Advisory Boards are an Asset to Distributors
Advisory boards have proven to be an asset to distributors, according to reports from Modern Distribution Management. These boards often help in formulating and enforcing company strategy, as well as provide a venue to ensure company goals are carried out after key members retire of in case of a disabling injury or death.
The key to putting together a board is first determining your needs and what you hope to get out of the relationship. According to reports, the most useful advisory board will include "objective experienced businesspeople that can provide real input to the company."
Before putting together a advisory board, consider the following:
• Board Make-up — Who will you include on the board? Sometimes, people from various walks of life and professions can be very beneficial to an advisory board.
• Time and Compensation — What are you willing to spend and how much time are you ask these members to contribute? Make sure to get the most for your money.
• Keep Board Informed — Monthly letters to the board with key business indicators will keep them informed and provide them with the information they need to address concerns.
To read more, as well as detailed suggestions on developing a board, click here.
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