Creating a cross-functional advisory board is one of the most important things you can do for your business. By collecting a group of experts from various fields, you can get insights and advice that will help you take your company to the next level. But how do you go about building a genuinely cross-functional board?
1. Make Sure The Board Has A Mix Of Skills And Experience
Your advisory board should include individuals with diverse backgrounds and skill sets. This will help you get a variety of perspectives on your business, which can be very valuable. It’s also important to have board members familiar with the kind of business you operate.
But what if you don’t know anyone who has the right skills to be on your board? You can always look for new members by networking with people, attending conferences and trade shows, and reading trade journals. If you need help finding advisors, ask potential mentors for referrals to other entrepreneurs who could be good candidates.
2. Make Sure The Board Is Well Balanced
A well-balanced advisory board will have individuals with different backgrounds, skills, and areas of expertise. This will help you get a variety of perspectives on your business and make better decisions. It’s also vital to have a mix of men and women on your board, as well as different ages and ethnicities.
3. Make Sure The Board Is Accessible
Your advisory board should be available to you when you need them. This means they should be willing to meet with you regularly (at least once a month) and respond to your emails
4. Make Sure The Board Is Engaged
Your advisory board should be engaged in your business and be willing to offer their insights and advice. This means they should be prepared to ask questions, offer feedback and support when needed.
5. Make Sure The Board Works Well Together
Your advisory board should have chemistry and work well together. This means having a cohesive group that complements each individual’s strengths, weaknesses, skill sets, and areas of expertise.
6. Make Sure Your Company Is Ready For An Advisory Board
Your company should be ready for an advisory board before you go out and recruit members. This means you should have a clear vision for your business, a well-defined strategy, and a good management team in place.
7. Make Sure The Board Is The Right Size And Meets Your Needs
Your advisory board should be small enough to be manageable but large enough to get a variety of perspectives. A good rule is to maintain between 5 and 10 members on your board. Your advisory board should also meet your specific needs, tailoring to the stage of your business, the size of your company, and your industry.
8. Make Sure The Board Is Sustainable
Your advisory board should be sustainable, which means you should have a plan for replacing departed members and how often you will rotate new members into the group.
Creating a cross-functional advisory board can be a great way to help your business. By following these tips, you can make sure your board is well-balanced, engaged, and affordable. You will also be able to take your business to the next level.