So, you’ve made the decision to establish a formalised advisory board for your business. Congratulations! You’ve taken the first step in a journey of transformation – for your business, your customers, your employees…for you.
Whether you are starting up, planning for succession, launching a new product or service, optimising existing operations, raising capital, or have the desire to uncover new opportunities, with the right mix of independent experts, a good advisory board will set you on course.
But where do you find qualified, high-calibre independent professionals? You may have capable connections in your network that have experience, but that doesn’t mean they’re the best for the job. We’re all too familiar with this problem and given we live and breathe advisory boards, we’ve come to know how to set them up for success.
Selecting a Chair and advisors is as important as selecting employees – if you choose frivolously, you may waste time, money, and be further off course than you ever intended. Instead, we suggest you vet for experts who have experience in the area or industry of focus, and better yet, vet for advisors who have achieved what you are trying to accomplish. Ultimately, you want perspective from those who get you but know what it takes to level up.
Enter a professionally qualified advisory board: a hand-selected group of carefully chosen business leaders on your side who believe in your mission and are committed to its success. Advisors who are ‘fit-for-purpose’ will create work for you that moves you and your business forward with improved confidence.
Advisors need not be in place only to provide value-driven insights and guidance; instead, your business requirements may see you engage advisors for problem-solving, regulatory compliance stewardship, or advocacy within approved guidelines.
Per your advisory board’s Charter, there must be an understanding of the advisory board protocols, roles, and ethics guidelines to ensure their roles contribute within the framework, and so that ecosystem boundaries are managed between management and the responsibilities of directors.
By carrying out an annual review of business and advisory board performance you will ensure alignment and flexibility as the needs of the business change. The advisory members that you start with may not be the same advisors on your board a year from now – advisory boards are inherently agile and as the businesses’ goals progress or the capability of the board has been established, you may need experts from different areas.
You hear us continually talk about “best practice” – it’s for good reason. Harnessing best practice by using a validated framework is not about red tape, regulations, or procedures. It is about having a balanced approach to your advisory board structure by applying good governance of people and process. You will future-proof your board, at the same time as your business interests, resulting in a powerhouse of expertise making things happen. A formalised advisory board should be led by an independent Chair who has been certified in best practice standards and can support your business in setting up and facilitating the advisory board.
Establishing the perfect advisory board or adding new expertise to an existing one need not be a marathon exercise, there is help available! Whether you’re starting an advisory board for the first time or looking for new expertise on your existing board, our Advisor Concierge can help you. This is an independent, global, and complimentary service offered to businesses, executives, and boards to identify their current situation and scope out if improvements could be made with advisor engagement. This service has supported more than 900 organisations in the past few years.
The Advisor Concierge evaluates business priorities, identifies the appropriate structure, and helps navigate the process to engage an independent Certified Chair™ or advisors.
Whether you’re starting up, scaling up, or already established at the big end of town, one thing’s for sure – growing your business is a big priority. Imagine taking that goal one step further. Dare to dream. Find an opportunity. Take the next step and stride ahead of the competition.
If you’re ready to change the game with an advisory board as your coach, we’re here to be your cheer squad on the sidelines.