What is an advisory board?
An advisory board offers valuable insights and expertise to companies, allowing them to scale up and think strategically about long-term growth. Any organization from start-ups to multinationals (even government agencies) can benefit from an advisory board.
A well-structured advisory board is there for an organization to test its ideas and get valuable feedback from experts that aren’t readily available through other means.
Advisory boards have different names based on their purpose, scope or country. But its fundamental goal is to serve as an impartial third party, able to help in a range of things from being there to sound out ideas to acting as a watchdog for the organization.
A well-rounded board helps this happen because a company benefits from professionals with expertise in a distinct niche - such as government or regulatory matters. Getting a range of different genders, cultures, ethnicities, ages and other demographics is also important to ensure decisions are thought about from a variety of perspectives.
Most boards hold advisory meetings every quarter with the aim of developing a better understanding of a company’s market conditions and being able to look at things in a way senior management (involved in the day-to-day running of the company) can’t.