This Is How To Recruit Board Members With Confidence 👀
Creating a successful startup involves many components, one of which is forming an effective advisory board.
An advisory board can provide invaluable guidance, oversight, and support in today's competitive business landscape.
This blog builds on the People & Culture episode I recorded with Daniel Aghdami, Executive Search pro and co-founder and chairman of Board Owl, on how to build and leverage advisory boards to drive startup success. And how much this is recruiting after all.
Content
The Importance of an Advisory Board
The Potential of Technology in Building Boards
Key Steps in Forming an Advisory Board
Common Pitfalls and How to Avoid Them
Leveraging Diversity for Better Decision-Making
Managing and Evolving Your Advisory Board
In a Nutshell: Build Your Board With Confidence
1. The Importance of an Advisory Board
An advisory board is key to a startup's success, offering expertise, strategic advice, and connections that the founding team might not have.
Daniel Aghdami from Board Owl highlights that a well-structured board can make a big difference, sharing how his own advisory board played a major role in helping his company grow and manage crises.
Daniel believes that advisory boards improve decision-making by bringing in different perspectives and providing valuable strategic guidance and mentorship.
This is especially helpful for startups venturing into new territory. Plus, board members can connect you to new opportunities and resources through their networks.
2. The Potential of Technology in Building Boards
Technology is making it easier for startups to access top board talent. Like other recruiting solutions, algorithmic matching becomes more and more relevant as it helps proceed fast and with good to great results.
With Board Owl, for example, algorithms and a community-based approach help match startups with the best advisors for their needs.
Such a tech-driven solution ensures startups find advisors who align with their goals and values, going beyond just personal networks.
Platforms like Board Owl open up a much wider pool of talent, giving startups access to diverse advisors who bring valuable insights and expertise.
3. Key Steps in Forming an Advisory Board
Forming an advisory board involves a few important steps:
Start by figuring out the skills and expertise your team needs to round out its strengths.
Make sure any potential advisors share the company's core values and vision.
To find the right people, you can reach out through personal networks, also via LinkedIn for a wider reach, hire executive search firms, or use platforms like Board Owl.
It’s also a good idea to conduct multiple interviews to gauge how well these advisors will fit with your team.
Once you’ve found the right advisors, formalize the relationship by setting clear roles, expectations, and terms in a written agreement.
As you go through this process, it’s important to evaluate your current team’s strengths and weaknesses to identify what specific qualities you need from advisors.
Here comes something that is absolutely key: ensure that any new advisors are aligned with your company’s values and vision.
Using technology, like algorithmic matching, can help you find advisors whose skills and values match your needs perfectly.
And without technology, ask specifically directed questions to dig deep for cultural alignment.
4. Common Pitfalls and How to Avoid Them
A common mistake when forming an advisory board is choosing advisors who are too much like the founding team, which can lead to a lack of fresh ideas and limit the board's effectiveness.
It’s also important to be upfront about the company’s challenges and needs, as failing to do so can result in mismatched expectations.
To avoid these problems, make sure to prioritize diversity in the selection process so you get a mix of perspectives and ideas.
Being open and honest about where the company stands will also help you find advisors who are a perfect fit. No skeletons in the closet allowed here!
5. Leveraging Diversity for Better Decision-Making
Diversity isn't just a buzzword—it's vital for a board's success. And there are many layers of diversity.
In our conversation, Daniel especially highlights the importance of cognitive diversity, meaning a mix of different thought processes, backgrounds, and experiences.
This variety leads to richer discussions and better decisions because boards with diverse perspectives are more likely to challenge the status quo and come up with innovative solutions.
It's also important here to keep power balanced, so no single member dominates the decision-making process.
6. Managing and Evolving Your Advisory Board
To manage an advisory board well, it's important to have regular, structured meetings, clear communication, and set expectations.
This includes sending documentation upfront to not only go through updates until the meeting is up. You will want to harness the swarm intelligence of the group with real problem-solving, not just hold a get-together with no practical outcome.
As the company grows and changes, the board should adapt too, bringing in new skills and fresh perspectives.
Regular check-ins help keep everyone on the same page, and it's a good idea to periodically review the board’s makeup to make sure it still and always meets the company’s needs.
7. In a Nutshell: Build Your Board With Confidence
Creating and managing an advisory board is a dynamic process that can really shape a startup’s path to make or break.
By using technology, embracing diversity, and keeping communication open, startups can build advisory boards that help drive long-term success.
Honestly, clarity and cultural alignment are essential to finding the best members for your board as well as leveraging its potential to the fullest.
As Daniel Aghdami points out, it's never too early to start building an advisory board, and the benefits can be game-changing. Don’t miss out.
🚀
Looking for help with understanding the real scope of people management beyond boards and recruiting?