Advisory Board Set Up & Management

 
 
 
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Overview of Advisory Boards
Introduction to Advisory Boards
 

A desire to exceed present limitations has been the common element of advisory board users for decades. Individuals and organizations seeking to accomplish more than their current capabilities allow use advisory boards successfully. It makes sense. If the status quo is satisfactory and the future is unfolding in the right direction, why invite change?

However, most businesses operate in a world of constant change and are having to deal with situations such as:

  1. Desire for expansion
  2. New competition
  3. More demanding customers
  4. Loss of major customer(s)
  5. Not enough cash available for investments in business
  6. Lower than desired employee productivity
  7. Increasing costs of materials
  8. Opening or closing of facilities
  9. Business consuming more and more of CEO’s/business owner’s time
  10. Unsatisfactory profits for investment and effort

If you are facing these types of situations, then getting outside advice may provide you an enormous return on your investment. This is especially true if you do not have an experienced management team that takes care of the day-to-day operations. There are too many things to think about and not enough hours in a day to accomplish all the critical tasks you are facing:

  1. New employees must be trained.
  2. A new customer base established while present customers are kept happy.
  3. New products and services developed and marketed.
  4. The cash flow monitored and adjusted as immediate, and perhaps unanticipated, circumstances dictate.
  5. And the list goes on.

With all of this to deal with, it can be difficult to step back and look at your business strategically. An advisory board is a tool you can use to do just that.

 

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Overview of Advisory Boards - Definition of Advisory Board