FORTUNE Small Business:

How can I form an advisory board?

A woman who owns a bakery seeks advice in nurturing her rapidly expanding business.

By Anne Fisher, FSB Magazine

(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.

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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. Top of page

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Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.