I have added a 4^th criteria a CEO must meet in order to be ready to create a formal advisory board: having a fact based, analytical understanding of customers and their needs.  The advisory board needs this information.

#4 You have a fact-based, analytical understanding of customers and their needs.  This can include: identifying customer needs by reviewing notes of meetings and calls with customers, analyzing what customers buy and don’t buy, analyzing what customers look at in your newsletters and websites, focus groups, surveys, etc.  Once you have customers, the net promoter score survey becomes critical, especially as you analyze why the score changes.  You start your business with hopes and wishes as to what customer needs are.  As soon as you start communicating with customers, you must become fact-based.

The following is the updated article:

https://koorandassociates.org/points-of-view/what-is-the-value-of-a-for-profit-advisory-board/