As a Business Mentor & CEO Coach to growing companies I recommend that companies that want ot grow quickly should have Board Of Advisor meetings at least four to six times a year. Each meeting should be three to four hours in length. Meetings should cover questions sent out at least a week in advance to board members.
After roughly one hour, effective board meetings should shift into creative discussion, insight gathering and debate around two to three critical areas the company is working on. If the meeting is run properly, it should be less like a presentation and more like a group discussion. Challenge each other in a constructive way in order to gain the best possible insights and a sound consensus.
As a business mentor, I teach CEOs that reviewing financial statements are also worthwhile at these meetings as board members tend to ask stuff that employees do not. Reviewing financial statements with your board WILL save and make you money long term.
Lastly, each member should be adding to all topics and not just giving advice from their area of specialty. Desire everyone’s experiences and questions on all topics being discussed. If the marketing person only chimes in during marketing discussions then you will miss out. Encourage people to speak beyond their area of specialty to maximize their perspective.
Even if you have a CEO Coach or Business Mentor like me helping you grow – you absolutely should be building out a proper Advisory Board too.
For more information on this topic, check out: Leadership at 100MPH.