The Truth About Why CEOs Need Advisory Boards

When you think about what makes a great CEO, you probably picture someone with a bold vision, sharp decision-making skills, and the ability to lead a team to success. But here’s the truth I’ve learned from my own experience as both a CEO and an advisor to CEOs:

No great leader succeeds alone.

Behind every successful business is a CEO who knows how to ask for help, challenge their thinking, and bring others into decision-making. And that’s precisely where an advisory board comes in.

But there’s a catch:

Not all advice is created equal.

Too often, CEOs look to investors or customers for guidance. While these groups are essential, they also come with their agendas. Investors care about financial returns. Customers care about their immediate needs. Neither of them fully understands what it takes to grow your business over the long term.

CEOs need unbiased, independent advice from people who care about the vision, want to help the company grow, and aren’t financially tied to the outcome.

Let me share what I’ve learned from years of building, running, and managing advisory boards for startups. I’ve seen what works, what doesn’t, and how to get the most out of an advisory board without wasting time or energy.

Why Advisory Boards Are a Game-Changer for CEOs

Having an advisory board is like having your brain trust. These people bring fresh perspectives, challenge your assumptions, and help you see blind spots you might otherwise miss.

But it’s not just about having a sounding board. A great advisory board can help you:
✅ Avoid confirmation bias — that dangerous tendency only to hear what you want to hear.
✅ Facilitate tough conversations that push your business forward.
✅ Keep you focused on long-term strategy instead of short-term distractions.

Here’s how to build a board that makes a difference.

1. Choose Independent, Unbiased Advisors

This might seem obvious, but you’d be surprised how often I see CEOs pick the wrong advisors. Recruiting people with impressive titles is tempting — someone who’s a big name in your industry or sits on multiple boards is tempting.

But ask yourself:

• Are they a good advisor?
• Do they have the time to commit to your business?

In my experience, the best advisors aren’t necessarily the most famous. They’re the ones who are engaged, curious, and willing to challenge you. You want people who care deeply about your business and are eager to roll up their sleeves when needed.

I’ve seen many advisory boards fall apart because the advisors overcommit themselves. They join too many boards, and their participation dwindles quickly. That impressive name on your board? It isn’t very sensible if they’re never available or engaged.

It’s better to have a smaller, committed group of advisors who can give you their full attention than a big, prestigious board that’s too busy to show up.

2. Use Advisors as a Strategic Asset

One of the biggest mistakes I see is CEOs underutilizing their advisory boards.

Advisory boards aren’t just for networking or bragging rights. They should be treated as a strategic tool to accelerate your business.

Here’s how I run the advisory boards I manage:

Before every advisory board meeting, we email a detailed business update. This includes the latest on:

• Cash position
• Revenue growth
• People updates
• Key metrics and challenges

By the time the advisory board comes together, everyone is already up to speed. We don’t waste half the meeting giving status updates or explaining what’s happening. Instead, we focus on a few key “hot topics” that will impact the business meaningfully.

For example:

• A strategic pivot.
• A new product launch.
• A critical hiring decision.

We get straight to problem-solving and decision-making.

One of my most valuable lessons is that preparing your advisory board is essential. If you expect your advisors to show up cold and figure things out on the spot, you’re wasting everyone’s time.

Bring them into the conversation before the meeting starts. That way, your time together will be focused on solutions, not status updates.

3. Meet Regularly and Keep It Action-Oriented

Advisory boards need structure to be effective.

I’ve found that one in-person meeting annually is essential for most startups. There’s something powerful about getting everyone in the same room to have deeper conversations, build trust, and align on long-term strategy.

In addition to that in-person meeting, 2-3 virtual meetings per year are more than enough to keep things moving. These virtual meetings should be mini working groups focused on the hot topics that emerged from the in-person session.

For example:

• If your in-person meeting highlights that your marketing strategy is falling behind, one of your virtual meetings can be a deep dive into marketing.
• If hiring is a significant issue, dedicate a virtual meeting to hiring strategies and best practices.

By keeping the meetings focused and action-oriented, you’ll avoid holding “check-in” meetings that go nowhere.

Many CEOs feel pressure to hold regular advisory board meetings just for the sake of it. But the truth is that quality matters more than quantity.

I’ve found that one impactful in-person session per year, combined with two to three virtual meetings, keeps everyone engaged and focused. It’s about solving real problems—not just having meetings for the sake of meetings.

Personal Reflection: Why I Wish I Built an Advisory Board Sooner

I didn’t have an advisory board when I started building my company. I thought I had to figure everything out on my own.

Looking back, that was a mistake. I see now how much faster we could have grown — and how many mistakes we could have avoided — had I brought in trusted advisors earlier.

Now, as an advisor myself, I see the value firsthand. The right advisory board can:

• It helps you see blind spots you didn’t know were there.
• Push you to make tough decisions you’ve been avoiding.
• Keep you focused on what matters.

Most importantly, it makes leadership less lonely. Running a company is hard enough. Having a group of people who’ve got your back and are willing to challenge you when necessary makes a world of difference.

🎓 Recommended Course: Trillion Dollar Coach — Lessons from Bill Campbell

🔗 Course Link

One of the best examples of a trusted advisor is Bill Campbell, who coached some of the world’s most successful CEOs, including Steve Jobs, Eric Schmidt, and Jeff Bezos.

This course dives into how Bill Campbell built deep, trusted relationships with the leaders he coached and helped them solve their biggest challenges.

In this course, you’ll learn how to:
✅ Build a trusted brain trust to support your leadership journey.
✅ Facilitate tough conversations that drive clarity and action.
✅ Lead with empathy and accountability to inspire your team.

Final Thought: The Truth About Leadership

The idea of the lone genius CEO is a myth.

The best leaders know when to ask for help, challenge their thinking, and bring others into decision-making.

An advisory board isn’t just a nice-to-have — it’s a critical tool for making better decisions, avoiding blind spots, and driving long-term success.

Building an advisory board should be at the top of your to-do list if you're serious about scaling your business.

Great leaders aren’t born in isolation; they’re shaped by the people they surround themselves with.