How fast can our advisory board…?
How fast can we… launch our advisory board?
The amount of time it takes from an internal kick-off to your first advisory board meeting depends on a number of factors. Consider:
Have you articulated the board’s role—and accountability for its outcomes?
Do you have commitment from key executives…including those who hold the relationships with potential advisors?
How strong are your current relationships with potential advisors?
Are you clear on the value proposition: why advisors would participate?
Do you have initial ideas on the first meeting’s topics and conversations?
The faster you can solidify answers to these questions, the faster you can launch. At the same time, be careful not to sacrifice a solid foundation to speed. Hastily launched boards often prove far more difficult to sustain.
How fast can we… recruit advisors?
Recruiting can be the most difficult timing for companies to gauge, and is one place where you cannot skimp on preparation. Your ability to move quickly is tied tightly to the status of your relationships.
Do you have a sufficient pool of ideal candidates?
Do you have the depth of relationship with those individuals?
Will they immediately recognize the value of participation?
Recruiting turnaround also depends on the focus and rigor of your internal sponsors and board management team.
Do you have sufficient input and buy-in to identify and invite key customers?
Can you devote the resources—or outsource the oversight—to prevent the process from stalling?
How fast can we… develop a meeting agenda?
Your meeting structure and content will impact the quality of conversation, engagement, and advice for both you and your advisors. You will need sufficient time to:
get input from both your advisors and internal executives
tailor the agenda to your mutual interests, and
develop the presentations, guides, and ancillary materials that make for a robust, yet fluid discussion.
How fast can we… yield value and influence our business?
Advisory boards, when designed and developed properly, yield value as early as the first meeting. With the right agenda and the right team at the table, you can get input into existing strategies, improve relationships with advisors and their companies, and develop ideas for overcoming old and new challenges. With continued commitment—and accountability to apply the board’s advice—the impact becomes exponential over time.