You may also want to educate them about your industry as a whole. Invite them to tour your facilities and send them updates about the progress of the company on an ongoing basis. Schedule board meetings at least a year in advance, and prepare members for the meetings by sending them any information they will need several weeks before a meeting. Board meetings should take place at least three times a year, but no more than eight. This will ensure that they have time to address any ongoing issues or concerns that arise between meetings, but not so much time that they get bogged down in petty details.
Many businesses find that quarterly meetings work well.
Also, make sure that you compensate board members for their time and commitment. Take advantage of your board's expertise and perspective by asking members to serve on compensation, nominating and audit committees. Based on this work, they can make recommendations about salaries, procedures and policies. Set up periodic review and assessment process to monitor your board to ensure that it is continuing to contribute to the company's welfare. A well-balanced advisory board can contribute immensely to the success of your company, bringing increased professionalism and accountability, more credibility, a clearer sense of corporate mission and strategy and a broader perspective to important decisions.