Is an advisory board right for your company?

Have you been considering assembling an advisory board to assist your business move from good to great?

As a business leader, moving from an operational role into a strategic role is a critical step once your business reaches a certain level. Of the different businesses I have worked with over the years, one of the models I have seen work very well is when an advisory board is convened.

An advisory board works much the same way as a board of directors, however the advisory board don't have ownership of shares. This option suits managing directors who have:

• Identified they want their role to be more strategic than operational
• An established successful business
• A proven business model
• Identified they want diversity in views and advice to make well informed decisions
• Growth objectives

The Queensland Government have a program open that can support the introduction of an advisory board. Click here to learn more about the program.

The highlights are:

• Up to $50K available
• Designed for specialist equipment, specialist services or an advisory board
• Minimum turnover of $500K
• Minimum trading history of 3 years
• Queensland headquarters
• Worth finding out more

Whether you access the funding or not, implementing an advisory board can have a range of benefits. It might just be the thing that assists you with your next step in business.

Cheers!