As your business grows, your advisory board needs to grow with it. It simply is not enough to create your board and then allow it to stagnate. If you want an effective and high impact advisory board, you must periodically evaluate it. If you’ve never worked with an advisory board before, it can be challenging to know exactly how to achieve this goal. However, there are several things you can do to evaluate your board and keep its performance going strong.
Identify strong advisors
When you first create your board, you need to make sure you are choosing quality advisors. You have a better chance of success if you put careful thought and effort into creating your board from the very beginning. Find advisors who have the skills that you lack and can offer sound advice for the business.
Add new members
As time goes on, you will need to replace original advisory board members with new ones. This change is not a reflection on how effective your board members are; it only means that your business has developed and you need to make decisions to reflect that and will need new skills and input. New members mean new perspectives that allow more effective advice from your board.
A good rule of thumb is to establish a timeline for when you will evaluate your board. Perhaps create a one-year agreement with all of your advisory board members so they know they may potentially only serve on the board for a year at a time. You can evaluate at the end of the year and determine how to move forward.
Communicate with them
Communication is vitally important in any relationship and the one you have with your advisory board is no exception. Being able to discuss what they think of how the board is doing and if goals are being met makes it easier to mutually evaluate the board.
Identify new goals
When working with an advisory board, you need to set clear goals that you can work toward. Having actionable steps to achieve these goals makes it easier to measure how the advisory board is doing. As you accomplish set goals, make sure you’re continuously identifying new ones.
Get outside help
If you have never worked with an advisory board before, it is not a bad idea to seek outside help. If you have a mentor, ask them for their input and what their experiences with advisory boards have been. There are also companies and organizations that can assist in training and ensure that you create a high impact advisory board.