In order to have the most effective advisory board possible, you need to focus on having an impactful board. A high impact board means more than simply finding great board members and trusting they will take care of what needs to be done. To achieve a high impact board, you must be intentional about it and continually make it a priority. Here is some more information on what a high impact board looks like; use this information to improve your own board and achieve your goals. These tips make it easy to ensure your board has a positive, high impact on the company.
Keep governance to a minimum
If you want your board to be effective as possible and have a high impact, you’ll need to keep governance to a minimum. It’s important to focus more on how the board can aid your company instead of attempting to govern the board and waste time figuring out how it should be governed. Too often, people get caught up in operational audit and finance issues. Let me be clear, good governance is the bare required minimum, not the highest goal a board should meet.
Create value at every meeting
The point of a board is to add value to your company. In order to create a high impact board, you need to create value at every meeting your board has. Define priorities, focus on them and get work done. After each board meeting we strongly recommend a brief valuation done by all participants, board members, and executives to make sure your board process is constantly improving.
Focus on your vision
People often spend time talking about what happened in the past; do not do this. Focus on the vision for the company and work with your advisory board to achieve it. Look toward the future instead of the past. You’ll see greater benefits and get more done.
Grow your board with the company
It can be tempting to take the time to craft a great advisory board when you first institute it and then not think about it again. However, in order for your board to be a high impact board, you need to grow it with the company. Do not be afraid to periodically change up the members on your board; replace previous members with new ones who better fit the company as it grows.
Listen to your board
If you truly want a high impact board, you need to learn to listen to them when they offer their input. Do not disregard what your board tells you if you do not necessarily agree with it; board meetings are for you to listen to suggestions from your board, not for you to do all of the talking.
You can get good support from Advisory Board Architects on this transition to high impact boards.