how to create an advisory board
DESCRIPTION
How to create your Advisory Board. What to use it for, how to avoid pitfalls and how to get the best out of your advisory board.TRANSCRIPT
How to create an Advisory Board
Lena Beck RoervigCEO & Co-Founder
Beck Global Consulting, LLC44W 28th St. 8th fl.
New York, NY [email protected]
+1 917-803-0831www.beckglobalconsulting.co
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What can an advisory board offer• Experiences: been in the business longer
than you. • New perspectives: different industry or field
providing. • Connections: high profile executives who
lend you credibility, thus helping you secure customers, or financing.
• Introductions: e.g. potential customers, potential strategic partners.
• Test: bounce ideas off & provide a reality check.
• Truth: tell you when you’re about to mess up.• An ally: confide in.
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Advisory Board vs. Board of Directors
Advisory Board1. Created to offer guidance2. No authority3. No fiduciary responsibility4. No legal responsibility for
strategy, actions, successes and failures
5. Cannot make direct changes
Board of Directors1. Created to offer guidance2. Have authority3. Fiduciary responsibility4. Legal responsibility for
strategy, actions, successes and failures
5. Can make direct changes
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Skills & need based recruiting When you know what you are looking for you have a much higher chance of finding
it!
• Your advisory board member profiles – what do you need according to your strategy, goals, challenges & opportunities
• Competencies, skills & connections
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What’s in it for the Advisor?– Being part of something that is new and
exciting– A wish to help– Have a lot of ideas that someone=you can use– Getting connections– Getting it on the resume– Good for the Advisors own business– Bragging rights
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Remuneration?Yes/No/How
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Where to find the right people– People you know– People someone you know, knows – Linked-IN– Advisory Board web-sites– Headhunter– Networking – Clients– Suppliers
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How to get the most out of your board
– Work with the board as a team, 1-1 or pair– Build personal rapport– Add names and bios to your web-site– Informal communication when appropriate– Monthly or quarterly high-level advisory board
update – Feedback on vital progress or set-back’s
immediately– Agenda for each meeting even 1-1 or pair.– Specific topics for specific skills and expertise– Minimum 2 conferences calls or meetings per year
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Agreements
– Agreements?– Liabilities protection?– Term limits?– Non Disclosure Agreement?
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Pitfalls• You do not have an objective for your use of the
advisory board• The people on the advisory board have too little time• You have picked someone with the right name, but
wrong skills for your needs• Discussions are scattered and not focused on your
‘next steps’• You do not have enough time to cultivate the
relationship with each member• You appoint too many advisors at a time. • You do not invest in the time. It takes 20-30 hours
quarterly to manage a board effectively
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Personal Pride– An Advisory Board is there to challenge you.
Don’t be offended by suggestions the advisors give you• You might not agree• You might already know it• He/she might have told you earlier
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Lena Beck RoervigCEO & Co-Founder
•Beck Global Consulting, LLC
44W 28th St. 8th fl.New York, NY 10001
[email protected]+1 917-803-0831
www.beckglobalconsulting.com
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• Lena Beck Roervig specializes in High Performance Board Development, Executive Coaching and Leadership Development. She is the CEO & co-founder of Beck Global Consulting LLC.
• Lena has been characterized by others as an energizing and engaging consultant and business leader, equally successful in building collaborative partnerships with senior corporate executives, Boards of Directors, and investors as well as front-line operating teams worldwide. She is a unique combination of visionary, operating executive, turnaround specialist, strategist and company advocate. She understands how to make leaders and managers perform, get clarity and achieve outstanding results.
• Lena holds a Master of Science in Economics from Copenhagen Business School and has completed additional executive management education at INSEAD in France and Singapore, and Henley Business School in the UK. She has lived in Copenhagen, London, Cannes, and now runs her consulting business from New York City.
• In addition to her work activities, Lena offers pro-bono advisory services for a number of not-for-profit organizations and provides guidance and support in relation to effective board structure strategies. She serves as an active member on several Boards, including the American Scandinavian Society and the American Friends of the Danish National Gallery. She is the Chairman of the Vibeke Roervig’s Ballet Foundation.