Getting the right advice and guidance is critical to business success. Many businesses have a Board of Directors that exist to meet compliance and governance obligations. In an ideal world that formal ‘Governance’ Board can also provide the commercial guidance to the business. But for many businesses, especially those growing rapidly or just starting out, that model just does not work, or does not work effectively. In many cases having a full Board of Directors who can deliver on both governance as well as advice and support is too costly and too complex. Prospective Directors who can add real value are also often nervous about going onto the boards of small and medium sized businesses because of all the duties and potential personal liabilities that go with being a Director of a governance board.
The solution – An Advisory Board. An Advisory Board can offer the ideal solution. Getting the right people around a table giving you advice as an Advisory Board can add just as much value to your business as having a full Board of Directors. In fact, even where there is a full Board of Directors already in place, an Advisory Board can still add significant value by acting as ‘Advisors to the Board’. Splitting the ‘advisory’ role from the ‘governance’ role fees up the advisory element to focus on the needs of the business and adopt a focused commercial problem solving approach. We call it being in a positon to give ‘fearless advice’ unencumbered by the shackles of the governance responsibilities of a full board.
What we do is put together your Advisory Board for you, and show you how to get the best out of it. We can help you recruit your Advisory Board members from our extensive network of successful businesspeople, if you already have potential Advisory Board members in mind we can include them too. We can Chair the initial meetings and help you bed the process in. It’s not hard, but as is so often the case, having someone who has done it before show you what to do makes it all so much easier.