What is an Advisory Board?
An Advisory Board is a group of experienced professionals that provide non-binding strategic advice to the management of a corporation, family business, or (NFP) foundation. The informal nature of an Advisory Board gives greater flexibility in structure and management compared to the Board of Directors.
The type of advisory board members should be determined by the nature of what is sought and expected from them by the enterprise. Advisory Board members should have distinctive knowledge on different aspects of business such as marketing, product development, customer relationships, financial management, that are of use to the directors.
The Advisory Board has no defined size it can be merely a small group of individuals led by and experienced Chairperson, each of these individuals, typically, brings a defined set of skills and expertise to the business.
Advisory Boards are often used in Family businesses and can be a great way of retaining control of your own business while gaining from the experience and advice of external professionals.
At BYB we help you build and maintain an effective “Advisory Board” , based on access to our panel of experts.
BYB Advisory Board Request:
If you are a business owner seeking to set up your own Advisory Board with professionals with the following experience profile :
- Sound knowledge of a business discipline that may help an Advisory Board
- Sound knowledge of the Governance issues in the contemporary Boardroom
- Sound knowledge of Boardroom protocols and processes
- Sound knowledge of the sector that they wish to get involved with by joining an Advisory Board
- Sound knowledge and empathy for the customer base of the organization whose Advisory Board they join.
Contact us for a confidential discussion on how BYB can build YOUR Advisory board.
Aspiring Advisory Board candidates:
If you are aspiring to join an Advisory Board, do not hesitate in contacting us at BYB so that we can add you to our “BYB – Advisory Board Registry” (T & C’s apply).
Register your interest and for more information email us at; info@mgf.com.au