Six Questions to Answer Before Establishing an Advisory Board By: Susan Hammond
In my previous posts I discussed the benefits of establishing an advisory board and how to determine if you’re ready for an advisory board. I recommend one more series of questions before you start on the multi-step process for establishing an advisory board.
Six Questions You Need to Answer
If you’re serious about wanting to start an advisory board consider answering these six questions:
- Why do you want an advisory board?
- What are your goals and objectives for forming an advisory board?
- Are you clear on the vision for your business several years out? Knowing your vision will inform the kinds of advisors you need to recruit.
- What will it take to make the advisory board effective? Consider this question from the perspective of CEO and advisor.
- Do you have the time to properly prepare for each advisory board meeting?
- What are you able and willing to pay advisors? Some will serve for free while others expect to be paid.
I have facilitated several advisory boards over the years as well as been a member of others. Each organization achieved specific successes that otherwise would not have been possible without their advisory board’s input. The magic of synergistic thinking occurs at almost every advisory board meeting. It's an effective way to solve problems and grow a business.
In future posts I will discuss the specific steps I recommend following to successfully establish an advisory board and share a few stories from CEOs who did not.