![]() Initially, you want to bring the new board up to speed. It may make you feel more comfortable, but you are missing the point. Your biggest risk when building an advisory board is bringing in your mirror image. Consider nonprofit experience, military service and government office involvement as possible ideas. But also consider creating a board that is diversified by experience as well. Diversification includes regular things like age, gender, race and national origin. Do not bring in a bunch of board members who all look and think like the business leaders. ![]() Again, you want to avoid any bias-if a board member sees you as competition, they may not always be forthright with guidance. When it comes to business owners and leaders, seek people from noncompetitive markets and industries. Look to expertise in business ownership and business coaching. You are building this advisory board to provide your business with advice and insight based on knowledge and experience. Knowledge and experience are not a surprise. The most important considerations when selecting board members are knowledge, experience and diversification. Inequities in compensation create an unofficial rank structure, which you do not want on your board. Also, all board members should be compensated the same. I recommend $200 to $500 an hour for each board member. However, compensation should not create a bias for the members. Advisory board members should be compensated for their time. If the company is a for-profit business, I believe it is bad form to benefit from the board’s advice and not compensate the members. Many advisory board members for nonprofit organizations will volunteer for free.
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