Considering or Building an Advisory Board?
Most private company CEO’s have an informal advisory board, including an accountant, an attorney, a banker, and other professionals or friends. A CEO Peer Group may also provide useful advice. This informal approach often works well.
But what happens when those informal advisors offer advice that leaves big gaps? Or when those advisors provide conflicting advice?
That’s when the creation of a tailored, formal advisory board may make sense. It will cost something, but remember that free advice often comes with hidden costs.
Here are some of the questions you will need to address if you decide to create a formal, dedicated advisory board:
- How do you find a diverse, but small collection set of potential members with a broad array of functional expertise?
- How much time and effort will the search take?
- Do you have relevant industry (e.g. manufacturing) and specialist (e.g. bank financing) expertise with substantial C-level experience generating practical, rather than theoretical guidance?
- Can the advisory board develop a coherent, pragmatic, and sustainable strategy for growing my business?
- Will the advisory board members be compatible and collaborative?
Along with my professional affiliates, I can help.
We have developed a “pre-packaged” advisory board offering that addresses all of the questions above. Three seasoned C-level executives, now focused exclusively on consulting and advisory work, have decided to offer “one-stop shopping” for a three-member board, each with broad and deep expertise in finance, operations, and sales/marketing.
Our advisory board will provide clarity, focus, and an integrated strategy. We will do so with a holistic, aligned, and collaborative approach that can be implemented by the owner and the leadership team. A single agreement provides a cost-effective advisory board with minimal administrative effort.
Your advisory board will meet as frequently as you wish. We recommend a minimum of twice annually, but believe that a quarterly rhythm will be most valuable to your company.
Pricing is based on a “cycle” of 27 man-hours, typically over a 2-week time frame. It’s only $9,000 per cycle on a stand-alone basis. With an annual commitment and multiple meetings, the per cycle price will be lower. The positive impact on your business should be significant multiple on your investment.
I can also seek specialists in other areas, such as corporate development, IT, or HR if you would like to create a more tailored advisory board.
Let’s talk about your goals and specific needs. Remember that deciding to “do nothing” also has a cost.
In Need of Board Services?
Contact us to schedule a 30-minute phone call to discuss your goals.