They run closely-held, private businesses. Their boards are comprised of family members and friends.
The board meetings are comfortable, friendly. You might even call them “fun.”
But they’re neither challenging, nor very helpful. And for those who lead such businesses, that’s a problem.
They have questions about the company’s strategic direction. They want someone to bounce ideas off of. They want someone to hold them accountable.
That someone is not at the table.
We know such business leaders well. We know how lonely they can feel. And we know if they continue to suffer and fly alone, their businesses will suffer, too.
The wise business leader solves the problem by establishing an outside advisory board.
Separate from company directors, an advisory board does not have fiduciary or legal responsibility.
The board does what its name implies — it advises the business leader.
Comprised of seasoned business people with relevant experience and knowledge, the advisory board offers strategic guidance. It shares technical expertise. It helps the leader establish direction. It holds the leader accountable.
Ultimately, an advisory board strengthens leaders, guiding them to better decisions, helping them become more comfortable and confident and positioning their companies for greater success.
How do you know if an advisory board is right for you? Here’s a list of conditions common to companies that benefit from advisory boards:
- The company is closely-held with a board that focuses very little on strategic issues.
- The board rarely meets, and when it does, it doesn’t address strategy or accountability.
- The leader has a nagging sense that it’s “lonely at the top.”
- The company is facing a major transition — a merger opportunity, succession, major leadership turnover or other event that requires thorough analysis and planning.
- The company is struggling to grow revenue, avoid losses or motivate and inspire employees.
- The company is growing quickly, straining resources and creating unique challenges.
If one or more of those conditions exist in your business, it might be time for you to consider an advisory board. Use the “contact us” link below to learn more.
