Establish an Advisory Board for your Business
When you’re planning for success, it’s important to keep your eye on the big picture. This means developing your business in ways that will help growth. At this stage, it is useful to consider appointing advisers to provide you with support and help you along the journey.
Getting some additional advice or support may be a good idea when you:
- Need skills and expertise you lack internally
- Grow rapidly and need to scale quickly
- Make a major acquisition
- Need to acquire capital through fundraising
When you’re considering an advisory function, you may wish to set up an advisory board or look for a business mentor.
Setting up an advisory board
An advisory board gives small businesses the benefit of other’s knowledge without the cost and formal nature of a board of directors. An advisory board helps provide direction, insight and advice to a company, but as members, they have no decision making power or duties as directors.
Your board should bring a range of perspectives to the position. It should also be a space in which members are going to be comfortable disagreeing, so choose your members and set the tone carefully.
Finding a business mentor
If you’re not quite at the level where you would consider forming a board, finding a business mentor is a great idea. A business mentor can help you to step outside your business and look at the wider picture. Together you can identify ways to take opportunities or meet challenges. If you are looking for a mentor, start by identifying the expertise and knowledge you are seeking. Build your business network, look at local mentoring organisations and connect with industry-specific networking organisations. Look for someone who has relevant experience but remember that you should also choose someone you feel comfortable sharing your business with. And, don’t forget to repay the favor and become a mentor when you feel you’re ready!
Talk to Semmens & Co about your business goals and how you can set-up advisory structure.