Advisory Boards: Leverage External Expertise for Success
- Jan 27, 2023
- 2 min read
When built and executed correctly, advisory boards are a valuable resource for organizations looking to tap into external expertise and insights. Comprised of industry leaders, subject matter experts, and other accomplished professionals, advisory boards can provide valuable guidance and support to organizations looking to grow and succeed.
One of the primary reasons our clients implement advisory boards is access to a diverse range of perspectives and experience. This can be especially valuable for organizations operating in niche or rapidly evolving markets, where access to specialized knowledge and expertise can be critical. Additionally, advisory board members can bring a fresh perspective to an organization, helping to identify opportunities and challenges that may not have been visible to internal stakeholders.
We see five major benefits when creating an advisory board:
Boards drive performance by forcing clarity about strategy and direction. They make the company prioritize initiatives and resources to achieve critical goals in a timely fashion. They eliminate distraction and encourage momentum in profitable directions.
Boards extend networks by providing access to places and people that can't be reached otherwise. They help organizations explore unknown territory and provide a litmus test on risk.
Boards promote accountability by providing a critical sounding board to test ideas, initiatives, and strategies. They reinforce accountability and urgency.
Boards lend credibility to customers, associates, and stakeholders. Board members can raise an organization's credibility in the marketplace.
Boards provide "air cover" by untangling interpersonal challenges among team members, family, and equity shareholders. They can help reconcile differences between management and shareholders, particularly regarding resource allocation.
In our annual governance and compensation survey, we found that 96% of companies who responded saw increased revenues since implementing a board, and 91% saw increased EBITDA. On average, companies reported revenue growth of 65% since implementing a board.
It is critically important for organizations to carefully consider their goals and objectives when establishing an advisory board. It's also crucial to clearly define the role and responsibilities of advisory board members, as well as establish a clear process for communication and decision-making.
Effective communication and collaboration are also critical to the success of advisory boards. It's important for organizations to establish clear channels of communication with their advisory board members, and to ensure that all stakeholders are kept informed of developments and progress.
Overall, advisory boards can be a valuable resource for organizations looking to tap into external expertise and drive growth and success. By carefully considering their goals and objectives, establishing clear roles and responsibilities, and fostering effective communication and collaboration, organizations can leverage the expertise of their advisory board to help achieve their strategic objectives.
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