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Creating an Advisory Board

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<h1>Creating an Advisory Board</h1>
<p>This playbook outlines the steps for establishing an advisory board to provide strategic decision-making support. It covers the legal framework and illustrates the potential benefits that an advisory board brings to an organization.</p>

<h3>Step 1: Define Purpose</h3>
<p>Clearly define the purpose and objectives of the advisory board. Determine what issues and areas the board will advise on and what you expect to achieve with their guidance.</p>

<h3>Step 2: Set Guidelines</h3>
<p>Establish clear guidelines and bylaws that detail the structure of the advisory board, including the number of members, their roles, meeting frequency, terms of service, and any compensation details.</p>

<h3>Step 3: Recruit Members</h3>
<p>Identify and recruit potential members who have expertise in the areas relevant to your board's purpose. Consider diverse candidates to bring a broad range of insights and experiences.</p>

<h3>Step 4: Legal Compliance</h3>
<p>Ensure legal compliance by consulting with a lawyer. Have them review your advisory board's structure and bylaws to confirm they meet all legal and regulatory requirements.</p>

<h3>Step 5: Orientation</h3>
<p>Prepare and provide an orientation for new advisory board members. Include information about the company, its goals, and the specific challenges the advisory board is expected to address.</p>

<h3>Step 6: First Meeting</h3>
<p>Organize the first advisory board meeting. Set the agenda to include an introduction of all members, a review of the board's purpose and guidelines, and a discussion of initial issues or decisions.</p>

<h3>Step 7: Evaluate</h3>
<p>Regularly evaluate the advisory board's effectiveness. Consider their contribution to decision-making and whether the board is meeting its defined objectives. Make adjustments as necessary.</p>

<h2>General Notes</h2>

<h3>Confidentiality</h3>
<p>Ensure that all advisory board members agree to confidentiality terms to protect sensitive company information.</p>

<h3>Compensation</h3>
<p>Decide on a compensation plan for members if applicable. This could include financial remuneration, equity, or other forms of compensation and should be included in the guidelines.</p>