Lie. Advisory boards can be extremely cheap, especially for start-ups. Many successful business people love to give back and mentor early-stage companies and are willing to do it for free.
True. Properly assembled and executed upon, advisory boards provide accountability to the founder(s) / executives. Research shows that peer pressure is very effective and telling your advisory board that you will do something is a great way to have accountability without hiring your boss!
Lie. Most advisory boards meet formally for a few hours quarterly. It is helpful to have more frequent meeting when they get started or around major corporate events (product launches, acquisitions, capital raises etc.). The process of identifying, recruiting and assembling an advisory board does not have to take more than 30 hours and 5 hours per month. It is all what you make of it.
Advisors = Cheerleaders.
Lie. Truth is they should be and that is your goal, but don’t assume advisory boards will speak highly of you or your company. This is the danger of “informal” advisors. We have witnessed many companies that leverage relationships in their network to add a big name to their list of advisors only to have those people not speak 100% positively about the company to others. This usually happens when founder(s) solicit and get people to agree to be an “advisor” only to never have a real advisory board function. Having advisors for the sake of a website / executive summary name-dropping with no real function to the company is a red flag to the advisors and everyone else.
Not for Me!
Lie. Every business needs advisory boards. Medical and science-related companies have benefited greatly from “scientific advisory boards” that gave them access to minds and talents that they could not otherwise tap into. Every business owner needs a sounding board. Whether its a large company with an existing board of directors, a start-up or non-profit, every entity’s leadership team needs to utilize a formal group of advisors to provide the framework for business growth.
Ready to do it right?!
The first 100 people get our $15 course “Assembling an A+ Advisory Board” for only $1! TRUE! Visit www.advisory-board.info today to enroll!
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