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:

  1. Need skills and expertise you lack internally
  2. Grow rapidly and need to scale quickly
  3. Make a major acquisition
  4. Restructure
  5. 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.

Thoughts From Our Principals

Mark Semmens

Mark is a Chartered Accountant with a wealth of experience in accounting and taxation. Mark is a Member of Chartered Accountants Australia and New Zealand, the Tax Practitioners Board and the National Tax and Accountants Association.

Mark's blogs
Daniela Semmens

Daniela Semmens is a Co-Director of Semmens & Co. and joined the company as General Manager in 2017. Daniela is an Affiliate Member of Chartered Accountants Australia and New Zealand and also a Member of the Australian Institute of Project Management.

Daniela's blogs

Contact Us Today

For any enquiries into our team or our services please contact Semmens & Co. via email at or call us on 03 8320 0320

Contact form