Definition of Advisory Board
To be a great business entity, the organization seeks advice from experts to take benefit from their knowledge and experience to guide their organization in the right direction. The Advisory board is an unstructured board comprising of members from the industry. Companies seek assistance on matters like marketing, human resource, new product development, supplier and distributor issue, etc.
Unlike a board of directors, they are not allowed to involve in financial books or vote in any of the corporate matters. New and small businesses most likely develop an advisory board to take advice from them rather than bearing expense on experiments.