For years I have preached and sometimes cajoled clients about setting up an advisory board. Today I start a series on setting-up and running my own advisory board. I’m now taking my own advice.
The Process:
I always advise clients start by thinking about the following questions:
- Why do I want an advisory board? What are my goals and objectives for forming a board?
- Am I clear about my vision for my business 2 years out?
- What are some of the unmet needs of my business, including skills sets?
- What do I need to do to make my advisory board most effective?
- What are the benefits to advisors and reasons that they might want to join the board?
- Who can I identify as potential advisors among my colleagues, friends & acquaintances?
- What is the appropriate size of my advisory board to meet my goals and objectives?
- How often do I want to meet? What frequency works for the advisors?
- What am I able to pay advisors: cash, stock or options, expenses, product?
- How long should advisors serve? Should I have rolling terms of service?
- How will I handle an ineffective advisor?
- How will I communicate between meetings?
- What is the appropriate board structure?
- How should I organize & conduct board meetings and distribute the materials?
In future posts I will share my thoughts, fears and successes as well as those of my three advisors. I am fortunate that three long-time colleagues readily agreed to serve when I asked. It will be a privilege to work with them.
