Ten Factors Contributing to a Successful Advisory Board By: Susan Hammond
Why are some advisory boards successful while others are not? In my years of participation in and facilitation of advisory boards I have observed the following ten factors present:
- The environment fosters synergies between the advisors' and CEO's thinking;
- Recognizing that “the sum of the parts is greater than the whole”. The solution/recommendation would not have resulted without full participation by all the advisors in the discussion;
- All comments are focused strictly on the business and CEO;
- Meeting dynamics are managed so that no advisor dominates;
- Communication flows freely between and at meetings;
- There is a mutual respect for all thoughts and opinions;
- Advisors enjoy and appreciate the company of each other;
- Acknowledgement by the advisors of the intangible and tangible benefits received by serving (i.e. new business or referrals);
- Each participant's roles and responsibilities are clearly delineated;
- CEO is open to constructive criticism.
Working on a successful advisory board with a group of people you admire and respect is one of the greatest rewards. Shared thought leadership that gives you nuggets to take back to your own business can be invaluable.