What is an Advisory Board?
In the most practical terms, an advisory board is a structured approach to engage a group of external mentors on an ongoing basis. Ultimately, an advisory board is a group of professionals that provides strategic advice to an organisation to assist with internal decision-making.
The advice provided by an advisory board is non-binding and there is greater flexibility in the structure and management of advisory boards as compared to a board of directors. They are fondly regarded as the “friendly board”.
In most countries, advisory boards are not governed by specific legislation. However, a well-structured advisory board should have a strong foundation and clarity of purpose to support the business and provide a sustainable advisory structure.
An advisory board consists of an independent Chair, internal stakeholders and external advisors, chosen for their specific experience and expertise.
Advisory boards are commonly used by the business sector to support growth, expansion and succession strategies. Corporate organisations also use advisory board structures to support specific projects or targeted strategies.
How can the Advisory Board Centre help my business?
The Advisory Board Centre provides a practical pathway for businesses to increase competitiveness, foster innovation and drive economic impact through effective engagement with advisors.
Our professional development and education programs set the standard in independent advisory board education. Businesses can also access the Advisor Concierge service. The Advisor Concierge is a guided service that aims to connect businesses to highly experienced board chairs and advisors for advisory board engagements.
Still have questions? Visit our Frequently Asked Questions page or contact us directly.
The Advisory Board Centre provides membership, certification and best practice training for board Chairs and advisors. When you are engaging strategic advisors in your business, look for certification.