Seven Criteria for a Successful Advisory Board

An advisory strategy should encompass the following:

  1. Quality external advice that challenges your perspective and asks tough questions.
  2. Your commitment to be open minded and listen to external perspectives—it doesn’t mean you have to act on the advice.
  3. Broad insight that fuels growth, guides operations and addresses risk (strategy, sales/marketing, finance, HR, legal, operations and technology).
  4. Helps increase access to funds (credit and/or equity).
  5. Maintains flexibility and keeps you in control.
  6. Matches your budget.
  7. Conveniently fits within the intense time demands on your schedule.

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