Advisory Boards – A Great Place To Start
Posted by Kevin Logterman on Mon, Sep 20, 2010 @ 02:42 PM
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In ongoing discussions with mid-market family businesses, the word change is brought up in most every conversation. There is the realization that our economy has changed, that the residual effect of this most recent recession has changed how businesses must market and sell, how customers’ needs have changed and the fact that businesses need to adapt to this ever-changing world. The use of the word “change” could go on forever.
One of the ways in which any business can help itself, especially family businesses that do not yet have a board of directors, is to establish an advisory board. Without the formality and governance required of a board of directors, advisory boards can be a rather easy and effective way to introducing new ideas and directions to a business that realizes it needs to change but doesn’t have all the internal resources to do so.
Recently, a client called with a request to help him build an advisory board. They were looking for a couple of outside members who could bring experience and understanding around the idea of transitioning from a traditional product-focused organization into becoming more consultative and solutions based in its approach to marketing, sales and the development of services around their products.
Who better to learn from than others who have experienced similar situations, can point out opportunities and have been successful in accomplishing what it is you are hoping to achieve? An advisory board is an effective, low cost way to bring short and long-term benefits to your business and is a great place to start if you do not have a board of directors.
If you are an advisory board member or have an advisory board in your company, I’d be interested in your feedback on how its’ helped you and your business.