Advisory boards play a crucial role in providing valuable insights and advice to businesses. However, measuring the success of your advisory board can be challenging. In this blog post, we will discuss some key performance indicators (KPIs) that can help measure the success of your advisory board.
Achieving Business Goals
The primary role of an advisory board is to advise and guide the company toward achieving its business goals. One of the most effective ways to measure the success of your advisory board is by evaluating its contribution to achieving these goals. This can include tracking revenue growth, market share, and customer satisfaction.
Engagement of Advisory Board Members
The engagement of advisory board members is an important KPI in determining the success of your advisory board. This includes tracking attendance at meetings, participation in discussions, and engagement outside of meetings. An engaged advisory board can provide valuable insights and recommendations to help businesses grow and succeed.
Diversity of Advisory Board Members
Another KPI that can measure your advisory board’s success is its members’ diversity. A diverse advisory board can provide a broad range of perspectives and experiences that can help businesses navigate different markets and challenges. Diversity can include gender, ethnicity, industry experience, and geographic location.
Progress and Execution of Recommendations
The progress and execution of recommendations made by the advisory board can also be a KPI for measuring its success. Tracking the implementation of recommendations and the impact on the business can help assess the effectiveness of the advisory board’s advice and guidance.
Overall Impact on the Business
The overall impact of the advisory board on the business can also be a critical KPI for measuring success. This includes evaluating the effectiveness of the board’s recommendations, its contribution to improving the company’s culture, and the development of the business strategy.
Conclusion
Advisory boards can provide significant value to businesses, but measuring their success can be challenging. By tracking KPIs such as achieving business goals, engagement of advisory board members, diversity of board members, progress and execution of recommendations, and overall impact on the business, businesses can effectively measure the success of their advisory boards. Understanding and measuring the success of your advisory board can help businesses make informed decisions and drive growth and success.
Advisory Board Architects offers a free Board Engagement Benchmark Tool, amongst other resources, that can help you measure the success of your board.