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 BOARD OF ADVICE

More and more businesses are recognising the need for some external input if their businesses are to remain successful. One way of achieving this is the appointment of a board of advice.

An advisory board is an informal group of local business professionals who can help you run your business better. And because advisory boards are unofficial (i.e. it's not the same as a corporate board of directors) you have a great deal of latitude in how you set it up.

A board of advice should provide you with a regular forum where in one room, a group of talented individuals meet to discuss big picture issues with you. Things like your vision and goals, the obstacles you're facing, opportunities you're considering and your plans to get there. Importantly, your board of advice should also monitor your progress, and keep you honest with all your commitments.

The benefits of such an advisory board, for SMEs and private companies include:

  • Regular access to the experience and advice of a number of business professionals
  • Lower costs than a full board of directors.
  • Advisory Board members are paid to know, focus on and advise specifically to your own business.
  • Information and agendas need to be prepared for each meeting resulting in better charting and progress checking of your business.
A well chosen and empowered board of advice will have you drawing on their skill and knowledge whenever you meet. More powerful than talking to each member separately, a well selected board of advice will tackle issues from all angles, giving you powerful insights into what you could and should be doing. The Board also brings about a element of "corporate governance" to ensure that everyone is accountable and achieving the outcomes that have been set. Kennas can assist you to design the board structure and to run the meetings on a regular basis to ensure that all parties are moving in the same direction to achieve the goals of the business.
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