Tapping into advisory boards is an intelligent move
While there has been some debate around the importance or otherwise of advisory boards – and I guess the conclusion ultimately determines their value – there’s savvy aplenty in the general rule that getting added intelligence into the company can never be a bad thing.
Intelligence, of course, is one of the key currencies that separates the great companies and organisations from the good ones (and the not-so-good ones!) and any vehicle that can serve as an astute sounding board and inject some high level thinking into the corporate conversation should be welcomed.
As the name implies, the advisory board is there to provide advice, which can then be used to inform the decision.
Taking The ‘Me’ Out Of SME Can See Your Business Take Off
I’m often asked by those in small business when they should turn their thoughts towards adopting some sort of board structure – and my stock answer is: it’s never too soon.
I intentionally use the words ‘some sort of board structure’ as the SME landscape is a pretty expansive one, dotted with many companies that have succeeded as sole directorships and just as many that have thrived on external skills.
What’s important is that there’s a keen understanding of the divide between strategic and operational needs and the fact that both require focus and attention. And if internal skills don’t allow for this, we need to look outside for these people. Whether they then act in an advisory capacity or are appointed to a more formal board structure doesn’t really matter. What does is that we appreciate the need and are prepared to listen and learn.
How To Prepare Your Business For Growth
You’re motivated, you have a great idea and you fancy your entrepreneurial spirit and as important as they are in launching a new business, I’m sorry to say they’re not enough.
That’s because your success will ultimately depend on having three key elements in place at the outset – an end game in sight, an appreciation of the importance of the right people and a willingness to ask for money.
The end game, of course, is your vision for the company.
When you know where you wish to end up, it’s so much easier to build the structures to take you there. So spend time on this vital aspect and only when you know you have it in sharp focus, turn your attention to people.