Would you like one of the most powerful tools available for business success?  Would you like to multiply your own efforts without losing control?  Would you like your own personal mastermind circle? 

International research shows that having an advisory board is one of the best ways for a business owner (or owner group) to grow both income and productivity.  And that’s outperformance over 10 years, not a flash in the pan. 

So let’s take a moment to define this thing.  We are pretty familiar with the board of directors or governance board.  They are people appointed by business owners (shareholders) to oversee the management of the company.  As in the board of QANTAS, or the board of Telstra.  Boards have great power, and therefore, of course, great responsibility.  It’s a large and complex area of law.  If you are talking to a prospective outside investor, or a potential merger or acquisition partner, their first question should be “Who’s on your board?” 

Advisory boards are different.  With an advisory board, you get to tap into expertise, experience and connections beyond your own.  You get to pressure-test your ideas and expand your thinking.  And you keep control.  An advisory board doesn’t make decisions for you; it gives you advice, as it says on the lid. 

Successful companies have used advisory boards for years – to manage growth, to tap into technical expertise, to offer strategic insight and foresight, to test their thinking, to guide large and complex projects.  We’re talking the power of a cohesive group, without the complexity and formality of a board of directors. 

One of the most successful regional businesses I know has one director, and a high-performing advisory board that meets regularly on a structured agenda.  Their performance is off the charts. 

You get to choose how your advisory board runs.  What’s the goal?  How many members?  How often will it meet?  What will you pay them?  The answer is what works best for you, the business owner.  There are recognised best practices, and within them there is a lot of flexibility. 

Our business environment gets faster and more complex by the day.  Could you use a sounding-board that leaves control in your hands?  Could an advisory board be your secret sauce for business growth and performance?  Call me, let’s have that conversation and find out.