A growing number of privately-held businesses contemplate the deployment of an outside advisory board but are not sure what the true recipe for success includes. Boards can be a powerful value creation catalyst. There are 3 things I always share with business owners who are creating a board;
- Be crystal clear on what you need the board to accomplish.
- Know the type of expertise needed given the life-cycle of the business.
- And timing is everything. Does the company possess the requisite organizational readiness capacity to execute?
There is a specific rigor that goes into creating a board and getting it up and running. If your business is contemplating creating an advisory board – consider a third-party facilitator to guide you through this journey.
To learn more about how to select wisely and execute with precision, please take a moment to view my article published in the September, 2016 issue of Smart Business Network. I hope you find the content relevant and valuable.