I won’t kid you, establishing an advisory board takes time and effort if you want to do it right.  I use a multi-step process.  If you haven’t recently completed any business or strategic planning I would recommend you plan to complete all the steps.

How long it really takes is completely up to you.  Exhibit 19 in the Advisory Board Kit is a chart detailing the steps and the time line for completing each.  I summarize it here:

Month One:

• Develop company vision
• Complete SWOT* analysis
• Identify skills & talents needed
• Develop the advisor profile

Month Two:

• Set advisor compensation
• Create the statement of roles & responsibilities
• Develop the advisor pitch
• Identify information to give prospective advisors
• Identify & prequalify prospective advisors
• Interview prospective advisors
• Check references

Months Three & Four:

• Continue to interview prospective advisors
• Continue to check references
• Pitch the prospective advisors
• Invite the prospective advisors to serve
• Orient the advisors
• Plan the meeting
• Run the meeting

In a perfect world expect the process to take 90 to 120 days.  At the end of that time you will have a board comprised of people you really want to take advice from and be accountable to.

Want to learn more?  Then check out the Advisory Board Kit: A Comprehensive Guide to Establishing an Advisory Board.  The book and related programs are now available.

*Strengths, Weaknesses, Opportunities & Threats