Why Businesses Choose Advisory Boards Over Alternatives
A big challenge for all of us in a low growth economy such as Australia, is that our changing market needs both different and critical thinking. Questioning what you are going to do differently from your competitors, what new markets should you look to, and what are you doing about innovation, new products and new technologies to drive an ordinary looking business into something that is sustainable longer term, are all everyday considerations.
As businesses are challenging their own boundaries and spending less time planning and more time testing, critical thinking and quality conversations are needed.
So where do we discuss these issues? How many perspectives can you gain from people you respect and trust? How confidential, focused and deep are the conversations? What follow up do you have and how do you maintain your accountability to the decisions you have made?
Furthermore, who is better at strategy? The CEO, the executive team, advisors? The answer is none, they work best as a team, bringing their own expertise and experience to the table.
So what do businesses do if they don’t have an Advisory Board?
• Go It Alone
• Join Executive Roundtables
• Establish a Governance Board
• Employ a Business Coach
Advisory Boards are an effective way of working with advisors long term, providing the support and insight along the way.
Advisory Boards deliver bigger networks and access to expertise that is not core to any one business. This might include insight into the skills needed to successfully market to a different consumer group, experience to make acquisitions or mentoring and leadership coaching for the next generation in the business.
To be effective though, there has to be a clear understanding from both the business and the advisors or the key issues facing the business or the triggers for creating an Advisory Board.
Please find more information from the Advisory Board Centre in the related documents below.