Why You Need a Board of Directors
BY CHRIS CARNEAL
Let me explain…
I’d always been a bit hesitant about having a board for my company, Booster. As an entrepreneur, staying closely connected to both my team and clients is my number one job. Business is complex. Companies are incredibly nuanced. How could a group of outsiders possibly make decisions for our business and clients?
Well, about a decade ago, my business coach, Bob Lewis, introduced me to the idea of a professional advisory board.
Unlike a traditional board of directors, an advisory board doesn’t do governance. Instead, they act as a trusted team of advisors that helps me solve our biggest problems, identify brilliant opportunities, and dodge potential pitfalls.
I began building my professional advisory board about a decade ago, and it’s been a game-changer for my life and business.
Since then, I’ve been telling everyone (not just business owners) to start their own advisory boards.
In ten years, I’ve learned a lot about building and managing a professional advisory board. Here's exactly how to start your own in three steps…
Step 1: Identify Three People
That's it. Just identify them. Write down three names of people who could advise you professionally. You may consider individuals who can offer general business wisdom. Or you might want to identify people with expertise around a specific challenge. Experiencing a sales slump? Find seasoned sales people or sales strategists. Navigating a confusing career transition? Reach out to friends who’ve already reimagined and rebuilt their careers.
Where do you find advisory board members? A few places. Maybe a family member or family friend would be a good fit. There's probably someone in your community, your church, or your neighborhood with experience you'd benefit from. Or perhaps there’s a colleague in a different department or region who sees things from a different angle. The best candidates are likely people you already know and trust.
You're not committing to anything yet. Just identify the people.
Step 2: Have Conversations
Reach out to each person individually. This could be a 15-minute Zoom call. A 30-minute coffee. A casual conversation at a family gathering.
You're not asking them to join a board. You're just having a conversation. Feel them out. See if there's chemistry. Not everyone will be a good fit, and that's okay.
Frame it simply: "I'm thinking about my professional growth differently this year. I'm viewing myself as the CEO of my work, my role, and my career. I want to think bigger, and I'd love your perspective as someone with experience I admire."
Step 3: Bring Them Together
If the conversations felt right, invite all three to a single meeting. Coffee. Dinner. A Zoom call. This is where the magic happens!
It doesn't need to be formal. You don't need to make it fancy. You don't even need a schedule. Just say: "I've been having similar conversations with each of you individually. I'd love to have one conversation together—just the four of us."
Once everyone’s together, explain your project, problem, or vision for where you want to be. Then, simply ask them to pick it apart and give suggestions.
I promise you'll feel the momentum five minutes in.
A Few Guidelines
Keep the group between three and six people. Fewer than three and you lose the magic of diverse perspectives. More than six feels too crowded.
My advisory board for Booster meets for about four hours, three times per year. You probably don’t need to launch with that frequency. Start simple. Send an email or text: "I'm trying to grow my market by 7%. I've traditionally grown by 3%. I'm looking for new approaches. Here's what I've done. Here's what I'm planning. I'd love your input."
That's it.
When you put three or four people with different experiences around your challenge, the clarity that emerges is 10x more potent than any one-on-one conversation.
Don't overcomplicate it. You can do it. Just start!
CHRIS CARNEAL is the Founder and CEO of Booster, the nation’s largest school fundraising company. Since 2002, Booster has generated over $1 billion for schools across America. He and his wife, Lyndie, have been married more than 25 years and have four kids.
Chris writes about entrepreneurship, leadership, faith, and family in The Virtue-Driven Newsletter. SUBSCRIBE HERE
