Following on from our recent series of articles with respect to shadow directors and the distinction between directors and professional advisors, this edition of In Focus reviews the concept of the advisory board.
Advisory boards have become increasingly prevalent over the last decade or so as business operators seek expertise that is not currently within their current boardroom or as organisations deal with growth and seek to remain competitive in an increasingly demanding business environment.
Many family owned and SMEs businesses have a stable executive team. Whilst this can have undoubted benefits in terms of culture, it can also lead to a stagnation in ideas and innovation – with the mentality “that is always how we’ve done it here” prevailing. In the most extreme cases this phenomena, can end up being a competitive drag and lead to missed opportunities and reduced market share.
The use of an effective advisory board is an effective protection against this possibility.
Read More IN FOCUS – Advisory Boards prepared by Hall Chadwick Partner, Blair Pleash
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