Setting up an Advisory Board can be an effective way for SMEs to support ambitious growth.
Unlike appointing Non-Executive Board members, who are typically serving a governance function or representing investors and shareholders, Advisory Boards provide non-binding strategic advice to the entrepreneur.
As such, Advisory Board members are not Directors, but subject-matter experts assembled to address knowledge gaps in the leadership team.
An Advisory Board can simply be a sounding board for the business owner, comprising a small number of trusted advisors with relevant experience who can discuss opportunities, challenges and next steps for the business.
However, for early-stage companies and businesses with strategies involving significant change, entering new markets, or considering international expansion and acquisitions, Advisory Boards bring essential insight, guidance and connections.
We assist clients in setting up an Advisory Board, from agreeing the profile, structure and compensation plan, through to helping identify, evaluate and select prospective board members.