It is important to set expectations and delineate who does what on the advisory board.  I’ve found it’s important to think about this before you begin to speak with prospective advisors as the good ones will want to know up front what they’re getting themselves into.

As a consultant on the formation and facilitation of advisory boards I recommend setting expectations by using a Statement of Roles & Responsibilities.  The statement:

• Defines roles and who is responsible for specific tasks,
• Reminds people that all information is confidential, and
• Sets the stage to allow for graceful resignations or terminations.

To ensure people take it seriously I also recommend the CEO and the advisors sign the document.  While it’s not legally binding, requiring signatures raises the level of importance in people’s minds.

The components of a good Statement of Roles & Responsibilities will include the following sections:

• Overall guidelines to be followed and ground rules.
• Advisor responsibilities.
• Company/CEO responsibilities.
• Resignation & termination.
• Signatures.

Some people may prefer to create a letter.  I still recommend the components cover the sections I list above.

As the years progress and your advisory board gets more established it is important to review and revise the statement.  It wouldn’t be a bad idea to make it an annual task done at the same time you are preparing to evaluate the effectiveness of the advisory board overall and the individual advisors.

You will find a sample Statement of Roles & Responsibilities in the Advisory Board Kit: A Comprehensive Guide to Establishing an Advisory Board.