Concept Paper for An Advisory Board

Article by Herb Rubenstein

Introduction

Advisory Boards are rare in design and manufacturing companies in the US.  However, there might be an opportunity for an Advisory Board to be very valuable to many companies, non-profits, educational organizations, and government agencies.  This concept paper outlines three novel steps regarding how the company can create a thriving, value-creating, advisory board with zero cost and have The Advisory Board instantly contribute positively to the organization  The three steps are discussed in order below.

Step One - Design the Advisory Board with Six Sub-Steps

1.1. Write a one-page charter document for the Advisory Board explaining its role, the company’s vision for it, and its mission in helping grow the company.  Share this draft with the CEO or Board of Directors and revise.

1.2. Write a list of seven specific tasks or areas of focus for the Advisory Board for year one, plus three new areas of focus for year two.

1.3. Create a nomination, screening, and selection process that brings together relevant, high quality and diverse skill sets in people with excellent business and organizational development skills, plus a passion for the company’s products and future services.  Set the advisory board number at 7 or 9 people.

1.4. Select the board and schedule the first three advisory board meetings all to be held within one year of selecting the board.  Include in that schedule one overlap meeting the with company’s board of directors or Executive Staff.

1.5. Create a two-year position for each new advisory board member and at least two advisory board members would rotate off the board every two years.

1.6. Create a written contract approved by the CEO or Executive Staff or Board of Directors between the Advisory Board members and the organization that provides for the time commitment expected by the Advisory Board members and the benefits they will receive from serving on the Advisory Board.

Step Two = Publicize the Advisory Board With Four Sub-Steps

2.1 Publish the Advisory Board Charter and Tasks on the organization’s website with the names, biographies, and photographs of the Advisory Board Members.

2.2 Train the Advisory Board Members to be ambassadors for the organization and form a speakers’ bureau among the members with talking points about the future of the organization.

2.3 Assign key company staff to serve as staff and liaison to the Advisory Board.

2.4 Develop communication protocols between the Advisory Board members themselves, and staff, and give them email addresses and access to Advisory Board documents through a password-protected portion of the Hogan website.

Step Three - Implement the Advisory Board - With Three Sub-Steps

3.1 Set the agenda for the first advisory board meeting, hold it, take careful minutes, and include a golf outing and overnight stay on location for the Advisory Board members.

3.2. Make sure the staff agrees to respond to all questions and recommendations presented by Advisory Board Members within two weeks of each Advisory Board meeting answering their questions and stating whether the organization will implement, will not implement, or will continue to study the recommendation.

3.3 At the end of the year staff or an Advisory Board member should write an Advisory Board Report listing all contributions made to the company by The Advisory Board and seek to quantify, where possible, the contributions the Advisory Board has made to the organization in the past year.

Conclusion

Advisory Boards can be powerful influencers.  They must be created and supported by executive staff in order to be effective.  They work for all types of organizations and many people are very willing to volunteer their time and energy to organizations that seek to have an effective Advisory Board filled with excellent talent and hard-working people.