“If you want to be great and successful, choose people who are great and successful and walk side by side with them.” Ralph Waldo Emerson
Many people believe that an Advisory Board is only for large corporations, but this is not true. More and more companies of all sizes are benefiting from the input of an Advisory Board. By bringing in external expertise from people who understand and embrace the importance of changing organisational culture, you can only enhance your organisation’s knowledge and effectiveness.
The obvious question is: “why would a leading figure be interested in helping my company?” The answer is surprisingly simple. Most successful business people are keen to give something back. They will often welcome the opportunity to impart their knowledge in order to improve organisational performance across the corporate world.
An Advisory Board can be an extremely cost effective way of propelling business success in many ways
Its contribution can be, but is not limited to:
Business Development: Based on their network and contacts
Support: It can be a lonely place at the top. Having impartial, non-judgemental advice on leadership skills and all manner of other issues is invaluable
Expansion: Opening up new, unknown areas of business
Entrepreneurial: Repeated success in achieving organisational ambitions can help with difficult decision-making and portfolio management
Change / Transformation: Where turnaround or organisational cultural change issues require attention
Publicity / Promotion: A recognisable and valued name in a specific area of business gives commercial leverage
New Market or International Development: Specific market knowledge and contacts allow the exploration of new markets
Intellectual Property: Specific areas of knowledge such as R&D or obtaining or selling IP
Legal / Financial: Experience in preparing to exit, sell or acquire
Marketing: Knowledge of, and contacts in, cutting edge marketing including social media
Export / Overseas: Expansion into foreign countries will often require local knowledge and cultural understanding
An Advisory Board has no legal or fiscal responsibility regarding the day-to-day operation of a company, its role is purely in a consultative and supporting capacity.
Prior to appointing an Advisory Board careful consideration should be given to the business needs and goals. Understanding the short, medium and long term business strategy to identify potential gaps will also play a role in determining the ‘right fit’ of the advisors.
Identifying and attracting the best individuals is best undertaken by a professional team. That team will be able to create a good business argument and help attract the best individuals and convince them to come on board.
Adcurata is very proud of our own Advisory Board which is made up of:
Sir Richard Sykes
Gert van de Linden
Their individual profiles can be found here.
Article written by Mark Edwards
Marketing Director, Adcurata Limited
Follow Mark on Google Plus