In this article, we will discuss how to attract people to join your business advisory board. We will focus on the importance of writing a concise invitation letter and emphasizing the benefits they will gain from joining the board. We will also talk about the importance of clarifying the relationship between you and the board members through a consultant agreement. Finally, we will cover the significance of selecting the right people to join the board and how to approach inviting them.
Confirming the Benefits of Joining the Board
Once you have selected the individuals you wish to invite to join the board, you should craft invitations that focus on the benefits they will gain from being part of your small business advisory board. Try as much as possible to personalize the invitation to highlight the benefits that may be particularly appealing to each individual.
Among the internal benefits that can be included in the invitation:
- Expanding their network and potentially developing new business.
- Gaining new perspectives and ideas.
- Contributing to the development of a particular profession or industry.
- Discovering new potential clients, business partnerships, or co-promotion opportunities.
- A personal sense of helping to lead the company towards success.
- Reputation or building their resume.
The main external benefit is of course financial compensation and it should be part of your offer as well.
Compensation can take the form of:
- Providing food and drinks during advisory board meetings (lunch or dinner).
- Covering expenses.
- Cash – bonus or fees paid per meeting.
- Stock options.
The most common form of compensation is certainly some balance between the options above. When creating the advisory board and trying to persuade individuals to join, don’t hesitate to enhance the offer for specific candidates. Some board members may be more valuable than others, and you do not have to offer them all the same compensation.
Think carefully about each of the potential candidates for the advisory board you have selected and decide what benefits each individual considers to be the best or most important for joining the board. These are the points you should focus on in the advisory board invitation letter.
The Invitation Letter is Key
You do not have to prepare a massive package of materials to try to convince someone that joining your small business advisory board would be a good thing. A single sales letter is a much better approach. It can clearly outline exactly what the candidates want to know without taking too much of their time. It is likely that the individuals you wish to invite to join the board are already busy!
In addition to clarifying the benefits, your advisory board invitation letter should also include:
- A brief overview of the company.
- The mission and focus of the advisory board.
- The responsibilities of the advisors and the expected time commitment (how often the board will meet and for how long).
In conclusion, reiterate why you believe the person would be a great addition to the board and what unique contribution they can offer. Don’t forget to mention that you will follow up soon via phone call and provide your contact information in case of any questions at this time.
You may find it easier to use the advisory board invitation letter as a template.
Don’t Be Afraid to Invite the Best
Another piece of advice: understand that when you are forming an advisory board, you want to select the “best and the brightest” with a variety of skills and experiences. Make a list of areas where you need help the most. Of course, the more experienced and knowledgeable the board members are, the better the advice the board will provide.
So don’t hesitate to seek help from individuals who may seem out of your reach. The worst that can happen is they say “no.” Rejection costs nothing.
Documenting the Relationship with a Consultant Agreement
After you hold a few advisory board meetings, it is standard practice to clarify the relationship with the board members through a consultant agreement. The agreement should outline the agreed-upon compensation and any expected deliverables from the board members.
Once…
Assembling the advisory business council, you will want to hold the first meeting of the council.
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Source: https://www.thebalancemoney.com/how-to-get-people-to-serve-on-business-advisory-board-2948285
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