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Strategic advice and complementary skills to take your business to the next level

Advisory Boards for Business

"In today's business environment the rate at which business leaders learn is an emerging competence. 
Establishing an advisory board (learning forum) is a simple me​chanism to access external wisdom, and focus 
learning specifically around the business and the needs of the
owner/MD"
Ben Kehoe, Director - Industry Consulting Group

Grow Your Business

What is an Advisory Board?

An advisory board is a select group of "independent" people who provide advice and support to the owners, shareholders and/or directors of a bu​​siness. They provide non-binding strategic advice to organisations and hence are informal in nature. This gives great flexibility in how they are structured and managed.​

How is it different to a formal board of directors?
Where formal boards have legally defined responsibilities, advisory boards are not regulated under the Corporations Act nor corporate governance codes. Advisory boards simply advise. They do not make decisions like a formal board.

Expert Guidance

What does it offer a business owner?

  • A broader business perspective to help evaluate key business decisions or strategic choices

  • Industry or technical expertise that is missing from the management team

  • Key industry connections with suppliers, customers or other stakeholders

  • A sounding board for business owners and leaders

  • Draw on the skills and knowledge of others who have practical experience in growing a business

  • Enhance the company's reputation and credibility in the marketplace

  • Increase consumer and investor confidence

  • Attract superior employees by demonstrating a commitment to company growth

  • Create a potential source of members for the 'main' board as the company grows

  • Test the quality of "outsider" contributions to the business (for family companies)

Achieve Your Goals

What is the focus of an advisory board?

Each company will need to determine the roles and responsibilities of its advisory board to best suit its particular circumstances and needs. Typical roles and responsibilities for advisory boards include:

  • Provide "wise counsel" on issues raised by the owners/directors or management

  • Provide the directors and management with insights and ideas which can only come with distance from the day-to-day operations

  • Encourage and support the exploration of new business ideas

  • Develop a deeper understanding of the business strengths, the market and industry trends

  • Act as a resource for executives

  • Encourage the development of a governance framework that enables continued growth, whilst not stifling the spirit or vision of the founders

  • Monitor business performance and challenge the directors and management to consider options for improving the business

​​​​Sourced from AICD: "The benefits of an advisory board – mentoring for growth​"

 

INTRODUCING THE ADEPT ADVISORY BOARD SERVICE