12 Suggestions for Creating a Highly Efficient Board of Advisors

Efficient board of advisors

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:

  1. Define the purpose and objectives of the advisory board.
  2. Establish your philosophies related to advisor compensation.
  3. 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?

  4. Pursue independent, unbiased members; doubters / devils advocates are positive. They may bring new perspectives to the grand scheme of things.
  5. 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?

  6. Keep the size of the board manageable.
  7. Establish expectations for the advisory board and the individual members.
  8. Be prepared and expect advisors to be prepared for all meetings.
  9. Leverage member networks.
  10. Provide compensation for the advisors.

    3 Considerations for Advisory Board Compensation

  11. Document the advisor relationship.
  12. Finally, manage ongoing communications.

Alexa Cleek