Using a proven three-step process, advisory boards can be purpose-built to determine a combination of strategic and operational moves a business should make to succeed.
The aim of having an advisory board is value creation in whatever dimension of your business matters the most. Faraday & Company have mastered a three-step process for establishing a professional advisory board that can deliver dramatic improvements in business performance.
Step 1 - Introduction to Advisory Boards
The first stage in the process is our Introduction to Advisory Boards Program which shares everything you need to know about establishing and operating a high-performance advisory board, including:
The difference between professional advisory boards and traditional governance boards
Understanding whether a professional advisory board is right for your business
How to determine the strategy, organisation and ownership needs of your business
How advisory boards are structured and managed to meet these needs
The process for chair and advisor selection
Best practice in advisory board performance measurement and management
Read more about our Introduction to Advisory Boards
Step 2 - Advisory Board Starter Program
The Advisory Board Starter Program is a structured program facilitated by one of our experienced chairs to get your business Advisory Board ready in 90 days. Through this program the business will:
Develop a deeper understanding of how advisory boards create value
Examine the company's purpose with regard to owners, employees, customers and suppliers
Use this understanding to assess the current strategy, structure, systems, staff and skills
Better understand the current financial and operational drivers of their business
Consider future strategies and the knowledge, skills and experience required to execute
Design an advisory board based on the problem solving needs of the business
Select a chair to manage the advisory board
Prepare an advisory board charter, code of conduct, advisor selection criteria and advisor induction pack
Read more about the Advisory Board Starter Program
Step 3 - Select and Operate the Advisory Board
With the objectives and sequence of business advisor needs understood, the Chair of the advisory board works closely with directors, business owner or CEO using our process to search for and engage advisors who can fulfill those needs. The decision on which advisors to engage is made by the company.
As each business problem is solved, the advisory board is refreshed with new advisors to solve the next problem. The Chair is retained through each advisory board iteration to provide continuity towards key objectives, and as a mentor and sounding board for the company.
The advisory board Chair will:
Help the company search for, select and engage advisors
Implement best practice advisory board tools, processes and procedures
Induct the advisors onto the advisory board
Manage the advisory board and performance of members
Meet regularly with the company to monitor progress and outcomes
Stand down the advisors when the business problem is solved
Help the company refresh the advisory board to solve the next problem
We have learned through establishing and operating many advisory boards that the potential of the company is limited by the combined capability of the management team and advisors. Our advisor selection, tasking and performance management process has been refined to maximise the performance impact of this combined capability for the company.
Read more about Appointing an Advisory Board
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