Advisory Board Centre Founder & CEO, Louise Broekman, was the special guest speaker at…
Unlock Australia’s best advice for mid-size business with no strings attached
After over 25 years in business, Anthony Jones, principal of Templetons Financial, one of Brisbane’s leading financial planning groups realised that if the business was to go to the next level he needed help to see the bigger picture.
“We had been around since 1982 and had been very successful in helping thousands of clients make wise financial decisions. However, over the last couple of years the business had changed and we realised that while we were great at giving out financial advice, we were not so good at getting our own backyard in order,” he said.
Anthony’s business faced the same problem that so many mid-sized, successful businesses hit when they are growing fast:
- How do you create and maintain sustainable growth without burning out?
- How do you keep your service level up when new clients are coming in to the business faster than you can handle?’
Up to now the solution in Australia has often been just to hire someone: more staff, some consultants, a new accountant, anyone… to take the pressure off and return some sense of control and focus.
Recently however, some of Australia’s most progressive and successful businesses are engaging a new model, long accepted in the US and Europe, to access handpicked, no-strings professional advice through a formalised advisory board.
Finding the right match
Templetons Financial assembled their advisory board through the Advisory Board Centre; “We wanted specific advice from our advisory board and the Advisory Board Centre were able to connect us to members who provided that advice with no strings attached,” said Anthony.
Unlike a board of directors, an advisory board can advise but it’s the business owner that ultimately decides whether to act on it and when.
“The fact the board members have no financial or fiduciary stake in the business meant I felt comfortable their advice was independent, and it’s really helpful to have a team of advisors I can bounce ideas off and who will challenge me,” Anthony said.
Advisory boards are ubiquitous in arts, education and scientific institutions but were largely unavailable to business until Louise Broekman established the Advisory Board Centre. Louise founded the Advisory Board Centre after experiencing first-hand the power of having a set of specialists and experts working with her to help multiple businesses grow and succeed.
“Without giving away power and authority, I was still in control of decisions, but I gained a whole new depth of critical thinking and problem-solving to back me up by leveraging the expert knowledge of my advisory board,” Louise said.
Australia’s leading Advisory Board professionals
Since launching in 2017, the Advisory Board Centre has recruited, vetted and trained over 150 Australian professional leaders with specialist expertise in IT, finance, business development, marketing, logistics and international business.
“We’re not surprised by the high level of expertise in our advisors, but we were surprised at the number of mid-to-late career experts who were wanting to give back to the business community using their decades-long experience and life lessons,” she said.
“There’s also a huge advantage in the flexibility of advisory boards over traditional governance to change board members as the businesses needs’ change. That means that while a company might require specific expertise in sales and marketing now, they may need a completely different skill set in the future and we can facilitate that,” Louise added.
“Many businesses want independent advice but know that a single consultant, who bring one skill set, isn’t enough but finding a group of consultants is way too complicated,” she said.
The Advisory Board Centre has a unique concierge service for business that connects you directly to advisors based on your business’s needs.
“Establishing an advisory board is not directly linked to organisational size, turnover or age but rather based on the internal commitment and foresight of the management,” she said.
“Our role is to support business owners, and if an advisory board is the right model for them, assist them to assemble the best board members for their circumstances and how to best leverage the board to meet their needs.”