Many smart businesses recognise that seeking the advice of experienced professionals is an effective way of avoiding obvious mistakes, seeking out potential business opportunities and learning from others who provide a unique perspective to the growth of your business. Establishing an advisory board is a way of formalising this process and setting your business up for sustained success.
An advisory board provides a sounding board to the CEO or owners of small to medium businesses. As well as acting as your business confidante, advisory boards can provide strategic advice and the complementary skills required to take to your business to the next level.
Our PKF Australia advisory boards are made up of professionals and executives that lend credibility and invaluable advice to your business. Even the best business owners can get lost in the detail; an advisory board provides stable, knowledgeable and reliable support to help you maintain a strategic focus for your business.
PKF is perfectly placed to assist you with the creation and running of an advisory board. With our broad in-house expertise in all aspects of governance, financial management and business strategy, we can provide potential advisory board members from within our ranks, identify other possible board members inside our wide networks, and assist with the establishment and ongoing running of the advisory board.
The areas an advisory board can assist with are as broad as the range of issues that can face any business. Typical examples include:
- negotiating a period of high growth
- considering the options when looking to raise funds
- identifying ways to maximise shareholder returns
- strategy development and review
- CEO recruitment and performance management
- succession planning
- mediation between the business owners and CEO
- connection with external resources (e.g. technical expertise)