Developing a Personal Advisory Board-Part One

What Is a Personal Advisory Board and When to Use One?

A personal advisory board is a group of people you assemble to assist you by providing their advice, contacts, and knowledge. In some situations you meet with people one-on-one and in others it will make more sense to meet as a group. Forming a personal advisory board allows you to harness the power of synergy. The idea of one advisor will grow from the input of others, and this idea-building process will often generate the best solution to whatever the issue is.

Personal advisory boards are used when you are considering a big decision be it personal or professional. For instance, taking a job that will require you to stretch or grow into the position or opting to go full-time to graduate school and leave a position you enjoy. How you intend to use the personal advisory board determines who you need to recruit as advisors.

Wondering if maybe you need a personal advisory board? Do any of these situations feel familiar?

• You feel you are thinking too small and it is holding you back.
• You question what next steps you should take.
• You are challenged managing your direct reports and/or dealing with your manager and one or both have accused you of having tunnel vision.
• You find setting priorities difficult.
• You made a few bad decisions lately and could use a sounding board.
• Alternatively, you are wondering where you’ll find the budget or time for professional/leadership development as a staff person in a nonprofit organization.

Identifying & Locating Advisors

Advisors are people you believe are smarter than you and can teach you. They are people who not afraid to disagree with you and who are risk-takers and thought-leaders. They are also people interested in you and willing to make the time to assist you.

In locating advisors abundant resources surround you if you know how to take advantage of them. From the network of contacts you are continually developing to the volunteers and donors who support your organization, all of these groups hold the potential of containing the right advisors for you. For some it might be alumni and/or fellow MBA students. The point being advisors can be found everywhere if you know what you are looking for and can articulate your need.

When to Form Your Personal Advisory Board

Using a personal advisory board is all about enlisting help as you seek to attain specific goals or make specific decisions. The better you and your advisors know each other, the more benefit you can receive from their suggestions and recommendations.

No time is the right or wrong time. As you progress through your personal and professional life your needs will change as will the type of advisors you enlist. I would recommend forming an advisory board sooner rather than later. The benefit you will receive will be priceless, so why would you want to wait?

The Personal Advisory Board Arrangement

A personal advisory board is a non-legal group. All decisions remain with you. You are merely looking for new and varied perspectives and advice. Request your advisors sign confidentiality agreements if you will be sharing information about your business. Sometimes it’s better to be overly careful.

It is important to set the expectations of your advisors and reach an understanding of what each of you will do. A short one-page outline of roles and responsibilities will go a long way to maximizing the relationship for all parties. Also, determine how long you expect advisors to “serve” and what you will do when an advisor ceases to be valuable (it happens).

Part Two will discuss the specific steps to take to establish a personal advisory board.

Susan C. Hammond, a former CFO/COO and expert on advisory boards, consults with CEOs of small to mid-size businesses and nonprofit organizations on the formation and facilitation of advisory boards and ways to enhance board governance. Susan is the author of the Advisory Board Kit: A Comprehensive Guide to Establishing an Advisory Board. You can reach Susan at susan@schammond.com. For more information here is a free download of the e-book Developing a Personal Advisory Board.