Years of participation in and observation of advisory boards has shown me that the following ten factors are present when an advisory board is successful:

1. The environment fosters synergies between the advisors’ and CEO’s thinking;
2. Recognizing that “the sum of the parts is greater than the whole”. The solution/recommendation would not have resulted without full participation by all the advisors in the discussion;
3. All comments are focused strictly on the business and CEO;
4. Meeting dyanamics are managed so that no advisor dominates;
5. Communication flows freely between and at meetings;
6. There is a mutual respect for all thoughts and opinions;
7. Advisors enjoy and appreciate the company of each other;
8. Acknowledgement by the advisors of the intangible and tangible benefits received by serving (i.e. new business or referrals);
9. Each participant’s roles and responsibilities are clearly delineated;
10. CEO is open to constructive criticism.

Working on a successful advisory board with a group of people you admire and respect is one of the greatest rewards for our individual efforts to become the professionals we are.  Shared thought leadership that gives you nuggets to take back to your own business can be invaluable.

What have you seen?  Why do you serve on an advisory board? Lets start a conversation.

In November 2009 the Advisory Board Kit, A Comprehensive Guide to Establishing an Advisory Board , will be published.  Please check the site in the coming weeks for pre-order information and related teleclass information.