Management Skills: Advisory Boards: How Do They Work?
April 23rd, 2010
Last issue’s article “Advisory Boards Can Fill The Gaps,” led to a number of emails asking how to work with an advisory board. They can be low-cost, depending on how you handle meetings and mailings. They can have as few as four people and as many as 12, depending on how you want to use them. If you’re going to have meetings, either in person or by phone or virtually, then 4-8 people is more manageable. Under four and there’s not enough collaboration if someone misses a meeting. More than eight and there are too many voices trying to be heard.
An advisory board is simply a group of outside advisors who share their knowledge to help you be more competitive, think strategically and offer specific advice in key areas, especially ones not in your sphere of expertise. They can offer resources, expert advice and networking contacts an entrepreneur might lack in the early stages of building a company. An advisory board can also assist you in outreach. If no one on your board has the expertise to address a certain issue, then one of the members may often be well-connected enough to help find someone who does have the necessary expertise. It is crucial in working with an advisory board to listen and take on board what they say. There’s no point having their expertise available if you are going to ignore it.
Copyright © The Main Report Group
