The Australian Small Business and Family Enterprise Ombudsman (ASBFEO), Kate Carnell says advisory boards are…
Advisory Boards Support International Business Ambition
Australian businesses with international growth aspirations can be well supported by independent Advisors.
That’s according to Angela Bogdan, Consul General for Canada, speaking at the Advisory Board Centre Global Thought Leadership Summit.
One of Bogdan’s key areas of focus in her role is encouraging investment and trade between Australia and Canada. In her keynote presentation, she shared the benefits that Canada provides to Australian businesses and the opportunities abroad.
One example that she highlighted was Michael Hill Jewellers, who have strong operations in Canada and were supported by a locally based Advisory Board.
Ms Bogdan also shared key resources that were available from the Consulate General of Canada in Sydney including export support, connections and resources to specifically support women in business.
International Advisory Boards
Advisory Board Centre CEO, Louise Broekman has seen the rise of International Advisory Boards to support ambitious businesses.
According to Broekman, “The last decade has seen an increasing emergence in the popularity of Formalised Advisory Boards within the business community.
“It is anticipated the growth of formalised Advisory Boards as a management discipline will continue to grow internationally – to specifically target business with the potential for high-growth and those navigating change,” she says.
At the top end of town, financial institutions such as Bank of America, JPMorgan Chase and Deutsche Bank have appointed advisory boards to boost sales, markets, and global expansion.
The Bank of America, for instance, formed an advisory board of multinational business, academic and public-policy leaders. The purpose was to gain insights into global trends and business potential.
According to American Banker, CEO Brian Moynihan said at the time “Bank of America has relationships with clients who compete in every region of the globe.”
He went on to say the advisory board’s perspective, experience, and judgement would “help make us a better partner for the clients we serve”.
So there’s undoubted value in experts who can offer valuable insights into the processes that will accelerate an organisation’s growth.
Most recently, Transurban and Afterpay are two examples of Australian firms that have appointed a North American Advisory Board to support their global operations.