12 Suggestions for Creating a Highly Efficient Board of Advisors

Efficient board of advisors

An efficient board of advisors is not accidental; they require planning. Here are twelve suggestions for creating highly efficient advisory boards.

Availability of a highly efficient board of advisors can propel the entrepreneurial start-up to new levels as they develop their product, define their business model, build their management team and obtain funding for growth. However, such advisory boards are not accidental; they require planning. Twelve suggestions for creating highly efficient Advisory Boards are shared below.

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How To Create An Efficient Board of Advisors:

  1. Define the purpose and objectives of the advisory board.
  2. Establish your philosophies related to advisor compensation.
  3. Recruit a diverse advisory board with individuals who not only compliment your business but also fill in the gaps you may lack expertise in for your organization.

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  4. Pursue independent, unbiased members; doubters / devils advocates are positive. They may bring new perspectives to the grand scheme of things.
  5. Pursue quality in the advisors engaged, not quantity in the size of the board.

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  6. Keep the size of the board manageable.
  7. Establish expectations for the advisory board and the individual members.
  8. Be prepared and expect advisors to be prepared for all meetings.
  9. Leverage member networks.
  10. Provide compensation for the advisors.

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  11. Document the advisor relationship.
  12. Finally, manage ongoing communications.


Tony Lettich

Tony Lettich has previous Business Analysis, Business Valuation, M&A, and Venture Capital experience and currently serves as the Managing Director of The Angel Roundtable and a Partner in Sheehan, Lettich M&A Advisory. He is also a co-founder of FundingSage, which provides valuable information, tools and resources to entrepreneurs seeking to launch and build startups.