ADVISORY BOARDS

by | Jan 20, 2017 | Advisory, Business

As we approach the holiday season, have you considered your strategic plans for the New Year? You may well not need help with setting your goals, but you may be interested in the best practice tools we use.

And whilst we use our business development strategies when acting as clients’ virtual finance director and their business coach, some businesses create advisory boards, comprising of individuals with complimentary skills (and where we may act as facilitators).  Advisory boards usually have no fiduciary duties, their advice is non-binding and sometimes they meet virtually.

Tips for making advisory boards effective:

* Be clear on your objectives.

* Choose the right people – should they include customers, investors, good networkers, specialists?

* Set rules for the advisory board, including requirements to be open and frank, response times etc.

* Agree compensation terms, (whilst also appreciating that participants may well receive benefits, just by taking part).

* Plan each meeting: set an agenda and follow up with action plans with SMART objectives.

* Be open to the suggestions of the board.

* Communicate regularly with board members.

* Fire bad board members.

But whether you use a business coach, a board or other means, now is a good time for setting clear goals for 2015. I know that we’re working on ours….