Over 100 directors, business owners and advisors have have been through the first Advisory Board Essentials Programs in New Zealand this week, facilitated by Louise Broekman from the Advisory Board Centre and hosted by advisory board specialists Faraday.
So what did they learn and what next?
The program provided insights into the untapped resource available to small and mid-market enterprises from formal advisory boards, talked to the importance of establishment, lead by an independent advisory board chair, and the relevance of advisors to the objectives of the company.
Program participants explored the differences between the decision making function of traditional governance boards and the problem solving potential of fit-for-purpose advisory boards. The importance of engaging advisors who are "out there doing it now" (rather than "been there and done that") in building practical pathways for growth, change or exit was a focus area of the program.
Advisory Board Centre CEO Louise Broekman shared the latest research on advisory board best practice. The emergence of focused project advisory boards, a deeper understanding of why 50% of advisory boards stall in emerging companies, and the challenges faced by companies that are both growing and changing in today's fast moving markets were areas of discussion. So too was unique relationship between the advisory board chair and the business owner, particularly in early stage and family owned companies.
Program feedback from business owners and advisors who attended has been overwhelmingly positive, ranging from the value of their new understanding of best practice, to the flexibility formal advisory boards can provide at each pivotal stage of business growth, change or exit. A key take out was the need to deliberately establish, furnish and operate advisory boards for the purpose of solving "what next" problems rather than answering "what happened" questions.
We would like the thank the fantastic teams at New Zealand Trade and Enterprise and Soda Inc. for supporting this weeks Advisory Board Essentials Programs in Auckland and Hamilton.
For more information on upcoming Advisory Board Essentials Programs subscribe to our newsletter. To get your professional advisory board started download our the Faraday Advisory Board Starter Program or email firstname.lastname@example.org