How to utilize an effective

Advisory Board

the normal way?
After you have decided that external competence is needed, the normal steps to use to get the process moving are

Step 1: Identify Your Needs

The first step in the plan needs to identify what the company needs to achieve with an advisory board.
The more specific, the better—a measurable strategic outcome is ideal.
Also, figure out how these goals are tied to mission, vision, strategy, and milestones.
You will also need to determine the time and expense of organizing an advisory board.

Step 2: Draft Job Descriptions

Next, the company needs to draft written profiles of ideal candidates.
It’s important that each of the profiles are unique, with a high bar of qualifications. A highly functioning advisory board will have a diverse set of views where the advisors can learn from one another.
Once the profiles are written, then an advisory board job description can be drafted for recruiting and informing candidates on roles and expectations. This step is important since it lays the groundwork for finding who is needed versus already knowing a qualified candidate and reverse-engineering a profile to fit their background.

Step 3: Source and Recruit

With these documents prepared, it is time to identify candidates to fill the roles. As mentioned previously, prospective board members should not have a pre-existing relationship with the company or its management team—these people are essentially already informal advisors! Thus, don’t hesitate to do cold outreach with candidates unfamiliar with the company. In my experience, there’s usually a high response rate. And, don’t be overly concerned about seeking introductions or waiting for the right moment. Like all good sales processes, the time is now. Utilize your candidate profile and job description to reach out to candidates and strike up a dialogue.
Only after engaging with multiple candidates should a decision be made. For one, it allows the company to absorb some knowledge during the recruitment process. Second, it ensures the right fit personality-wise. Make sure to thank the other candidates who were not selected and let them know that you would like to stay in touch. These budding relationships may prove valuable someday.

Step 4: Finalize Contractually

When candidates agree to join as advisors, it is important to have them sign a job description or a memorandum of understanding.
While advisory boards can be informal, it is important to utilize formal documents to set the tone and demonstrate the seriousness of the board. The agreement can be a simple one-page document outlining compensation, non-disclosure agreement and a set of expectations around time commitment and participation.
It is crucial to have people sign this document prior to the first meeting. I’ve included an example that you can use to re-purpose for your own company here.

Step 5: Set Key Performance Indicators

Finally, it is critical to set objectives and key performance indicators (KPIs). It is important to work towards milestones, measure outcomes against KPIs, and swap out members when they are no longer a fit. The primary purpose of an advisory board should be to drive outcomes.” Finalize your KPIs and communicate them clearly.
Don’t be shy in executing evaluations—good advisors will want goals and be held accountable.

Step 6: Run the Advisory Board

The sixth and final iterative step is the Advisory Board meetings.  Iterative because they will continue until the company/person decide that the goals are met or for any other reason need to stop the sessions. 

Is it possible to compare to our way?

And not possible, you should do it because it might be that the traditional way suits you better.
Traditional way
Our way
Identify Your Needs
Planning and Scoping
Draft Job Descriptions
Source and Recruit
Finalize Contractually
Set Key Performance Indicators
Advisory Board (live)
Identify Your Needs   [To be done either way]
Planning and Scoping   [To be done either way]
Draft Job Descriptions   [Done it for you – The Advisory Board is already there for you]
Source and Recruit   [Done it for you – The Advisory Board is already there for you]
Finalize Contractually   [Done it for you – The Advisory Board is already there for you]
Set Key Performance Indicators   [To be done either way]
Advisory Board (live)   [To be done either way]
Evaluation   [Optional]