Advisory board definition

An advisory board is a group of individuals who have been assembled to offer advice and guidance to the management team of a company, but without the authority to mandate implementation of the advice. An advisory board differs from a professional corporate board of directors which has legal responsibility and authority, and therefore, legal exposure.

Small businesses often benefit from advisory boards for the business as a whole or specialized areas such as science, technology, marketing or any other specialization.

Even for individual entrepreneurs, an advisory board is a great way to get advice and counsel from an impartial source.