'll break down the principles of TrustTransparency and how to apply them in your business.
TrustTransparency
Everyone knows the words trust and transparency, with their expectations and meanings attached to them. I believe that trust and transparency are concepts that must walk hand in hand together. To achieve trust, you must have transparency. To feel safe being transparent, you must have trust. When you intentionally create the conditions for both to thrive, you will find deeper connections and better results from the people you work with, including your advisory board. That's when it becomes TrustTransparency.
TrustTransparency is a continuing journey in all your relationships. Think of it as climbing a mountain- sometimes, the path is easy. Communication is open and accessible, with results that everyone is happy with. Then, there's a patch of rough rocks that cause you to slide backward, losing progress and possibly causing injury. You have to review where you are heading, if the path is still the right one, and if both parties are capable and interested in moving on. Sometimes, you can immediately move forward. More often, you must sit in the rough rocks until it's time to move on. Committing to the principles of TrustTransparency is committing to the hard work required to build lasting relationships that create real change in the world, especially your business.
The PATH to TrustTransparency is made up of 4 principles: Passion, Attitude, Trust, and Honesty.
- Passion is the cornerstone of TrustTransparency, the driving force that will keep you moving forward when times are tough. Belief in the power of your mission and vision for your company will allow you to dedicate yourself and your resources to the work and changes required to become high-performing.
- Attitude is how passion is relayed to those affected by the decisions from acting per your mission and vision. Change makes people uncomfortable and can cause them to act in self-protective and ultimately self-destructive ways. Your job is to help them, and yourself, navigate the "what ifs" in a manner that promotes passion.
- Trust. It's in the name of the concept, but it's also the most easily missed. Trust must be felt from all parties, top to bottom, in all relationships. Whether it's a father to a child or a manager to support staff, the idea that you can rely on them to act in the best interests of the situation is essential to the process. If you can't do that, then this process will not work.
- Honesty is what allows trust to grow. It's the fertilizer and the soil that gives it the nutrition and space to bud and blossom. People know instinctively when they are being lied to, or things are being omitted. This instinct forms questions, like what am I not being told and why are they not telling me this? The trust begins to crumble as these questions eat away at the relationship.
As you work through this architecture, you'll see signs from the PATH. These signs will point out where you can use the principles of TrustTransparency to create and use your advisory board.
As you start creating your advisory board, you must be willing to be transparent with your strengths, weaknesses, victories, and failures with your board members and trust that they will act to support you in your mission and vision. If you're unwilling to be vulnerable with this process, your advisory board will not be as impactful to you as it could be.
If trust or transparency is something you struggle with, you're not alone. The good news is that they both get stronger as you practice using them, much like running. If you're not a practicing runner, no one expects you to complete a marathon the first week you start. You commit to the practice of running small amounts regularly and then increase as you get better at running. The principles of TrustTransparency are the same. Start off trusting, and it will come more and more naturally to you.
This was an excerpt from Scott Steinford's upcoming book, "The Board Advisory Creation Book." This guide will help you understand the value of an advisory board and create and effectively use your board. You can sign up to learn more about the book and be notified when it's released by using the form below.
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