At some point, most entrepreneurs and business owners realize that they can serve themselves best, by tapping into high-level, specialized input from people who have “been there, done that.” One way to do that is through an advisory board.
What are the Benefits of an Advisory Board?
- Big picture, strategic planning input.
- Broaden the universe of knowledge and skills
- Develop new ideas
- Avoid costly mistakes
- Ensure orderly succession of the company (whether from one family generation to the next or from an entrepreneur to a managerial team)
- Confidential and collective feedback
- Success and sustainability rest on solid corporate governance
- Enhanced credibility among stakeholders by having highly credentialed advisors
Yes, but there are hurdles. Here are the questions often posed by entrepreneurs and business owners.
What are the Hurdles in Creating an Advisory Board?
- Where do I find these advisors?
- Why would they want to be advisors?
- How do I ensure that these individuals are a good fit?
- How do I organize and manage an Advisory Board?
- What is the role of ELO Counsel?
So, there’s an interesting situation where most entrepreneurs recognize a need, but don’t know how to go about addressing it. In response to this need among clients, we have developed a compelling “Advisory Board Program” offering.
For a number of years we have gained valuable experience doing the following: governance and strategic reviews of organizational structures; strategic planning for growth; utilizing assessment tools in order to place the right individuals in key leadership positions; chairing and running meetings for family / ownership groups; and doing emergency response planning. We have also developed an unmatched network of potential advisory board members. All of these skill sets and experiences of the ELO Counsel team have coalesced to create an advisory board program.
THE BOTTOM LINE: An advisory board is a highly useful and beneficial value-building tool for entrepreneurial companies. We have found that successful clients are prepared to invest in their company’s success to accelerate growth. They simply need the means to do so. We have recently had a number of clients engage us to develop an advisory board, source key members, and then be the first board chair. We have found that companies that are good stewards of their potential typically invest in themselves.
