Even if you operate a solo business, consider developing an informal advisory board. These are people you can turn to when change is in the air, when a crisis thumps your business or when growing pains strike.

Your advisory board will act as your confidant, a source of expertise and ideas. So when choosing people for your board, look for those who have more experience than you. Look for people who have proven successes. And choose advisors for their honesty. You want your advisory board to dish out the hard truth, even when you don’t want to hear it.

You only need two or three people to serve on your board. So who might qualify and be willing? Here are some ideas:

• Your tax pro

• Your attorney

• A mentor

• A colleague (not a competitor) who runs a similar business

• A small business consultant

• A retired executive in your community

• A supplier

Plan to meet regularly with your board, usually every quarter. Prepare an agenda several weeks before the meeting and distribute it to your board members. Arrange for a long lunch meeting at an upscale restaurant. Although you’re not required to pay your board, picking up the tab for a fabulous meal is good business etiquette.

At the meeting, be open about your business. Report the good, the bad and the ugly. Confess mistakes. Be honest about your fears and problems. Be prepared to discuss issues, trends and concerns. The more your board knows about your business, the better advice they can offer.