I’ve see an increased interest among my clients in creating a “business advisory board.” The purpose I hear most often in developing this type of board is to provide the owners with insight or expertise that they don’t have in house. A close second is that the board helps owners develop strategic perspective on the business. The other common purpose is the accountability an outside group brings to keeping the owners focused on their plan.
What does a business advisory board look like? It typically includes individuals who represent the main functions of a business (namely marketing, operations, human relations, banking, finance and tax, as well as legal). I find that businesses particularly focus on finding advisers in areas they don’t have “inside” the company or don’t feel their internal expertise is as deep as it should be.