Discover 3 things you should know about Selecting Advisory Board Members. In the video Jim Wilkinson, President and founder of The Strategic CFO discusses 3 useful tips you should know about selecting members for an Advisory Board.
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Dave Steitz with Steitz Partners discusses forming advisory boards for entrepreneurs, including the compensation of advisory boards and management of the advisory board meeting. An advisory board is one of the most powerful tools an entrepreneur can implement to spur growth and profitability!
Forming Advisory Boards for Entrepreneurs
The advisory board is meant to be a support or advocate for the company’s leadership. They are also meant to be a resource for the President or CFO. Some of the advantages include providing diversity of perspective that would not be present inside the organization. When forming advisory boards, it’s important to understand your expectations of the advisory board.
Does your company have an advisory board that meets with senior management on a periodic basis? If you don’t, then why not? This past week I spent 5 hours in a advisory board meeting that we scheduled to last 2.5 hours. We spent that time not because the management asked us to, but because we were accomplishing so much as a group that everyone didn’t want to quit. How did this company get so much out of a talented group of people for so little? Wouldn’t you like advice in taking your company through difficult or challenging times?
Does Your Company Have an Advisory Board?
About 3 years ago a client of mine approached me to be on an advisory board they were forming. It was to consist of six advisers in addition to senior management. We meet every quarter to discuss issues facing the president of the company and a recap of the accomplishments for the previous quarter.
After a year of getting as much out of the meetings to help our company as I was giving the client, I decided to form an advisory board for our company. We have been meeting for about two years. During this time, the advice given to me has paid dividends many times over.
I am surprised many companies and entrepreneurs don’t have their own advisory boards. There is a certain amount of vulnerability that comes with strangers looking at your financial results and criticizing you. However, the value that comes with the honesty is worth the pain. In 2009, you should consider forming an advisory board for your company. You will wonder why you didn’t do it sooner!