I've got a great advisory board. Truly. An almost unbelievable mix of expertise that I trust, value and that fills in gaps in my own blindspots across the board. I went with a total of 10 which is a bit large by all standards, but I love each of them, trust them and value their advice, so having their input, reputations and amplification behind me makes me smile widely.
They are pretty good about keeping their commitments, but like all advisors, they are over extended and have a lot of people they are helping, while supporting their families, their communities and their personal passions. I've heard from a lot of entrepreneurs who are really struggling to get value from their advisors, and in talking to them, they really seemed to resonate with my new software called Alynd which helps people make and keep their commitments. So we are going to explore startups and their advisory board commitment management as a key target market for us. I'd love it if you are interested if you signed up for access to our private alpha (let me know you did here and I will bump you up the list).
But the question here, for everyone's benefit, is how do you encourage/reward advisors to keep their commitments without pissing them off and being harsh on them? I have heard a lot of different methods, from creating contractual clauses that kicks them out if they miss 3 meetings in a row, to even harsher techniques. Then there are others who just ignore the lack of performance and value add to just use their name and be happy. So what are you doing to encourage your advisory board to keep their commitments? what if anything do you do if they don't?