How a PINNACLE Advisory Board will Grow Your Business
Introduction
Business is good, but of course, it can always be better. You’re doing all the right things...
- Marketing to target groups,
- Checking the competition,
- Analysing advertising effectiveness.
So, what else can an entrepreneurial business owner do to fast-track growth?
Consider forming a board of advisors with an experienced Chair as the facilitator.
Entrepreneurs learn quickly how lonely it is at the top. In many cases, the business owner is the sole employee when the venture is created. Then as the business grows, the entrepreneur hires staff. Regardless of the number of employees, size, structure or complexity of the business, however, accountability for the company’s success rests mainly on the shoulders of the entrepreneur.
The best entrepreneurs use advisory boards with professional subject matter experts to fill gaps of knowledge. Advisory board members are not directors in the traditional sense: They do not serve a governance function or represent shareholders or other stakeholders. They simply provide advice to the entrepreneur about achieving current business goals.
Think about the last time you met with other business people and had an open discussion, sharing your ideas and concerns. An Advisory Board is a formal version of this process.
Unlike a one-time or casual event, your Advisory Board is composed of people with a genuine interest in your business, a desire to see it do well and as a management ‘think tank’. Your Advisory Board members will serve as a sounding board, a source of ideas and expertise - and give you honest advice.
At its most basic level, the advisory board is a sounding board for an entrepreneur. At its best, the board can provide expertise, guidance and business-development insight. In all cases, the advisory board furnishes the entrepreneur with a group of experts who can discuss opportunities, challenges and next steps.
Benefits of an Advisory Board to Your Business
The PINNACLE Business Solutions approach with your Advisory Board ensures the appropriate structure, guidelines and membership management and will help an organisation by providing executive support and guidance to the Chief Executive Officer (CEO) or, Managing Director. Members of the Executive Leadership Team may also participate in the Advisory Board depending on the business’ needs.
The Advantages of Having a PINNACLE Business Advisory Board
- Provides missing expertise and challenging thinking
While small business owners are notorious for having to "wear many hats", the truth is that not all of them will fit well. Everyone has their own strengths and weaknesses and very few of us are good at many different things.
Entrepreneurs are also notorious for their optimistic philosophies towards their business, however, the right Advisory Board can challenge the business owner to think clearly and objectively. And, then there's the fact that there are many fields of knowledge that can't be mastered without years of study.
By judiciously selecting people to serve on your Advisory Board, in consultation with PINNACLE, the business owner can fill in the gaps of their knowledge. - Spurs innovation for creative ideas
Individual board members can provide creative ideas and alternative approaches for problem situations or new business opportunities, leading to solutions. When owners are overwhelmed just trying to operate their businesses day in and day out, they often lack the time or experiences to see beyond their daily routines. The PINNACLE Board members can bring a new perspective regarding untapped opportunities and innovative solutions that can propel a small business to a higher level of profitability. -
Provides checks and balances to the entrepreneur’s enthusiasm
Of course you're enthusiastic about your latest idea for a marketing campaign or a new product/service or a plan to grow your business. It's your idea after all! And you wouldn't be bothering to present a bad or stupid idea to your Advisory Board.
But an idea doesn't have to be bad or stupid to have flaws and board members, who don't have the same ownership of the idea that you have, will be able to see them more clearly than you can and help you think it through - and perhaps come up with ways to get around those flaws. Sometimes hearing other points of view can steer an owner in the direction needed to create future growth. - Provide valuable network of contact/s the business owner wouldn’t otherwise make
Networking is valuable for any business. After 17 years working with business entrepreneurs and executives PINNACLE has developed a wide range of business contacts.
PINNACLE Board members can use their connections for possible funding sources, finding strategic partners, knowing vendors, or connecting owners with subject matter experts. Leveraging the connections of board members can increase the visibility of a small business to other members of a community. - Discovering new potential customers, business partnerships, or opportunities for cross promotion
It's not just their own expertise that your new PINNACLE Advisory Board members will bring to the table. Board members will come with their own circles of contacts, contacts that may be very valuable for the development of your business or particularly helpful to individual projects. Whether your business needs financing or is looking for information on green building, a wider circle of help is always useful. - Provide Support as a Sounding Board and Personal Development
Small business owners understandably know the technical aspects of their businesses, but frequently lack experience in management, communications, or interpersonal relationships. The PINNACLE Chair and/or Advisory board members with a wealth of diversified experience can serve as mentors for a business owner’s or senior manager/s personal development.
More than anyone else, your PINNACLE Advisory Board will be on your side. They will be people with no axe to grind who want to listen to you and advise you. Above all, they'll want to contribute to your business's well-being.
At its best, the PINNACLE Advisory Board is like having a whole team of coaches.
How Do I Set up My Advisory Board?
Just like any business decision, setting up an Advisory Board involves careful consideration and planning. For many organisations, it can be a difficult and time-consuming process for the management team to establish an Advisory Board on top of looking after their own portfolio. Too often, this valuable business resource ends up in the “too hard” basket.
PINNACLE Business Solutions provides a structured, easy to manage process for;
- Establishing the structure, personnel and procedures,
- Working with the CEO/Managing Director to identify Board members both internally and externally,
- Chairing and Facilitating an Advisory Board for your business.
Let PINNACLE Business Solutions do all the organising for you and your business.
For more information on this process, including an assessment of whether your business/ organisation would benefit from the PINNACLE Advisory Board contact us today, 02 6687 7765 or 0412 667 864.
Your PINNACLE Advisory Board Chair and Facilitator –
Phil Daly - Managing Consultant, PINNACLE Business Solutions Pty Ltd.
Phil has been ‘living the dream’ for the past 16 years on the far north coast of NSW and is the area’s foremost expert on creating outstanding results in business, having worked with thousands of clients both individually and in teams to bring out the very best in their ability to achieve results.
Phil works with entrepreneurs, business owners and business leaders as a Business and Executive Coach and Facilitator, on how to maximise their time and to get clear on what is important, leading to brilliant results in their business and their life.
In the past, Phil has worked with small, medium and large organisations to develop strategies that not only improve performance, but also add to the bottom line.
Phil has over 30 years’ experience as a meeting chair and facilitator, most recently chairing the Sourdough Think Tank meetings from their inception in 2010.
As former Board member, Director and Deputy-Chair, (2008 - 2017), for the philanthropic organisation, the Northern Rivers Community Foundation, Phil has extensive knowledge, skills and experience managing and facilitating successful Board meetings.
You’ll discover how he takes complex business concepts while working with his clients and turns them into easily understood strategies that can be readily applied in your business today.
Phil’s relaxed style is highly interactive and enjoyable, with a focus on action-based application in the business environment and marketplace.
Testimonial
‘Phil chaired and facilitated the Sourdough ‘think tank’ Steering Committee bi-monthly meetings from our inception in 2010 for close to five years. He was well organised, inquisitive, thorough, structured and professional, with a ‘quiet air of confidence’ that was just right for our regular ‘board like’ meetings. He did a great job and we are grateful for his contributions.’
Pat Grier, former Managing Director, Ramsay Health and Sourdough member.
