This year alone, I have attended what seems like an endless string of boardroom meetings. I’ve witnessed just about everything when it comes to discussing agendas, motivations, and the expectations that come into play when running a business. However, the reality is that most of these meetings – although well intentioned, didn’t always achieve progress.
I’d like to share the insights I’ve gathered by watching board members set out beneficial (and not so beneficial) methods for eCommerce success.
The Value of an Effective Advisory Board
eCommerce start-ups are built on hungry, nimble, and creative entrepreneurs, while large corporations tend to salute the flag of tradition. Yet, for all of their differences, there are similarities; both want to learn better ways to manage their business. That’s why forward-thinking eCommerce companies seek out external help.
Whether your company is just starting out, or you are a leader in an established corporation, enlisting the best brains to contribute to the success of your business starts in the boardroom with an advisory board – a group of experts who share their insights and fill knowledge gaps in your business.
An advisory board doesn’t serve as a management function and it isn’t a group of shareholders; it is simply there to provide advice and feedback.
There are about 11 million formal meetings in the United States every day—and more than half of them may be unproductive. However, there is a science and a strategy behind having a great advisory board meeting.
According to Small Business Pulse survey, 91% of business owners could see higher revenue using a strategic plan (created alongside a good group of experts).
Let’s explore 4 important topics you should cover at your next advisory board meeting in order to tackle the big picture and set out tactical goals for your eCommerce business.
Discuss business objectives
What’s your endgame? What are you aiming for in your business? What are your forecasts and financial goals?
When you are confident about what you want to achieve, you have direction. At your advisory board meeting, work to establish your overall business objectives and how you’ll execute your goals. Discuss how to be more profitable and productive, and gain a bird’s-eye view of customer service, employee retention and growth. Only 14% of employees understand their company’s strategy and direction. Your advisory board can help steer you in the right direction to get everyone in your company on board with your goals.
Consider Different Types of Organizational Structures
Organizational structure is critical for productivity and business success. The structure of a company refers to the way a business arranges its employees and their duties so the company can thrive. If you are in the start-up stage of your eCommerce business, an informal structure will be helpful as different employees wear multiple hats, but if you are in a corporation, it’s preferable to delegate tasks. In your meeting, let your advisors help you brainstorm procedures and assign responsibilities for various functions.
Create a Business Plan
A business plan is closely related to objectives. Advisory boards must have a clear idea of what they want participants to provide, which means they must include concrete guidelines. Bring specific examples to the table, such as addressing design changes, marketing strategies, product details, etc. Give your customer advisory board homework, so that they take the opportunity seriously and realize they have the rare opportunity to make changes to the product.
When in the boardroom, it’s essential that your advisors answer the following: Where do we want the business to go, and how will the business look like in 3, 5 or even 10+ years? Your advisory board will help you answer questions like how many employees you will have at what date. How much you should spend on a customer service department, etc.
Plan a Marketing Strategy
Making decisions based on intuition (which often happens when business owners make them on their own) could lead to failure. When in the boardroom, it’s important that everyone contributes to the decision-making process, especially when it comes to your marketing strategy.
Discuss your unique selling proposition. From there you can define your target market and have a better grasp of your product or brand’s benefits. Make sure to cover marketing categories like social media, inbound marketing, mobile marketing and demand generation.
Key Takeaways
Ideally, you want to have an advisory board where members can toss their ideas around the table. When functioning effectively, the flow of discussion brings out innovative concepts that breed fresh ideas.
If you aren’t seeing the kind of results you are looking for from your business, perhaps it’s time to sit down at the table with experts who will help you define your goals and take your business to the next level. Come prepared to your next advisory board meeting by bringing up these 4 categories in order to achieve desired results and beyond.