How Business Advisory Boards Propel Growth
There is a misconception about Business Advisory Boards, and many people believe you need an advisory board when your organization is in trouble. This could not be farther than the truth.
Every organization needs to be agile and forward-thinking in both challenging and favorable economic conditions. Therefore, a business advisory board is invaluable in every phase and stage of growth.
While every business should have a Business Advisory Board, the need might be more pronounced when a company is in the process of setting itself up for growth or is experiencing rapid growth.
While there is nothing more thrilling than living through a period of rapid growth in a business, the ride can be bumpy and nerve-wracking. This is because handling rapid growth is not an easy task. Leaders and managers need all the support and guidance at this pivotal time when dealing with changes in strategy, business operations, business development, and talent acquisition. A Business Advisory Board is, therefore, fundamental for business growth.
What makes a Business Advisory Board extremely valuable is that it provides a peer-to-peer connection that is often missing in most entrepreneurs' lives. CEOs and entrepreneurs often feel lonely and unable to find a sounding board for ideas and opportunities and discuss threats and business problems with a trusted, reliable, and available source.
“What makes a Business Advisory Board extremely valuable is that it provides a peer-to-peer connection that is often missing in most entrepreneurs’ lives.”
A good Business Advisory Board that comprises diverse talents, skills, and expertise greatly complements an organization's strengths. It also helps fill any management and skill gaps within the organization.
Are you in growth mode or gearing up for rapid growth?
Here's how a Peer Advisory Board helps your business:
1. A Business Advisory Board can review and help improve your strategic plan.
You can have an expert panel of board members from diverse industries and fields review your strategic plan. Your Advisory Board will offer you insights based on your goals, growth expectations, financial forecasts, competitive analysis, market trends, and conditions. Their guidance will help you improve and enhance your plan to ensure you have a competitive edge. The Board will also help you develop strategies based on their experience and proven tactics.
2. A Business Advisory Board will challenge your marketing plan.
Your Business Advisory Board will be able to offer additional guidance on your messaging, unique value proposition, target markets, product and service offerings, technology use, and trends so you can grow in the long term.
3. A Business Advisory Board will hold you accountable and be your sounding board.
Despite having a robust strategic plan, many business owners get bogged down by the daily grind. This can mean that the many action steps on the plan can be put on the back burner.
As various situations arise, different experts from your Advisory Board may be required to fill in the gaps, offer advice, and guide you through the plan. Market conditions and trends keep changing. With the current pandemic, we have seen considerable shifts in a majority of industries. Your Business Advisory Board will help discuss, address and solve significant business problems and issues on time. They can also help you see opportunities you can take advantage of promptly. And above all, the Board will hold you accountable for your plan.
4. A Business Advisory Board propels business development and helps with consumer feedback.
As an organization gets into growth mode, there is an increased pressure to get bigger quicker and scale the business faster. At such a pivotal time, brain trust is invaluable. Your Advisory Board members can provide feedback as end-users and help speed up the process of market research. For example, a technology app company can get meaningful and actionable input from Board members that have led a retail or restaurant chain.
5. A Business Advisory Board provides a third-party perspective.
A Business Advisory Board provides a third-party perspective — which helps you avoid the trap of emotional decision-making. This allows business leaders to look at a situation using various perspectives.
6. A business advisory board bolsters investor and consumer confidence.
A growing company needs to increase both consumer and investor confidence. A well-structured Business Advisory Board helps attract the attention of investors and creates a sense of confidence because such a known individual puts their trust in the company.
7. A business Advisory Board helps prime and prepare leaders for rapid growth.
Peer advisory boards also help leaders sharpen the saw and hone their skills. Many powerful leadership lessons are learned through these groups. Leaders of companies experiencing rapid growth need this type of impetus and opportunities for personal growth.
Companies can be extremely volatile when in the rapid growth stage. This is the time leaders need to make consequential decisions that will determine the future of the business. Having a brain trust of experts is an invaluable and necessary asset at this stage of business growth.