Don't Go It Alone: Create an Advisory Board

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3. Create your pitch and comp package. Why should someone become an adviser to you? What's in it for them? Getting involved in a developing company in a super-cool field? Access to thought-provoking people, such as your executive team and other advisers?

Focus on the "soft" benefits first, as you likely won't have tangible financial benefits to offer just yet. You should be able to explain the opportunity to them in five minutes or less. Like your financing pitch, your adviser pitch must be concise and compelling. If you have stock, of course you should offer it. Standard advisory board stock ranges are .25% to 3% of your common stock (vested in equal increments over 24 months), based on the degree of interaction you expect from them and their desire for involvement (from light to intense).

If you have to give away 3% of your common stock to an adviser who could seriously help your company, it may be worth it—just make sure the expectations are set out in advance. If you don't have stock to give away, what other compensation might you offer? Perhaps volunteering at their favorite non-profit, or helping them with a project at their office, or helping to remove a problem/hassle they may have in their life.

You don't have to offer specific compensation if you don't have anything to provide at the moment. You must, however, express appreciation frequently, plus the desire to help them with a project at a later date.

4. Brainstorm your target list. This, my friends, is where you work it! You will be glad you've invested time in building your network, because it's about to pay off. Ask your friends, colleagues, mentors, vendors, and financiers if they know people who meet the profile you seek. Practice your pitch on them to see if they find it compelling. Ask for personal intros to your target advisers. For "cold" pitches, gather all necessary contact info and research the interests of each targeted adviser. What causes do they care about? What are their hobbies? What are their interests?

5. Seek out your targeted advisers and recruit them. Perhaps they're scheduled to speak on panels, at bookstores, at a conference. I've traveled great distances to meet potential advisers, and it has been worth it. Once you give your pitch, they will likely want to know more. A business plan must be concise, compelling, and complete. A pitch must only be concise and compelling in order for the prospect to request more info. That's the time to then be complete—once they want to know more.

6. Celebrate, incorporate, communicate. After celebrating your great good fortune in securing some rocking advisers, it's time to incorporate them into your company's communication flow. Add their names and bios to your Web site, set up an e-mail list for monthly or quarterly high-level advisory-board communication (10 bullet points per message, max), and consider two advisory-board conference calls twice per year.

Keep your requests to a given adviser within the scope of their expertise so you can establish a success pattern from the get-go. As you work together over the coming months and hopefully years, fulfilling relationships and terrific business connections will result.

Some advisers will contribute more than others, and don't worry if an adviser doesn't end up working out. Rarely is it worth "firing" one—you will still gain credibility via your association with them.

If you committed a high stock compensation package to an adviser, and after repeated requests and they still don't give you any time, have a respectful conversation with them and suggest changing their comp package. It's better to reduce the options you give an adviser than to "fire" them.

Do you have an advisory board or individual advisers? If so, how are they working for you?

Christine Comaford, CEO of business accelerator Mighty Ventures is the author of the best-selling book Rules for Renegades. She invites you to participate in her next Q&A call by registering at www.AskChristineNow.com. She writes her column on small business growth strategies every other week.