How to Organize a Corporate Advisory Board

I have facilitated Corporate Advisory Board (CAB) meetings for several clients. A CAB is a council of very senior representatives from a small number of key clients. The board meeting is a confidential sounding board where future plans and directions can be discussed. The CAB can be a powerful source of feedback, dialogue and ideas. However there are some pitfalls to avoid and things to plan carefully if your board meeting is to succeed.

DO

1. Invite the right kind of customers. You want about 7 to 10 very senior executives who can think and act strategically. You may get some last minute drop-outs so invite until you have say 9 to 12 acceptances. The focus of the meeting is about future strategy and direction - not today's issues and grievances. You should select people who are opinionated, constructive and visionary, the thought leaders among your customers. Do not invite small-minded control freaks who will welcome a stage to air their complaints about your company.

2. Construct the agenda with care. This is not a sales meeting. It is an opportunity to present your future plans, direction and product road-map. You should then solicit feedback in a humble manner. There should be plenty of time for discussion and brainstorming about what they are looking for in a strategic partner and how you could become the best of breed. There should be a closed door session where only the customers and the facilitator are present so that the customers can be completely candid.

3. Ensure that your most senior decision makers attend. The CEO and most of the executive team should be there for all of the meeting or failing that they must attend the summary and feedback. You pay the customers a compliment by having your most senior people there.

4. Listen. This is the single most important thing that your CEO and other executives can do. There is no point in holding the meeting if you are not prepared to listen and adapt. Take on board the advice of these key customers and agree to their best suggestions.

5. Agree actions plans and follow-up. The CAB should result in changes at both tactical and strategic levels. It is essential that these are implemented if you want to maintain a long-term relationship with the customer board members.

6. Hold the meeting somewhere convenient and prestigious. These are busy people and they are doing you a favour by coming so make the trip worthwhile. Hold it in a top hotel in a beautiful city which is easy for them to reach. Take them out for a wonderful evening with a grand dinner and fine entertainment.

7. Use an external facilitator. A good facilitator will keep the meeting on track and on time. He or she will be independent of any of the big issues or controversies that arise and so they can ensure that you get constructive outcomes.

8. Speak individually to all the customers before the event to agree the purpose of the meeting and to flush out any grievances that they might have. These issues should be pre-handled separately and before the meeting.

DO NOT

1. Allow substitutes. If the person you invited cannot make it then do not accept a lower-level deputy unless you know for certain that they are also a thought leader.

2. Try to sell. This is not the right place for a sales pitch or to try to close deals. However if you do the job well sales will result in the longer term.

3. Jam pack the agenda with your material. One of the main benefits that the customers get is the networking opportunity so give them time to chat to their peers.

4. Ignore the feedback. Why would customers come a second year if you did nothing about their input the first time?

If it is well organized your Corporate Advisory Board can provide you with the insights and comments to test and refine your strategies and to improve your competitive advantage.

Paul Sloane facilitates high level meetings. He is the author of The Innovative Leader.

http://www.destination-innovation.com