Here's everything potential chairs need to know about how Faraday & Company establish and manage professional advisory boards that dramatically improve small and mid-market business performance.
The situation
We live in a world were volatility, uncertainty, complexity and ambiguity are now a permanent business condition, forcing business leaders to ask how much they really know about a situation, and how well they can predict the results of their actions.
In the search for answers, today's directors, business owners and managers frequently find themselves confronted by problems outside their day-to-day areas of expertise. This is the new reality.
The opportunity
Small and medium enterprises (SME) with Professional Advisory Boards perform better in terms of sales, productivity and profitability. Independent research into SME advisory boards by BDC found:
SME revenue grew 67% in the three years after establishing an advisory board, compared with 23% growth in the three years prior
SME productivity increased 5.9% in the three years after engaging an advisory board, compared with 3.2% in the three years before
Over a 10-year period, companies with advisory boards reported sales 24% higher than companies without 86% of SME business leaders said their advisory board had a significant impact on the success of their business
When best practice is followed in establishing and managing a professional advisory board, the business develops new ideas, makes better decisions and avoids costly mistakes. It’s this combination of informed moves that significantly increases the probability of success.
Faraday & Company follow a proven process for finding, selecting, engaging and managing professional advisors and boards for small and mid-market companies. This process, and the ongoing management of the advisory board, is facilitated by experienced advisory board chairs using our approach, tools and services. They become trusted advisors to our client’s boards, owners and management team.
Introduction to Professional Advisory Boards
for Potential Chairs
Faraday & Company have mastered the process of establishing and managing advisory boards that dramatically improve small and mid-market business performance. We follow a proven process for finding, selecting, engaging and managing professional advisors for our clients.
What is it?
A practical workshop to give you the knowledge you need to understand how Faraday & Company establish and chair high-performance advisory boards that engage professional advisors to solve complex business strategy, organisation and ownership problems.
Suitable workshop participants who wish to become chairs with Faraday & Company go on to complete our Chair Starter Program and join our team of chairs.
How does it work?
A two-hour workshop which provides potential advisory board chairs with an understanding of:
How Faraday & Company establish and chair professional advisory boards
The role of the company representative, chair and advisors
The differences between governance and advisory boards
The differences between chairing traditional and advisory boards
The levels, strategy, organisation and ownership framework we use to recommend advisors
How we measure and manage advisory board and advisor performance
How chairs are compensated for their contribution by clients
Why now?
Research shows small and medium enterprises with advisory boards consistently outperform those without. Professional advisory boards are an untapped resource for businesses in start-up, embarking on growth, navigating change or planning for exit or inter-generational succession.
There is unprecedented demand for advisory board chairs in the small and mid-market sector, but until now, there has been no medium for companies and advisory board chairs to engage on delivering clear performance outcomes.
Who should attend?
The capabilities and demands of chairing professional advisory boards are different to chairing governance boards. In our experience, the most effective chairs are former CEO’s, business owners, entrepreneurs and cross-functional advisors with strong coaching, facilitation and integration capabilities. They have a track record of:
Building high trust and deeply honest relationships with business owners and CEOs
A track record of improving performance through cross functional integration
Proven expertise in understanding and improving the relative competitive
An understanding of industry structures and how they are changing
Course Details:
Course Fee: $100 + GST
More information: info@faraday.company
Suitable workshop participants who wish to become chairs with Faraday & Company go on to complete our Chair Starter Program and join our team of chairs.
For more information contact
Craig Richardson, Director
Email craig@faraday.company
Phone +64 2199 1873
Henry Lynch, Director
Email henry@faraday.company
Phone +64 274 974 993
About Faraday & Company
Faraday & Company specialise in establishing and managing professional advisory boards small and mid-market companies in Australia and New Zealand. Visit www.faraday.company
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