Working with Current & Future Business Advisors

Business Advisory Board (BAB)
If properly used, a Business Advisory Board can serve as a tremendous asset to your SIFE team. This group can provide mentorship and guidance for your team, advice on projects, an
introduction of your team to other leaders in the community, access to needed resources, and is a good source to critique your presentation before the actual competition.

If your team is having difficulty identifying potential Business Advisory Board members, consider looking at the following groups for candidates:
• SIFE team alumni are a good foundation for your Business Advisory Board. Alumni can provide unique and valuable insights for your team.
• SIFE companies with a presence in your community. You can find a list of SIFE donor companies at www.sife.org. Please note that while executives at these companies may be personally involved with the SIFE World Headquarters, it is possible that individual company representatives located in your community may not be familiar with SIFE. When you approach these individuals, do not take for granted that they are aware of SIFE. You should be thoroughly prepared to explain what SIFE is to them.
• Leading business, educational and civic organizations in your community, e.g., the Chamber of Commerce, economic development groups, Rotary.
• Businesses that would have an interest in and be able to provide guidance for a specific project. For example, if you are teaching primary school students about saving and investing, involve a member of a local bank in the project and invite him/her to serve as part of your Business Advisory Board.
• Members of the mass media.

Engaging Business Advisory Board Members
After you have created your Business Advisory Board, it is important to involve the members in team activities. We suggest meeting with your Business Advisory Board at the beginning of the year to review your planned projects. This meeting is a great opportunity for members to give their advice and sign up to be a part of projects that align with their interests. Keep in mind that not everyone on your Business Advisory Board will be able to be as involved as the others. In this case, it is still important to keep them involved and informed of team activities.

Consider the following strategies for working with your Business Advisory Board:
• Hold a beginning of the year meeting to review your plan for the new year and introduce new members to the board. Be sure to invite the members to your weekly meetings.
• Create a monthly newsletter to inform your Business Advisory Board about team activities and upcoming projects. Consider highlighting a few team members each month so the board can get to know you.
• Hold another meeting at the end of the SIFE program year, prior to competition to practice your presentation. Ask the members to serve as judges and have them give you feedback.
There is no perfect formula for working with your Business Advisory Board. Choose a strategy that will work best for your team and board members.