As we enter 2024 we’ve been reflecting on the lessons learned from over a thousand organisations that we’ve had the privilege of aiding in the evolution of their advisory board structures.
Coupled with the invaluable insights from our expansive advisory board network, spanning twenty-seven countries, we’ve gained a comprehensive understanding of the proactive strategies being employed by businesses and advisory boards for the year ahead.
In a time when business is characterised by rapid change and increasing complexity, it is crucial we constantly check the radar on the ever-evolving world around us. As we enter 2024, the importance of actions over words will become even more pronounced. The way we prioritise and focus on our actions will have a profound impact on the opportunities that arise in the coming months.
Here are some thoughts for your advisory board to consider for the year ahead.
• Stakeholder Engagement Planning – The rapid incorporation of advisory boards in stakeholder engagement introduces a new value proposition for the model. Shifting from a linear view of the supply chain to customers and stakeholder ecosystems encourages mutually beneficial collaboration. This is an exciting shift in the market and management models and one to deeply consider.
• Open Eyes, Open Mind – If we truly listen to the market, we gain the chance to look and listen beyond our existing knowledge. The impact of advisory boards can be enhanced if organisations are open to diversity. Diverse views, experiences, quality data and information will challenge the brave and stimulate an environment of bold experimentation.
• Digging Deeper – We are all profoundly influenced by societal changes, technological advancements, and a growing emphasis on sustainability. This generates a push-and-pull effect with competing and overlapping priorities. In 2024 advisory boards supporting purpose-driven organisations will need to sharpen their focus to generate momentum.
• A Plan and a Compass – Rapid change and complexity in a hyper-connected world amplifies the need to maintain a constant radar on the world around us. It requires both a plan and a compass to move with agility to respond to opportunities ahead. It is an opportunity for great advisory boards to support organisations to embrace 2024 with purpose, optimism and courage.
• Safe Zones – In an environment where our activities are constantly tracked, recorded, monitored, and self-censored, and screen time dominates our lives, safe zones will become increasingly valuable. Advisory boards should be clear on their purpose and create environments where it is ok to have vulnerable conversations. To record, or not to record – that will be the question.
• Best Practice Matters – As the advisory board sector continues to thrive across many markets, the need for professionalism, quality, and ethical advice rises. The profession’s trust foundation must be built on credentials that are current and informed by the market. Merely hanging a shingle and winging it as an advisory board professional may suffice, but it falls short of best practice.
The way we prioritise and focus on our actions will shape the opportunities that lie ahead in the coming months. From stakeholder engagement planning to embracing diversity and purpose-driven focus, advisory boards play a crucial role in navigating the complexities of our ever-evolving world.
Here’s to a focussed and very successful 2024!