Yes they come in various styles
You could liken an Advisory Board as a part of a triage process.
Triage is a way of delivering focus so that resources are administered for the most positive impact in the shortest time available.
Those challenges and issues in immediate need, get priority while others wait.
This is frustrating for those involved with issues at the bottom of the list, but is absolutely vital for the timely action of the issues that matter.
Pop-Up Advisory Board
A pop up business is just a temporary business. designed to take advantage of transient opportunities.
It is designed to test whether an idea, product or concept is workable and to learn from the direct experience.
In an Advisory Board context, a Pop-Up Board is where an Advisory Board Chair initially works with the company and management as a mentor, working with the business owner on a monthly basis, but without the formalised advisory board meetings. Depending on the challenges being faced, additional advisors can be engaged on a short term basis to assist with a specific issue of a short term nature, being rotated with others to address another different challenge
This model is most suitable for start-ups, small businesses and service providers or specific projects at their initial planning stages.
Running a Pop-Up Board gives the business a chance to experiment, test the Advisory Board Processes while gaining experience of the process, before making a decision as to whether a full Advisory Board is what's needed in this specific circumstance.
Project Based Advisory Board
A Project Advisory Board is implemented where a business may be investigating a new product and its development, a business acquisition, investigation of alternative financing options or a significant infrastructure investment.
A project advisory board is formed for a specific purpose and period of time. The timeframes generally range between three and eighteen months and the sole focus is on a specific project or outcome. Market expansion, succession planning, restructures and many other situations may call for this shorter-term, highly focused arrangement.
This Board is for a limited term either in the initial strategic planning and or implementation phases of the project. Each stage may require different advisors in relation to the skills required.
Formal Advisory Board
A formal advisory board is most commonly found in organisations that have a well-articulated formal governance structure such as a formal Board of Directors. Formal Advisory Boards provide a distinct, yet complementary, support structure for the executives and directors.
Formal Advisory Boards will often have a highly focused scope and clearly defined protocols to outline the advisory board operation as distinct from the Board of Directors.
Formal Advisory Boards would usually have between 3-5 external advisors who focus on a whole of business strategy, addressing a broader range of issues over a longer period of time.
NextGen Advisory Board
“What happens next?”
Often the most difficult question to answer for a business owner.
This "next" may not refer to a total exit, more so what's the management succession plan?
It could even mean what's the next generation of customers and are we in touch with what their needs are?
- Which framework is most suitable for your circumstace and organisation?
- Can you "put your toe in the water"?
- How can you get started?
To answer these and other questions contact me here for a conversation with a purpose.