In many sectors, particularly the pharmaceutical industry, advisory boards are critical measures for ensuring that a business is heading in the right direction. Members are often brought in to review new products or current procedures and offer insightful feedback that will point a company in the right direction. For instance, Jim Bourdon, CEO of Accounting Management Solutions, implemented aggressive new policies regarding employee performance after listening to his advisory board, according to The New York Times. As a result, client satisfaction improved and the enterprise improve its reputation.
While Bourdon’s meeting with his advisory was clearly a success, other companies don’t always see such strong improvements. Moreover, even businesses that do have effective advisory boards might not change as significantly as Accounting Management Solutions.
Advisory boards are necessities for modern businesses. Corporate leaders must ensure that they have great conferences with expert contributors to ensure future success by reviewing current procedures. The meetings are significant undertakings that require a great deal of time and effort, but are usually worthwhile.
To improve an advisory board, follow these four tips.
Bring in the right contributors
In the pharmaceutical industry, businesses bring in key opinion leaders (KOLs) to review new drugs and give feedback about notable issues. Businesses in other sectors also hire outside experts to come in and participate in conferences as members of advisory boards. However, not all contributors can offer the same level of insight for to an enterprise. Eric Chen, assistant professor of Business Administration at St. Joseph’s College, told Fox Business that companies should seek experts how can offer high quality advice and are willing to put forth the necessary effort to help a business thrive.
“Choose those who will open up their networks to the company, those who will help coach your executives, those who will not hesitate to roll up their sleeves and get their hands dirty and those who will spend the time to periodically review the business and offer suggestions for improvement,” said Chen.
All potential KOLs and experts should be thoroughly vetted before being asked to be part of an advisory board. Company leaders should research candidates’ backgrounds to ensure that they have proven track records of helping companies improve.
Incorporate audio visual technology
No meeting is complete without the right technology. Board members require access to pertinent data and digital resources to help shape informed opinions about critical matters. This starts by having projector and screen rentals available to display visual aids. What’s more, iPad rentals can be particularly beneficial because the devices allow KOLs and experts to record notes while carefully reviewing key information. If a traditional slide show isn’t effective, then viewing the slides on a tablet will help participants in the long run.
Video equipment rentals should be brought into advisory boards to record for future reference. The information may be necessary down the road so companies should bring save the meetings in some cases.
Small Business Trends recommends that companies should give board members updates about changes following the meetings. The news source explains that this step necessary to show participants that they had a noticeable impact on a business.
Additionally, company administrators should explain why certain plans aren’t being put into place in the near future. KOLs and experts want to what ideas aren’t coming to fruition and why those strategies would be helpful down the road.
Choose the right location
Finally, AllBusiness notes that companies need to find prime locations for their advisory boards. Specifically, the sites should be professional and free of distractions to ensure that proceedings are beneficial. Tallen Technology Rentals performs site surveys to help businesses find the best places for their advisory boards.