Who We Are and What We Do

American Advisory Board, LLC was founded for the purpose of assembling pre-established outside advisory boards and think tanks for various companies.

As companies are beginning to hire again, optimism grows as our country’s economy looks to bounce back. Millions of companies who have achieved success credit their advisory boards for a number of reasons:

  • Cutting costs.
  • Research and development.
  • Introducing the company to viable clients and investors.
  • Eliminating the feeling of isolation that comes with running your own business.

American Advisory Board, LLC believes that these
pre-established boards do more than create greater vision for the company as a whole. These boards add a tremendous amount of credibility when they consist of successful, established and accomplished entrepreneurs, executives and professionals.

Our advisory boards are comprised of doctors, scientists, chemists, accountants, financial planners, attorneys, engineers, architects and entrepreneurs. Companies in the know realize that an advisory board can further aide an organization by the members bringing their status or clout with them, hence increasing the reputation and reach of that organization, while also adding to their own reputation.

The board members also experience an increased level of comfort as he or she will not have any fiduciary responsibility what-so-ever!

 

 

American Advisory Boards, LLC Lists Nine Tips for Creating a
Successful Advisory Boards


1. Compensate your advisory board members: Depending on whom you are inviting to participate, and how involved you need them to be, compensation may vary from just providing food to covering expenses, cash payments, stock options, or combination of the four.

2. Determine the objective of your advisory board: Advisory boards can be general in scope or targeted to specific markets, industries, or issues, such as adapting new technology or going global. They provide timely knowledge about trends and competitors, as well as identifying upcoming political, legislative and regulatory developments. They can help you enter new businesses and look at your own operation with an open mind.

3. Set expectations: When inviting a perspective member to join your advisory board, lay down the ground rules about what is expected in terms of time, responsibility and term of office. If advisory board members plan to discuss private information, members should be notified that they will be asked to fill our a confidentiality agreement.

4. Choose the right people: Of course, when forming an advisory board you really need to understand its purpose, but you also need to know what specific skill sets to seek. The general rule is to look for diverse skills, expertise and experience. You want members to be problem-solvers who are quick studies, have strong communication skills, are open minded and most importantly, have the ability to make decisions.

5. Ask for honesty: An advisory board must be open and frank, so don’t be offended if you hear things you don’t like. Your board will also suggest ways of correcting the problems they identify.

6. Consider alternative feedback methods: Getting the entire board together might become difficult. Instead meet or have conference calls with specific members about topics relevant to their expertise as needed. E-mail is a great way to reach everyone and have them respond to you at their convenience.

7. Keep board members informed: Once they are on their board, keep members excited about your business by giving updates at times when you are not soliciting their advice. The fact that they have agreed to be on your board means that they believe in your company, so keeping them up to date will help them be of greater value to you. Remember that these people are evangelists for the company.

8. Respect your boards contributions: Don’t abuse or waste their time. Listen to what the board says. Sometimes, a business executive is so close to an issue that they can’t see the forest from the trees. But remember, this isn’t a corporate board, so you don’t have to do every little thing a board suggests. Ask yourself, does this work for my company…am I comfortable with that…then make a decision.

9. Get the most out of your advisory board meetings: Prepare for meetings well in advance. Choose a site that is comfortable and free of distractions. Careful thought should be given for developing and managing the meeting. Solicit input for agendas and distribute important information ahead of time. Run the session as you would any important meeting and follow it with an action plan. The facilitator should know which experts to draw out and how to stimulate the dialogue. He or she should be result oriented as ideas without actions aren’t worth much. The minutes should be written up and circulated to top management. The notes should include recommendations on key issues.



Benefits of Participating on an Outside Advisory Board

Compensation may take the form of:

  1. An honorarium or fee paid for participating in monthly live meetings or teleconference calls.
  2. Stock options.
  3. Travel to live conferences in places like Florida, Las Vegas, Atlantic City, etc. to meet company
    officials and fellow board members.
  4. Extend your circle of business contacts and perhaps develop new business and customers.
  5. Contributing to the development of a particular profession or industry.
  6. Personal satisfaction of helping to steer a company to success.
  7. Gaining new insight.
  8. Prestige or resume building.

Benefits to Company for Establishing an Outside Advisory Board

  1. Attracting people with critical business experience and expertise.
  2. Gaining new ideas.
  3. Having access to the established networks of advisory board members.
  4. Getting honest third-party feedback.
  5. Establishing credibility and endorsements.
  6. Mentorship from professionals.
  7. Raising capital.

Copyright © 2013 American Advisory Board, LLC.

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