When it comes to choosing individuals to offer their advice, it can be easy to put everything into one category, but that's not a particularly beneficial perspective.
While there's no one-size-fits-all secret formula for managing your network of advisor, investor, and mentor relationships, here are some patterns and best practices. Below, you'll find an advisor relationship cheat sheet.
Feel free to download this guide as an easy reference pdf here.
While boards are helpful in holding CEOs and other leaders accountable, they can also be a strategic tool for your company to take advantage of. There are a few specific roles many boards excel at and might play within your startup. Here are four to consider:
This new startup board mantra is simple: 1-1-1. It suggests:
Here is an in-depth method to help founders formulate their director search criteria and think about board-readiness in a broader way.
*Often companies are only looking for director candidates who have already served on a board. However, be sure to ask for their perspective on other board-readiness attributes, like regular interaction with a corporate board, experience with an advisory role, or experience serving on a community or nonprofit board. These broader experiences open up the possibility of identifying potential board members who have a wider range of experiences and who are more likely to be from diverse backgrounds themselves. Diverse boards lead to better performance.
The team dynamic is also critical to keep in mind when you're adding a board member. This post about choosing board members,makes a good point:
“Select people who will get along with each other. The very best boards I am on are friendly social active groups. Serious business doesn't have to be stilted and formal. It can and should be fun.”
Drawing from his personal experience and anecdotes from dozens of client CEOs, Bolster's CEO Matt Blumberg outlined these tried and true “Seven Habits of Highly Effective Boards.”
At the end of the day, boards are there to support and direct a company. There's no perfect formula, but by internalizing some of the lessons and tips outlined above, CEOs can cultivate strong, dynamic boards for their companies.