You’ve decided to set up an advisory board for your start-up. Good choice. But where do you start?
Here are seven practical steps to get you going:
- Work out what you want to achieve
What do you actually need from your advisory board? Unlike a formal board of directors, advisory boards can work in different ways and serve different purposes.
Think about what you’re trying to accomplish. Are you looking for strategic guidance? Help with fundraising? Industry connections? Getting clear on this from the start helps you build the right board for your needs.
- Identify the skills or experience you’re missing
Now you know what you want to achieve, look at what’s missing from your team.
Do you need technical expertise? Someone with deep industry knowledge? Maybe you need an advisor who’s helped other start-ups scale quickly? Make a list of the gaps you need to fill.
- Find the right advisors
This is often the tricky bit. Start by reaching out to your network and asking for recommendations. Look for people who’ll challenge your thinking, not just agree with you.
If someone’s been helpful in the past, ask them for suggestions. When you’ve found potential candidates, treat it like any recruitment process. Check references, have a proper conversation, and perhaps try working together on a consultancy basis first to see if it’s a good fit.
- Put a terms of service agreement in place
Advisory boards might be less formal than statutory boards, but you still need clear agreements. This isn’t about red tape – it’s about making sure everyone knows what’s expected.
A proper agreement protects both you and your advisors. It sets out things like time commitments, confidentiality, and how you’ll work together. Clear expectations from the start help avoid misunderstandings later.
- Appoint a chair
Even if your advisory board is small, appointing a chair makes things run more smoothly.
A chair helps develop relationships between members and adds accountability. They make sure people have read papers before meetings, follow through on tasks, and keep discussions on track. Tools like the Governance360 platform can help your chair manage this more easily.
- Keep communication flowing
This one’s crucial. You might only meet quarterly, but that doesn’t mean you should go silent between meetings.
Stay in touch with your advisors. Ask for their input. Keep them updated on major changes so they can give you timely feedback. Regular communication helps ensure your advisory board actually delivers value rather than becoming a box-ticking exercise.
- Use the right tools
Managing an advisory board takes time – time that most start-up founders don’t have much of. That’s where a platform like governance360 can help.
From sharing papers securely to tracking actions and scheduling meetings, having the right tools in place makes the whole process less of a headache. It means you can focus on getting value from your advisors rather than drowning in admin.
Ready to take the next step?
Building an advisory board is just the start. Managing it well is what makes the difference. If you’d like to see how governance360 can help you stay organised and get more from your advisory board, take a look at our platform.