How well you prepare to select your advisors will make or break your advisory board.  It’s not a simple matter of selecting friends and colleagues, at least not if you want to have an effective advisory board and not waste time or money. It requires thought, honesty, analysis, and planning.

I have observed that many advisory boards get “slapped” together with insufficient thought and planning.  The end result is people don’t show-up, money gets wasted and the company never starts its ascent toward greatness rather it wallows in mediocrity.

Answering the following questions will start you on your way to selecting advisors successfully.

• What does your company stand for?
• Why does your company exist?
• What is your company good at and known for?
• What do the markets you serve want and need?

What these four questions get at is the vision for your business. The people you ask to be your advisors will be very interested in this information.

• When was the last time you analyzed your business from the perspective of its strengths and weaknesses, opportunities and threats?

In the course of completing whats is known as a SWOT analysis, you will determine where the gaps are in skills and talent.  This exercise requires that you and your senior management team, to the extent you have one, be honest with yourselves and each other.

Once you can answer these questions you will have the information you need to identify what type of advisors you need.

Want help with this and other exercises to build your advisory board?  Consider the Advisory Board Kit, A Comprehensive Guide to Establishing an Advisory Board.  Learn more by clicking here.