An efficient board of advisors is not accidental; they require planning. Here are twelve suggestions for creating highly efficient advisory boards.
Availability of a highly efficient board of advisors can propel the entrepreneurial start-up to new levels as they develop their product, define their business model, build their management team and obtain funding for growth. However, such advisory boards are not accidental; they require planning. Twelve suggestions for creating highly efficient Advisory Boards are shared below.
7 Reasons Advisory Boards are Critical to the Scalable Start-up
How To Create An Efficient Board of Advisors:
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Define the purpose and objectives of the advisory board.
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Establish your philosophies related to advisor compensation.
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Recruit a diverse advisory board with individuals who not only compliment your business but also fill in the gaps you may lack expertise in for your organization.
Advisory Board Creation: What is the Single Most Important factor to be Considered?
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Pursue independent, unbiased members; doubters / devils advocates are positive. They may bring new perspectives to the grand scheme of things.
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Pursue quality in the advisors engaged, not quantity in the size of the board.
Where Does the Entrepreneur and their Fledgling Startup Find Advisory Board candidates?
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Keep the size of the board manageable.
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Establish expectations for the advisory board and the individual members.
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Be prepared and expect advisors to be prepared for all meetings.
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Leverage member networks.
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Provide compensation for the advisors.
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Document the advisor relationship.
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Finally, manage ongoing communications.
