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What are the best practices for engaging with an advisory board?

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An advisory board is a group of external experts who provide strategic advice and guidance to a business or organization. Unlike a board of directors, an advisory board has no legal or fiduciary responsibilities and is usually informal and flexible. However, to get the most value from an advisory board, you need to engage with them effectively and follow some best practices. Here are some tips on how to do that.

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Define your goals clearly:

Start by identifying the specific areas where you need advice, such as marketing or finance. This helps tailor the advisory board's composition and meeting frequency to align with your objectives.### *Regularly update board members:Keep the advisory board informed about implemented changes and outcomes. This fosters a dynamic, two-way relationship that highlights their impact on your business strategy.

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1 Define your goals

Before you set up or invite members to your advisory board, you need to have a clear idea of what you want to achieve with their help. Do you need advice on specific areas such as marketing, finance, technology, or innovation? Do you want to access new networks, markets, or opportunities? Do you want to improve your credibility, reputation, or visibility? Your goals will help you determine the size, composition, and frequency of your advisory board meetings.

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Ann Moran, MBA

HVAC Partner helping Multi-Site Directors of Facilities get temperature control & reduce HVAC/R TCO | Founder with 2 exits collaborating with Mechanical Contractors to grow & deliver excellence | Skilled trades advocate
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In my experience, a great way to get started is to define strategy. It is important to have a clear understanding of where you are now and where you want to go (the gap) with key metrics and KPI's defined to measure progress and success. It is also important to understand the "why" behind the vision/mission, the core values that shape intention and how decisions are made and culture. Once this is clear, strategy can be defined for 1, 3 and 5 year goals. Now it is time to map out specific areas of expertise that are needed/missing to help drive strategy and tactics to achieve results around the defined business model. For example, what areas of expertise are missing? I.E: marketing, sales, finance, technology, fundraising, etc...

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2 Choose the right members

The quality of your advisory board depends largely on the people you select to join it. You want to look for members who have relevant expertise, experience, and connections in your industry or domain. You also want to consider their availability, commitment, and compatibility with your vision and values. Ideally, you want to have a diverse and balanced mix of members who can offer different perspectives, insights, and feedback. You can use your existing network, referrals, or online platforms to find potential candidates.

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Ann Moran, MBA

HVAC Partner helping Multi-Site Directors of Facilities get temperature control & reduce HVAC/R TCO | Founder with 2 exits collaborating with Mechanical Contractors to grow & deliver excellence | Skilled trades advocate
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Choose the right individuals for an advisory board who will drive strategy/accountability, proper governance, succession, risk mitigation, business model and propel results. The best members will challenge thoughts in a positive way, contribute and collaborate for end goal as a fiduciary for members/shareholders/stakeholders. Define the areas of expertise needed, desired Board composition (numbers, expertise, term, responsibilities) and identify potential candidates for the advisory board. Have a process for recruiting and evaluating talent, again targeting individuals that bring needed expertise to "fill the gaps" to implement strategy. Decide best onboard process to welcome and bring new board members up to speed with existing board.

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3 Set clear expectations

Once you have your advisory board members, you need to communicate clearly what you expect from them and what they can expect from you. You can create a written agreement or a charter that outlines the roles, responsibilities, and expectations of both parties. For example, you can specify how often you will meet, how long the meetings will last, how you will share information, how you will compensate the members, and how you will evaluate the performance of the board. You should also establish some ground rules for confidentiality, conflict of interest, and feedback.

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Ann Moran, MBA

HVAC Partner helping Multi-Site Directors of Facilities get temperature control & reduce HVAC/R TCO | Founder with 2 exits collaborating with Mechanical Contractors to grow & deliver excellence | Skilled trades advocate
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Once the advisory board members are selected and approved; onboarding, review of ground rules and responsibilities and meeting schedule takes place. Typically there will be agreements signed for confidentiality and conflict of interest at start. There may be a welcome from Board Chair and specific committee board chairs. Depending upon the type of governance model (for example policy governance model versus varying governance structures for advisory vs paid/appointed/non profit boards), there will be training on many topics from culture/core values/vision/mission to setting agendas, meeting minutes and discussions, motions, approval and actions and metrics for evaluation of Board performance and adherence to/amending bylaws and agreements.

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4 Prepare and run effective meetings

One of the key ways to engage with your advisory board is to have regular and productive meetings with them. You should prepare well for each meeting by setting a clear agenda, sending relevant materials in advance, and inviting questions or suggestions from the members. You should also run the meetings efficiently by sticking to the schedule, facilitating the discussion, soliciting input from all members, and summarizing the key points and action items. You should also follow up after each meeting by thanking the members, sharing the minutes, and updating them on the progress.

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5 Listen and act on the advice

The main purpose of having an advisory board is to get valuable advice and guidance from them. Therefore, you need to listen carefully and respectfully to what they have to say, even if it is challenging or critical. You should also ask clarifying questions, seek feedback, and acknowledge their contributions. However, listening is not enough; you also need to act on the advice that makes sense for your business or organization. You should implement the recommendations that align with your goals and priorities, and report back to the board on the results and outcomes.

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Arthur Fedorénko

Founder & CEO at Wiseboard | Help businesses overcome growth challenges and save 2-3 years by tailored advising | Headhunting expert | EdTech Entrepreneur
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Do your homework! The hardest part is the implementation of all of this. Do it. Regularly update the board on implemented changes, fostering a dynamic, two-way relationship that underscores their impact on your business strategy.

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6 Maintain and nurture the relationship

Engaging with your advisory board is not a one-time or occasional event; it is an ongoing and long-term relationship. You need to maintain and nurture the relationship by keeping in touch with the members, updating them on your achievements and challenges, and inviting them to relevant events or activities. You should also show your appreciation and recognition by thanking them, giving them feedback, rewarding them, and celebrating their successes. You should also review and renew the relationship periodically by assessing the fit, satisfaction, and value of the board.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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What are the best practices for engaging with an advisory board?

1

2

3

4

5

6

7

1 Define your goals

2 Choose the right members

3 Set clear expectations

4 Prepare and run effective meetings

5 Listen and act on the advice

6 Maintain and nurture the relationship

7 Here’s what else to consider

Business Management

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What are the best practices for engaging with an advisory board?

1

2

3

4

5

6

7

1 Define your goals

2 Choose the right members

3 Set clear expectations

4 Prepare and run effective meetings

5 Listen and act on the advice

6 Maintain and nurture the relationship

7 Here’s what else to consider

Business Management

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