Could Your Dealership Benefit from an Advisory Board?
June 01, 2017Download
It’s not always easy being the boss. Sometimes the demands of ownership can become overwhelming. At other times, you just might need “a little help from your friends.”
These are among the reasons why some dealership owners have decided to create advisory boards. Such a board usually consists of a group of professional confidants willing to offer their time and talents to help owners meet specific business challenges – or simply lend a sympathetic ear.
Whom should you invite?
Advisory boards usually comprise professionals whose experience, wisdom and insights command the owner’s respect. These professionals may include other dealership owners; factory representatives; business consultants; and experts in the areas of sales, marketing or operations.
As you consider potential advisory board members, try to choose individuals who will challenge you, disagree with you and push you outside of your comfort zone. Your goal should be to gather a diversity of opinions from a variety of different perspectives – not just surround yourself with sycophants who’ll agree with everything you say.
What about meetings?
There’s no formula for the right structure and frequency of advisory board meetings. Many boards meet between two and four times a year for two or three hours at a time, often over a meal. It’s important to plan an agenda for the meeting and share this with your advisors ahead of time so they can be better prepared.
For example, perhaps you need advice about how to grow and expand your dealership. Maybe you’re dealing with excessive employee turnover. Or maybe –like everyone –you’d like to boost sales and profits.
Sooner rather than later
An advisory board can provide great wisdom and insight in each of these areas and other operational concerns. Therefore, it would be smart to give some thought to what your advisory board might look like and how forming a board could benefit your dealership. Getting a board off the ground sooner, rather than later, can only be a plus.
Dealer Insights - May/June 2017