Advisory boards can be structured both to help with the direct operation of your company and to keep you informed on various business, legal and financial trends that may affect you and your business.
Generally, you’ll want a business consultant, legal advisor, an accountant, a marketing expert, a human resources expert and perhaps a financial advisor who understand the basics of business and will view your operation with a fresh eye and perspective. When setting up the board, be clear about what you’re trying to do. Let your prospective advisors know what your business goals are and that you don’t expect them to take on an active management role or assume any liability for your company or for the advice they offer.
When holding actual meetings, you can go one of two ways: You can either bring everyone together every month or two, or you can meet with different advisors separately in a way that makes sense to the issue at hand. It really depends on your business’s needs, what you’re comfortable with and the dynamic you wish to develop between your advisors.
FYI Business Consulting offers Advisory / Virtual Board Services that helps business owners with the varied challenges of doing business today. Regardless of the particular stage of business life cycle; start up, growth, mature, decline, the continual challenges of providing adequate return on capital invested, growing revenues, and building value in your business is the top priority.