What is an Advisory Board?
An Advisory Board is a group of professionals that provides strategic advice to a business owner, CEO or Partners 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.
How can an Advisory Board help my business?
Provided that your Advisory Board has the appropriate structure, guidelines and membership management an Advisory Board helps a business by providing strategic insight and guidance to the Managing Director. Members of the Executive Leadership Team may also participate in the Advisory Board depending on the business needs. Advisory Board members draw on their own professional experience and skills to provide informed, but non-binding, advice on the business’s strategy. A well run Advisory Board provides a business with a competitive edge in addressing the challenges and opportunities they may face during the organisational life cycle.
Independent research has shown that, on average, annual sales for businesses with an Advisory Board were 24% higher than those without one; and productivity was 18% higher.
When is my business “ready” for an Advisory Board?
Establishing an Advisory Board is not directly linked to business size, turnover or age but rather based on the internal commitment and foresight of the Management. We have established and chaired Advisory Boards for businesses in the Emerging/ Start-up phase, as well as businesses experiencing Growth, Change or considering Sale or Exit.
Read our popular article “Are we there yet? Knowing when to implement an Advisory Board.”
How do I set up an Advisory Board?
Like any business decision, setting up an Advisory Board involves careful consideration and planning. For many businesses, it can be a difficult and time-consuming process for the Management team to establish an Advisory Board on top of their day-to-day responsibilities. Too often, this valuable business resource ends up in the “too hard” basket.
The Advisory Board Centre provides a structured, easy to manage process for Establishing, Chairing and Facilitating an Advisory Board for your business.
Want to connect directly to leading strategic Advisors? Start now with our complimentary Advisor Concierge service.
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 executive insights programs set the standard in Advisory Board education. Our members are independent and highly qualified senior executives and entrepreneurs who are experienced with Advisory Boards and governance frameworks.
The Advisory Board Centre provides membership, certification and training for Board Chairs and Advisors. When you are engaging strategic Advisors in your business- look for the logo: