How to Build an Advisory Board that Actually Works 

An advisory board can be your best strategic asset — if you build it with intent  

I was speaking with a business owner a while back who told me he had set up an advisory board. “We got together twice,” he said. “It didn’t really go anywhere.”

I asked a few questions: 

• What was the board’s purpose?     “We didn’t really define one.”
• How did you choose the members?     “People I knew — friends mostly.”
• Who ran the meetings?     “Well… we kind of winged it.” 

He’s not alone. 

A lot of advisory boards are built with good intentions but never deliver real value — mostly because they’re never built to deliver value. They’re informal, undefined, and unsupported. So, they quietly fade out. 

But here’s the thing: when set up properly, an advisory board can become one of the most useful strategic tools in a CEO’s kit. 

So, what does “properly” actually look like? 

It starts with purpose.   Why do you want a board? To test ideas? To explore growth? For succession advice? Accountability? Your purpose shapes who you invite, how often you meet, and what you expect from them. Then, pick people who make you better.That might sound obvious, but it’s not always how boards are formed. You don’t want people who’ll agree with you. You want people who’ll challenge you — respectfully — and who bring insight you don’t already have. 

Look for range, not just résumés. One person might be deep in your industry. Another brings experience with scaling. Someone else might be a financial mind, or a voice of the customer. A great advisory board isn’t a trophy cabinet — it’s a toolkit. 

Finally, be clear up front about expectations. How often will you meet? What kind of prep is expected? What kind of input are you looking for — mentoring, connections, strategic advice? 

And yes, consider compensation. Advisory board members bring real experience, objectivity, and time — and that has value. Some contribute for the mission or relationships. Others expect a modest retainer, equity, or structured engagement. 

I’ve been doing advisory work for years — and in the right setting, it’s worth every penny to the company.

In fact, advisory work has become a meaningful part of my own business — because when it’s done well, it makes a meaningful difference. 

Clarity on compensation helps attract the right people — and keeps everyone committed. 

The good news is: you don’t have to do this alone. 

I help CEOs and owners build advisory boards that work — identifying the right people, setting up the structure, even facilitating the meetings if needed. And where there’s a fit, I’m happy to join the board and contribute directly. 

It’s not complicated. But it does take intention.  

What’s your plan? 

Next time, I’ll walk through how to run an advisory board that doesn’t just meet… it moves the business forward. 

Until then,

Andrew