May 9, 2023

The 5 Key Benefits to Being an Advisor

Advisory work provides five key benefits that contribute to your long-term success - both professionally and personally.

Career mapping is essential to the success of any smart professional, and it starts with defining what success looks like to you. Does it mean gaining a coveted C-Suite executive role, or finding a career that allows you to spend more time with family? While everyone’s version will be different, the key to achieving your ideal scenario boils down to two key elements: setting goals and taking advantage of advancement opportunities.

Some opportunities arise organically, mainly through word-of-mouth or a close colleague, but most come to professionals who proactively seek new opportunities.

Being hired for advisory work, or serving as a member on an advisory board, is one of the best ways for you to expand your portfolio in ways that align with your career map, and ultimately reach your version of success. As an advisory board member, you gain exposure to opportunities that may otherwise not be available to you, or may be difficult to access alone, and reap the many benefits that come along with it.

Advisory work provides five key benefits that contribute to your long-term success - both professionally and personally.

1. Share your knowledge, expertise, and ideas with others.

Successful advisors are those with in-depth knowledge on a specific topic(s) in their field and are willing to share it with companies that need to fill gaps within its organization. The advantage to this is two-sided. Companies benefit from the much-needed advice of someone with first-hand experience who can help solve challenges and overcome obstacles, but equally as significant is the satisfaction advisors feel when they play an influential role in the success of another company.

58% of advisors revealed their main motivation for being an advisor is to share their knowledge, and the personal “feel good” satisfaction it brings to their life. And, as part of a company’s trusted inner circle, advisors have an outlet to showcase their ideas and opinions, and bring them to fruition.

2. Add professional credentials to your resume.

Rounding out your resume (and any other online presence, such as your own professional website or LinkedIn profile) with additional work experience is an excellent way to attract new opportunities. Board member credentials symbolize leadership status, which makes someone a more attractive candidate and plays a major factor in landing a new job or partnership down the road.

Advisory work also provides an opportunity to develop the characteristics of a good leader, such as refined presentation and communication skills, increased confidence, and accountability. It’s important to remember that soft skills - the people skills - are just as important as business acumen when it comes to being a good leader.

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3. Engage in elite networking.

The further you get in your career, it often becomes less about job search and more about establishing your reputation. As an advisor, you’re able to surround yourself with like-minded, ambitious people with whom you can develop meaningful and motivating workplace connections. But remember, networking isn’t just a one-way street, especially at the executive level, so advisory work is a great way to foster goodwill that won’t go unnoticed.

Having an established network could be the catalyst to securing a new investment, starting your own business or simply opening the door to unexpected opportunities.

As an added bonus, advisors also have the luxury of serving on the board of companies that resonate with personal interests or passions. Networking among people with similar interests allows you to find common ground and build genuine relationships.

4. Gain online exposure as a thought leader.

Many executives already author research papers, white papers, or think-pieces related to their field/industry. Advisor networks, like AdvisoryCloud, provide tools for advisors to build a professional website, publish these materials online, and promote themselves as a thought leader.

Your online presence is a public display of your personal brand, so it’s important to cultivate your brand to reflect your professional aspirations.

5. Diversify your connections, exposure, and future.

Despite having a very meticulous career path, unexpected changes can throw a wrench in your entire plan. Between the flux of an unpredictable economy and the ever-changing nature of business, it’s essential to prepare for contingencies. Diversifying streams of work is your best strategy for making sure you’re covered in the unfortunate case of layoffs, business closures, or an economic downturn.

Advisory work allows you to proactively treat your career as if it were its own business, and each company you advise as your own client. As a result, you will have broadened your network, established credibility as a leader, and put yourself in the position to attract new opportunities in the future.