How can I form an advisory board?

(FSB Magazine) -- Dear FSB: My baking company is growing incredibly fast, and I often feel I could use a little advice. How can I form an advisory board? -Stephanie Vandegrift, Stephanie's Premium Bakery, Dallas

Dear Stephanie: "Start with a list of experts you can call on individually," says Dorothy Adams, a board member of the Stamford chapter of the Connecticut Venture Group (cvg.org), who has served on several advisory boards.

To tackle strategic questions such as growth, someone with investment-banking expertise would be helpful. A fellow business owner whose marketing savvy you admire might be another smart choice. Explain that you'd like to ask them for advice now and then. They'll probably be flattered.

"No payment is really expected," she says. "It's a nice idea to offer them payment in kind. You could thank your advisors with cookies." You may also want to check out the Alternative Board-TAB (TABSanAntonio.com). It brings the leaders of non-competing businesses together to exchange advice.

Looking for answers to pressing small-business issues? See what our experts have advised other entrepreneurs, and share your own ideas, in our Ask FSB blog.