What is an Advisory Board?
An advisory board is a select group of independent people who provide advice and support to the owners and directors of a business. They provide nonbinding strategic advice to businesses and hence are informal in nature which gives greater flexibility in how they are structured and managed, when compared to a board of directors.
Benefits of an Advisory Board
- Draw on the skills and knowledge of directors/advisors who have practical experience in growing a business
- Enhance the businesses reputation and credibility in the marketplace
- Increase consumer and investor confidence
When should you consider an Advisory Board?
- An advisory board may prove a valuable resource in any multitude of scenarios, including the following:
- A business experiencing rapid growth
- A business needing to raise funds
- A business wanting to build strategic partnerships
- A business facing major decisions and/or changes in direction, including entering new markets, products or geography
- A business establishing more formal structures involving professional managers
- A business dealing with succession issues
- A business facing challenges with other shareholders
- A business wanting to raise the level of strategic conversation in every aspect of the business
- A business with specific technical and functional issues
Selecting an Advisory Board
Selecting advisory board members is a very important task, three key questions that emerge from the process are:
- Why am I doing this?
- What input do I need?
- How can this person supplement/complement our existing skills?
Contact us today to discuss the skills we can bring to your Advisory Board.