Build a Better Advisory Board
For privately owned companies, advisory boards can be very valuable and cost-effective, without the complexities of a “governance board.” Since advisory boards do not have formal legal or fiduciary responsibilities, they do not require legal formalities.
Most private company CEO’s have an informal advisory board, including an accountant, an attorney, a banker, and other professionals or friends. A CEO peer group may also provide useful advice.
These informal advisory boards often work well. But they may not provide subject matter, industry sector, or technology expertise that you require. That’s when a more formal paid advisory board may make financial sense for your company.
I can assist you in two ways with advisory boards:
- As an advisory board member
- As a resource to help you structure and recruit an advisory board tailored to your specific business needs
Advisory Board Member
I am currently serving as a paid advisory board member for a SaaS (Software as a Service) company that wishes to grow, both in its current sector and in adjacent market sectors.
This assignment leverages my deep and broad experience in SaaS as a CEO, COO, and head of Marketing & Sales. My current focus on that board is pricing and product definition, both of which should contribute to accelerated revenue growth.
Like the other three members of this advisory board, I attend a formal quarterly meeting, work on small projects with the CEO and other members between those formal meetings, and receive a modest quarterly fee.
Even if I’m not the ideal candidate for your advisory board, I may be able to recommend a good candidate from my personal network. I’m always happy to invest 30 minutes in a phone call on your advisory board needs.
Help You Build an Advisory Board
Here are some of the questions you will need to address if you decide to create a formal, dedicated advisory board:
- How do you find a diverse, but small collection set of potential members with a broad array of functional expertise?
- How much time and effort will the search take?
- Do you have relevant industry (e.g. manufacturing) and specialist (e.g. bank financing) expertise with substantial C-level experience generating practical, rather than theoretical guidance?
- Can the advisory board develop a coherent, pragmatic, and sustainable strategy for growing my business?
- Will the advisory board members be compatible and collaborative?
I can also seek specialists in other areas, such as corporate development, IT or HR if you would like to create a more tailored advisory board.
Every company will have slightly different needs for its advisory board. And those needs will evolve every year or two. Having some structure and process for your advisory board will make it more effective.
Let’s talk about your goals and specific needs. Remember that deciding to “do nothing” also has a cost.
Advisory Board Questions?
Contact us to schedule a 30-minute phone call to discuss your goals.