Many entrepreneurs understand that along with their strengths as businesspeople, they also have the occasional weakness. To offset those weaknesses and to provide insight, alternative points of view, and much needed moral support, think about taking networking one step further to setting up an advisory board. Studies have shown that entrepreneurs who regularly turn to advisors generate significantly more revenue growth than those who don't.

An advisory board can be several people (anywhere from about three to seven) whom you believe can help guide the business and provide you with advice — including legal professionals, financial planners, and business experts. These might be retired businesspeople, business school teachers, or entrepreneurs in other industries (that is, people who wouldn't consider you in competition with themselves). Although some advisors would be willing to volunteer their time, you should consider paying them a certain sum — perhaps $500 — per meeting or paying them in stock if cash is an issue.

An advisory board works best when you set up a regular meeting time — say, quarterly. You might consider meeting for lunch or for dinner (you pick up the tab). Create an agenda for those meetings, focusing on strategic issues. You might start off with a report on how your business is faring, include income and expense figures, and revised projections. For example, your goals and any changes to them or a particular problem that you're encountering could be on the agenda.

Explain your view of the problem and any solutions that you've come up with, and seek their counsel and input. Ask as many questions as you need to in order to understand their advice. And keep in mind that the answer you're looking for is probably there, but you need to be willing to hear it: Listen actively.