In my last post I discussed how to orient your advisors. One of the points I made was the need for a briefing book. A briefing book contains information an advisor may refer to frequently. While some if not all of this information might have previously been provided, the briefing book puts it all in one place.
I recommend a three-ring binder that is large enough to handle additional information you may distribute at future meetings. In assembling the briefing book consider including the following information:
- Advisor contact information, both work and home
- Advisor biographies
- List of company officers and senior management with contact information, home and work
- Organizational chart, so the advisors can begin to understand how all the pieces fit together
- Brief company history
- Three years of Financial Statements
- Current Year Budget
- Current Marketing and/or Promotional Plan
- Strategic Plan, if available
- Key Customer List, marked confidential
- Top 10 Competitors with industry ranking, if available.
- Your product/service offerings. Don’t assume the advisor knows them all.
- Links to industry websites and other educational material
- Copy of signed Statement of Roles & Responsibilities
- Schedule of meetings & calls for the ensuing eleven-month
Note that the briefing book does not contain meeting minutes. An advisory board doesn’t have minutes. If anything there are meeting notes which only the CEO should have.
As the advisory board moves forward the above information will be added to and updated. At the very first meeting of the advisory board the briefing book should be reviewed with the advisors so they understand the content and its importance. It’s important to remember that newer members will need the most help coming up to speed. So periodically review what should be the contents of the briefing book with all the advisors.
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