I recently had a conversation with a woman who runs a successful business. We were updating each other on the focus our respective businesses when she announced to me that she had started an on-line bead business something quite different than her existing business. I looked at the website and asked her a few questions about the product and made a few suggestions on how to broaden her audience and increase overall sales. Throughout the discussion it was clear she hadn’t completely figured out her strategy and was perhaps a bit overwhelmed. Sensing this I suggested she consider using an “ad hoc advisory board.”
I define an ad hoc advisory board as a loosely assembled group of experts brought together to help the CEO or founder deal with one specific pressing issue. There is no intent for this group to continue on and become the permanent advisory board. To maximize the effectiveness of the gathering I do recommend someone familiar with advisory board facilitation run the meetings. In the case of the individual mentioned above the background of the experts would need to include a variety of marketing expertise, retail and on-line product sale experience and supply-side management.
Here are seven considerations for when you assemble an ad hoc advisory board:
- To get started I ask the CEO what’s the objective or goal of the meeting. What information does the CEO want to leave the meeting with? Knowing this allows you to determine what experts to approach.
- Who will you approach and what can you say to pique their interest? This is where having a big network can really help. Generally an ad hoc advisory board is assembled somewhat on the fly. The CEO needs to succinctly articulate what she is looking for so no one’s time is wasted. A mini-profile might be in order.
- What are the meeting logistics? Specifically:
- What is the format of the meeting? Live or virtual? Morning, mid-day, evening or other?
- For live meeting, what is the location of the meeting?
- What type of food will be provided? No meeting should occur without at least a snack. Make sure to check for food allergies. If you aren’t paying the experts you must feed them!
- Will the experts be paid? If not how will they receive benefits for providing their expertise?
- What is the agenda for the meeting? In the case of an ad hoc advisory board generally the agenda is filled with questions the CEO either needs answered by the experts or their referral on where to get the answer.
- What materials need to be sent to the experts prior to the meeting to maximize their input? I suggest that in addition to content you include a confidentiality agreement.
- How do you plan to follow-up with each expert after the meeting? A few days after the meeting any of the experts may have additional observations and suggestions you will want to capture. It is also an opportunity to thank them again which is particularly important if you ever want to call on them again and you did not pay them.
In addition to addressing pressing issues facing a CEO an ad hoc advisory board gives both the CEO and the expert an opportunity to try each other out. After the meeting the CEO and the expert may decide it makes sense to work together in a paid arrangement.
Let me know if you have ever created something similar to an ad hoc advisory board or served as an ad hoc advisor.
Interested in establishing an advisory board? Find out what you need to do, purchase the Advisory Board Kit: A Comprehensive Guide to Establishing an Advisory Board. You can have your advisory board up and running in 90-120 days if you follow the steps laid out in the Advisory Board Kit.
