No one builds a great global business alone, and whether it’s a start up or an established industry leader, having access to high-quality advice can enhance an organization’s odds of success.
When setting up an advisory board, you need to answer a key question: “Why are we establishing an advisory board, and what do we want out of it?”
Your company may be seeking assistance with anything from marketing operations to managing events and influencing businesses to participate as a member. Thinking carefully about an advisory board’s purpose will ensure that it will have the right people to be structured to optimize its contribution to your business success.
A key success factor for Global Chamber® Denver has been a well-thought-out advisory board consisting of entrepreneurs, innovators and thought leaders sharing a passion for international business in the region. Our newly created advisory board is made up of leaders from some of the world’s most successful companies and leaders in the business community. This board offers input and advice pertaining to the content and development of programs, events and services geared toward chamber membership development.
In order to achieve desired benefits, it is essential to understand who is trying to achieve what from an advisory board. The advisory board must understand what is being sought from the advisory board and its individual members. The board will be an advisor to the executives generally, or it could serve as a focus group for marketing, program or product development, or other aspects of the business.
An advisory board must be the right size. An advisory board should be built carefully, having regard to the current and nearer-term needs of the organization and the chemistry of the members and others with whom advisory board members will be working. A board with more than the appropriate number of members may provide challenges in terms of delivering the ongoing information required to enable the board to be effective and in terms of organizing board meetings. Often, it is best to begin with the advisory board leader or leaders acting as the chair and to grow the board from a fairly small size to its ultimate number. This can be done over time as skill and experience in managing the advisory board are developed.
Finally, once you’ve retained your advisors, don’t feel obligated to keep them around forever. As your organization evolves, so should your advisory board. The early stage advisory board is not the same one you’ll need one or two years from now.
Jeffrey Campos, Executive Director, Global Chamber® Denver
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