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8 Reasons NOT to Build an Advisory Board (Spoiler: They’re All Wrong)

Running a business today can feel like living on a roller coaster with no seat belt. One day you’re up—new customers, growing sales, exciting opportunities. The next day, inflation spikes, supply chains wobble, and your best employee threatens to quit.

In this chaos, one thing separates companies that thrive from those that merely survive: perspective. And one of the best ways to get perspective is an advisory board.

Here’s a shocking statistic: Nearly 70% of small and medium businesses operate without an advisory board. Even more surprising? Of those that do have one, half barely use them—meeting once or twice a year.

Why? Because building an advisory board sounds like a hassle—or worse, a threat to control. So, in the spirit of David Letterman, here’s my countdown of the Top 8 Reasons NOT to Build an Advisory Board (and why every one of them is wrong).

8. No qualified person will want to serve on my board.

Think again. There’s a massive pool of talent out there—retired CEOs, exited founders, industry pros “between gigs,” and people who genuinely want to give back. The right folks aren’t unicorns; they’re neighbors you haven’t met yet. Start asking, and you’ll be surprised who says yes.

7. I already have plenty of advisors.

Sure—you have a lawyer, an accountant, maybe a banker. But they’re paid to serve you and may not challenge your blind spots. An advisory board is different. It brings outsiders who aren’t tangled in your day-to-day and can call out what you can’t see (or won’t admit).

6. It will take too much time to create a board.

If you’re always “too busy,” you might be busy on the wrong things. Building an advisory board is like sharpening your saw: a short pause that makes the cutting go faster. Treat it as a strategic investment, not a time sink.

5. Outsiders will know about my problems.

Yes, and that’s the point. An advisory board gives you a safe, confidential space to air challenges and get candid input. They can say the things your team won’t—like “your pricing is too low” or “you’re the bottleneck here.”

4. We don’t have enough issues to discuss.

Really? Growth strategy, cash flow, succession planning, market trends, hiring challenges, expansion opportunities… need I go on? A strong board becomes your think tank, sparking conversations you didn’t know you needed to have.

3. Our decision-making will slow down.

Sometimes slowing down is exactly what you need. Advisory boards push you to step back, think long-term, and make fewer—but better—decisions. Fast isn’t always smart.

2. If I choose the wrong people, I’m stuck.

You’re not stuck—set term limits. Start with one-year terms and extend if it works. Use a clear selection process: define what skills you need, ask for recommendations, interview candidates, and trust your gut. This is your board; you control the seats.

1. I don’t want to give up control.

Here’s the truth: advisory boards don’t govern—they advise. You still make the calls. But you make them with better insight, broader perspective, and fewer sleepless nights.

How to Make Your Advisory Board Work

Building a board isn’t enough—you need to use it.

• Meet regularly. Quarterly is ideal. Don’t let meetings drift into “whenever we can.”

• Be transparent. Share financials, strategy, and challenges. Sugarcoating wastes everyone’s time.

• Listen—really listen. Sometimes the best value comes when they tell you what you don’t want to hear.

Done right, your advisory board becomes a competitive advantage—a sounding board for bold ideas and a guardrail against costly mistakes.

Here’s My Take

Running a business can be lonely. You don’t have to do it alone. The right advisory board can transform your perspective, sharpen your strategy, and help you navigate whatever this unpredictable economy throws your way.

My challenge to you: Stop making excuses and start making calls. Six months from now, you’ll either be wondering why you waited so long to build your advisory board, or you’ll still be wondering why your competitors seem to have all the luck.

Spoiler alert: It’s not luck. It’s strategy.

Don’t go it alone. Build your advisory board today.