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Support and guidance from an advisory board may accelerate growth, improve financial performance, manage risk or enhance operational performance.
Advisory boards offer different ideas, perspective and possible solutions to support better outcomes.
The toolkit covers the four phases of an advisory board’s life cycle:
Clarify why you need an advisory board, what you want advice on and whether it is the right approach for your organisation. Be ready to listen to different perspectives and constructive challenge.
Set clear foundations from the outset. Define the advisory board’s purpose, roles and boundaries, select the right people and agree how the board will work together. Advisory board members provide advice they do not make decisions or hold governance authority.
Focus conversations on the issues that matter. Good preparation, respectful challenge and diverse perspectives help improve the quality of thinking and decision-making. Decisions remain with the advice seeker or board.
Regularly assess whether the advisory board is still meeting its purpose. As needs change, you may refresh its scope.
Excerpt from The Four Pillars of Governance Best Practice on advisory boards (Institute of Directors, 2014)
Article: IMHO: Should you be using advisory boards more? (member-only)