An Advisory Board enables the owners or managers of the business to have access to an independent view and/or a “safe” place to discuss issues of major significance with their business.
The role of the Advisory Board will evolve over time with both the owner/s and the various advisors taking on their roles over a ‘settling in’ period, however, it is useful to document a charter or a set of guidelines for the members to provide some direction for its members in the early establishment time of your Advisory Board.
Advisory Board/s, consist of advisors who are not legally bound to the business or organisation. The Board is there for independent and strategic thinking, covering skills or sectors that the business owner/manager themselves may not have experience in.
When would a small or medium business need an advisory board?
An advisory board may prove a valuable resource in any multitude of scenarios, including the following:
• A company experiencing rapid growth, particularly over a short number of years
• A company needing to raise funds for future development and expansion
• A company wanting to build strategic partnerships
• A company facing major decisions and/or changes in direction, including entering new markets, products or geography, such as the export market
• A company experiencing growth and development and wanting to establish more formal structures involving professional managers
• A company dealing with succession issues, such as the directors looking to retire
• A company managing the development stages in the business and assisting with staff development
• A company facing challenges with other shareholders, contribution and/or return on investment needs
• A company wanting to raise the level of strategic conversation in every aspect of the business
• A company with specific technical and functional issues.
For more information on this Advisory Board 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.
