The Importance of Regular Advisory Board Meetings
Advisory boards play a crucial role in providing strategic guidance, expertise, and diverse perspectives to help businesses navigate challenges and seize opportunities. However, the effectiveness of an advisory board can be significantly influenced by the frequency of its meetings.
This blog explores the factors to consider when determining how often advisory boards should meet to maximise their value and impact.
1. Aligning Meeting Frequency with Business Needs The optimal frequency of advisory board meetings depends on the specific needs and goals of the business.
- Strategic Planning: For companies in the midst of strategic planning or undergoing significant changes, more frequent meetings (monthly or bi-monthly) may be necessary.
- Stable Phases: In more stable periods, quarterly meetings might be sufficient to provide oversight and strategic input.
- Crisis Management: During crises or significant transitions, such as a market downturn or leadership change, ad-hoc meetings in addition to regular sessions may be required.
- Growth Phases: Rapidly growing businesses may benefit from more frequent meetings to address emerging challenges and opportunities.
2. Considering the Advisory Board's Purpose and Scope The purpose and scope of the advisory board also influence how often it should meet.
- Operational Oversight: Boards focused on operational oversight might need to meet more frequently to stay updated on key metrics and performance indicators.
- Strategic Advice: Boards providing high-level strategic advice might meet less often but for longer sessions to delve deeply into strategic issues.
- Project-Based Advisory: If the board’s role is tied to specific projects, meetings might be scheduled around project milestones and deliverables.
- Specialized Functions: Boards with specialised functions, such as technology or market expansion, might need varying frequencies based on the intensity and phase of their focus areas.
3. Balancing Value and Practicality It’s important to balance the value of frequent meetings with practical considerations.
- Board Member Availability: Consider the availability and schedules of board members, especially if they are high-profile individuals with multiple commitments.
- Preparation Time: Allow sufficient time between meetings for board members to prepare, review materials, and reflect on discussions.
- Operational Impact: Ensure that meeting frequency does not overburden the executive team, who need time to implement advice and strategies discussed in meetings.
- Cost Considerations: Frequent meetings can incur higher costs, including travel, accommodation, and meeting logistics, which should be justified by the value derived.
4. Leveraging Technology for Flexibility Modern technology offers tools to facilitate more flexible and efficient advisory board meetings.
- Virtual Meetings: Use video conferencing tools to enable frequent virtual meetings without the need for travel, making it easier to schedule and attend.
- Hybrid Models: Combine in-person meetings with virtual sessions to maintain personal interactions while leveraging the convenience of digital communication.
- Collaboration Tools: Utilise collaboration tools and platforms to share documents, gather input, and maintain continuous communication between meetings.
- Asynchronous Updates: Share regular updates and reports through digital channels to keep board members informed and engaged between meetings.
5. Setting a Regular Schedule with Flexibility Establish a regular meeting schedule while remaining flexible to adapt to changing circumstances.
- Annual Calendar: Create an annual meeting calendar with dates set well in advance to ensure availability and preparedness.
- Regular Cadence: Maintain a regular cadence (e.g. quarterly) but allow for additional meetings as needed based on business developments.
- Ad-Hoc Sessions: Be open to scheduling ad-hoc sessions for urgent matters or significant opportunities that arise between regular meetings.
- Review and Adjust: Periodically review the effectiveness of the meeting frequency and make adjustments based on feedback from board members and changing business needs.
Finding the Right Balance
Determining the optimal frequency for advisory board meetings involves balancing strategic needs, board member availability, and practical considerations.
By aligning meeting schedules with business phases, leveraging technology, and maintaining flexibility, businesses can maximise the value and impact of their advisory boards.