< Back to articles

How Much Does an Advisory Board Cost?

How Much Does an Advisory Board Cost?

 

A formalised Advisory Board is a cost effective way to engage targeted executives and entrepreneurs to provide strategic value to an organisation.  An Advisory Board is different to engaging an individual consultant, mentor or a professional services firm.

 

The cost structure of an advisory board is determined by multiple different factors.  The number of advisors, the frequency of meetings, preparation time and the individual rates of the advisors are all variable factors that need to be discussed when establishing an advisory board.  Organisations may also need to factor in expenses such as travel if meetings are face to face.

 

The cost of an Advisory Board varies highly depending on the organisation’s specific needs.  A typical meeting structure is between 4 and 6 meeting per year for a half day/day. The annual cost of an advisory board is usually similar to a managerial appointment IE. a small business may invest between $40k-$60k and for a larger business the investment is often higher.

 

Advisory Boards often provide quality insights and information for a much lower cost than consultants and governance boards.  Creating an Advisory Board isn’t always applicable but can often provide a valuable strategic solution.

 

Still have questions?  Visit our Frequently Asked Questions page or contact us directly.

 


 

The Advisory Board Centre provides membership, certification and best practice training for Board Chairs and Advisors. When you are engaging strategic Advisors in your business- look for the logo:

 

About Author:

Advisor Concierge
The Advisor Concierge is the recommended source of independent education and facilitation connections for best practice in Advisory Boards.