The usual frequency of advisory board meetings or calls is quarterly sometimes every other month. To receive the most benefit from your advisors wisdom and keep your advisors engaged providing interim updates is recommended.
I just drafted the update for my virtual advisory board and discussed the following matters:
- New Products Under Development. The downturn in the economy has afforded me time to convert some of my intellectual property into products. This in turn will create other sources of revenue for when the economy recovers or even now with business owners reluctant to spend on consulting. I share the concept, where the product fits in with my current service/product offerings and when I believe it will be ready to go. I tell them what market need I am trying to respond to and how the product will increase brand awareness of what I do. In return I expect they will point out any weaknesses in my thinking and other opportunities I might want to explore.
- Professional Development. I discuss what educational programs I have attended and how the content furthers an area of my consulting. They may or may not have any feed back on the value of the particular program and/or others I might consider.
- Writing. I provide a list of the writing projects I am working on and how it will further brand awareness. I expect they will have comments on one particular assignment as it is a bit of a stretch for seeing how it relates to my current business scope.
- Seminars/Workshop Offerings. I provide an update on a program I am offering sharing program content, goals and the frustrations of getting people to register. It is my hope they will think to refer someone who might benefit.
- Pro-Bono Projects. I inform them as to what I am involved with, the time commitment etc. I am looking for them to suggest whether or not I am over committing my time, something I’ve been known to do.
I also use this contact to schedule our next virtual advisory board meeting. By keeping the advisors involved I am hopeful it will mean even more can be accomplished during our next meeting. I’ll let you know in July when I post on the second meeting of my advisory board.
