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Benefits of Mentoring
Mentors Assemble: The Benefits of a Personal Advisory Board
There’s nothing better than refining our goals and achieving them. One-on-one mentoring is one such way to get you there, but if you want to up the ante then a personal advisory could be the way to hit your targets and transform your growth faster. It’s reported that 74% of companies are implementing this so why not apply the methodology to individuals?
In this guide, we share everything you need to know to make the most of a mentoring advisory board including a definition, how to tell if you need one, and whether it is a better strategy for your company than mentoring.
What is a personal advisory board?
A personal advisory board is essentially a group of experts that you assemble who act as a sounding board for your ideas. It can be made up of mentors, coaches, peers – whether paid or unpaid – that you consult about the range of challenges that you face in the workplace.
The key element here is expertise. You want to create a group of people that you can turn to with expertise in different aspects of your work. It’s great for people in leadership roles, or for people taking on major new projects that need to learn new ways of working fast.
For instance, you may have a financial mentor on your board that can give relevant advice on ROI and the risks involved in a particular plan. Equally, you might also find a coach that can help you work on leadership techniques. The goal is to create a valuable braintrust that you can turn to at any time for feedback and ideas development.
📖 Find out more about the powerful benefits of mentoring in our guide 📖
What are the benefits of finding an advisory board?
There are naturally many benefits to assembling an advisory board, it really comes down to the people that you bring into the fold. Different individuals will bring unique expertise to the role – from long trusted mentors to peers that you turn to for advice.
You’ll see benefits to your ability to problem-solve, overcome challenges and tackle new projects with fresh insights. Essentially, you get all the benefits of mentoring and coaching, and then some.
Once you have assembled your team of advisors, you’ll need to set up regular meetings and agree on the best way to communicate. Then you can reap the rewards of having a team of experts on your side guiding the way.
Is a personal advisory board better than a mentor?
This really depends on who you are and the complexity of your role or industry. Generally, multiple experts are better than one, as you can cover much more ground this way and gain a wider range of perspectives.
If you wish to implement a structured, formal braintrust to turn to for rigorous advice, feedback and guidance, then an advisory board might be right for you. It’s also a great way to widen your network and make yourself known to more people.
Otherwise, if you’re looking for something less intense then one-on-one mentoring could be right for you. Not only do mentors assist you with career development and sharpening your skills, but develop confidence and communication skills too.
5 signs you need a mentoring advisory board
Sign 1: Lack of structure
If there is a distinct lack of structure in your work life, then a mentoring advisory board can help you to redefine and reinvigorate your work, not to mention help you stay accountable to your goals.
Sign 2: Unrefined objectives
When we don’t refine our objectives, we can end up being productive without a cause, which can lead to a misguided trajectory. A mentoring advisory board can help you to recalibrate your objectives, so that you can then chart the right path to get you there.
Sign 3: Conflicts of interest
Sometimes we are run off course by conflicting priorities and interests. Using a personal advisory board, you can get a range of perspectives on any issues that arise and keep yourself on track.
Sign 4: Commitment issues
If you or your team are having trouble committing to the work, an advisory board can be there to realise this for you, which can lead to getting back on track. Often, commitment aversion happens without our knowing it, and so it is helpful to have a team in-house to remedy this quickly.
Sign 5: Trouble prioritising workloads
When you learn quickly, take on responsibility or try to hit multiple objectives at once – it can be easy to feel overwhelmed. Building a support network of multiple mentors and other trusted advisors can help you prioritise effectively and build the skills you need to lead.
How do I assemble my board of mentors?
There are a few ways to do this, depending on what’s available to you. You can meet and find experts to form your advisory board through:
- Internal mentoring programs
- Networking events
- Your existing network
- Reaching out to peers and colleagues
- Professional coaching networks
It’s important to identify what areas you need more support in and search for people with relevant expertise in those areas. It may take some trial and error to find the right people, as what you’re looking for is that magic combination of expertise and chemistry.
📖 Our article on finding a mentor has lots of relevant tips and advice for finding advisors too 📖
If you have been working in your field for some time, then chances are you have run into some fascinating professionals that you can speak to. In this instance, it’s a simple case of reaching out and asking for a coffee before asking them to mentor you.
A fully-fledged personal advisory board is a highly beneficial, influential juggernaut to assemble. It could be the difference between success and failure. So, if you’re taking on a new project, heading up a team or business, or about to step into a new promotion – then start assembling your experts today!
If you need further guidance on mentoring, check out our other relevant content:
Top Characteristics of a Mentor
What is Peer Learning? Definition, Benefits and More
How to Run Effective Mentor Training
Top 10 Companies Making the Most of Mentoring