Effective and valuable advisory boards much have a purpose and provide measurable contributions to the top management teams and organizations as a whole. While in some companies certain folks are invited to join boards simply because of their name and popularity (which can be beneficial) in most instances you want members to contribute.
Contributions of effective advisory boards can vary, but here are a few which I believe provide the greatest value:
- Purpose – driven by organizational mission and vision
- Expertise – functional experience and knowledge
- Guidance – you can learn from their experience
- Relationship building – new opportunities
- Validation of opportunities – reviews proposed courses of action