Sharing below, an interesting article for those of you in scalable start up businesses. It is on the topic of Advisory Boards and the reasons an Advisory Board is critical to the business’ success.
When my own business, RNS Nursing, was still at the ‘dining table’ stage, manageable from home, yet scaling up, I established an Advisory Board.
With an independent, non-executive director, and non-executive director, Tom, meeting every month through those critical early years of business, we:
- would take the time to reflect on what had been achieved,
- monitor trends and what was happening in the industry,
- discuss clients and prospective clients,
- the competitors’ activity, and
- set out a plan of action for the next month towards our annual strategic objectives.
Having an independent, strategically-thinking, director on our side gave the business strength. We appeared to others to be a large company where, in fact, we were quite small and professional, as compared to the established competitors.
In 2007, I completed the Company Directors’ course with the Australian Institute of Company Directors. That gave me the knowledge and skills necessary as a director of any company. Our company grew to what the ATO called “large”, given the size of our workforce and payroll, before it was acquired by a national group.
Understanding the responsibilities of directorship helped me to:
- establish quality practices, meeting ISO 9001:2008 standards,
- implement a strategic planning cycle,
- manage risk,
- ensure we had the resources in place,
- establish meeting rhythms and accountability to support our business’ objectives, and
- instil a whole-company focus on constant and never-ending improvement.
Meeting with an Advisory Board every month keeps you honest! It gives you a massive advantage in gaining momentum towards your goals. The Advisory Board structure prevents you from getting distracted by all that goes on in a growing business.
I have sat in roles as a Director on not-for-profit boards and been on the national strategy team with the company who acquired my business in 2014.
If you’re looking to establish an advisory board, please don’t hesitate to contact me to discuss whether I would be a fit to work with you and your growing company.