Creating An Ideal Corporate Advisory Board

CEOs often feel as if they have the weight of the world on their shoulders. While the weight of the entire world might be a bit of a stretch, the weight of running an entire company or corporation can seem daunting and overwhelming at times. That’s why many of the most effective CEO’s create their own corporate advisory board. An advisory board is made up of men and women who bring experience and expertise to the table to help your business run as effectively and efficiently as possible.

If you’re considering creating an advisory board of your own to help further your career and advance your company, keep the following points in mind. They’ll help you build the right group, reap the most benefit, and grow your company with successful business minds at your disposal.

• Make sure your board is made up of the right experts. Choose men and women with experience and a track record of success in the areas where they’re needed most.
• Don’t meet simply for the sake of meeting. Make sure each meeting of your corporate advisory board has a well-defined, written agenda and a clear purpose.
• Set expectations early and hold yourself and each member of your advisory board accountable. Make meeting dates – aim for quarterly meetings at a minimum – times, length, and location clear.
• Don’t overload your advisory board with people pleasers. Your business is better served by assembling a group of savvy individuals who won’t be afraid to point out missteps or offer critical suggestions.
• Start by selecting from your personal or professional network, but don’t limit your search there. Asking industry insiders for recommendations will allow you to easily expand your network – and build your board – via people you know and trust.
• Offer your board members more than a verbal thank you. They will not expect to be financially compensated for their time but will certainly appreciate displays of gratitude and appreciation. When your advisors feel appreciated, they’ll continue to extend their best effort.
• Two advisors is too small, but a dozen is too many. Gather all the experts you need but keep the size of your corporate advisory board manageable and intimate.
• As your business grows and develops, its needs will change and evolve. Don’t be afraid to make strategic changes to your advisory board when the demands of your business change. These adjustments are necessary and important.

Maintain open, candid, ongoing communication with your board members. While they do not typically oversee company functions or hold any governance within the business, they do offer advice and work together to help the CEO and the business meet important benchmarks and achieve predesignated goals. Because they’re filling an important role on a purely voluntary basis, it’s critically important that you make the best, most productive use of their time.

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