Advisory boards can be an invaluable source of insight. Think of an advisory board as a collection of mentors that can provide individual expertise, provide you a sounding board for ideas, give you advice, introduce you to valuable contacts, and tell you when you’re potentially making a mistake.

“Advisory boards can be an invaluable source of insight.” 

When looking for advisors consider the following:

• Size Matters. Most advisory boards have three to five members. Any less, and you won’t have a diversity of opinions and skills; any more, and you’ll face the “too many cooks in the kitchen” problem.
• Where to Find Them. You can find advisors from all walks of your life. They can be friends, professional colleagues or those in your network or your industry.
• Find Experience in Building Companies. It is always helpful to have advisors that have experience building companies to help you implement the processes and structures that drive success.
• Look for True Belief. You also want to ask people who seem to genuinely passionate about what you’re doing. Being an advisor is time consuming, and it is rare that you are paying advisors so having advisors that are personally interested in your business is a key criteria.
• Build a Pipeline. To create an advisory board of five people, you probably need to reach out to 25. Unless you know them, of the 25 you reach out to, you will likely hear back from 15 and end up with your final five.
• Look for Those That Will Challenge You. The best advisor is often one that challenges you. Being forced to examine your assumptions, take risks, and make dramatic changes is hard, but usually, it’s worth it. So if you’re sitting down with someone who’s blunt and a little aggressive, don’t automatically write the person off. He or she could turn out to be your most valuable advisor.