We all need sounding boards – to test our ideas, strategies, push us to think beyond our perceived limitations, or simply to remind us that “it’s a really stupid idea & to not spend another minute or dime chasing it!” Yet I continue to meet so many who either don’t have this informal board of advisors, it’s haphazard, or simply managed poorly.
As such, here are 7 best practices in creating that effective personal advisory board:
- Recruit 3-5 people who are sharper, are smarter & have deeper or a broader set of experiences than you do! You’ll have to invest – time, effort, resources. You may have to get on a plane and go see them. The right people make all the investment worthwhile!
- Develop a vested interest in them seeing you succeed; one size doesn’t fit all so figure out or ask what it’ll take for them to coach, mentor, guide you toward your vision or future state.
- Establish mutual expectations up front. What do you need from them, frequency, how will you apply their input?
- What are the metrics that you’ll use to gauge your progress? Collaboration for sake of collaboration is a waste of time & valuable resources.
- Meet regularly & constantly challenge the strategy, your processes, people, technologies & business outcome vs. input! What are your flawed critical assumptions?
- Where you’re headed will always be more important and valuable than how fast you get there! Get a compass & throw away the stop watch. Advisory Boards lose interest if their perspective continues to get ignored!
- Make every interaction a learning opportunity. Brief in advance, debrief afterwards & apply the learned lessons to the very next opportunity. That’s how you grow & raise the bar on your performance, execution & results.
Our March newsletter is going out this week. If you’d like to receive a copy, subscribe HERE.