Many of the owners of the businesses I work with recognise that they do not have all the skills they need to support continued growth. They often have specialist advisers working independently but do not benefit from having differently skilled expertise working together to deliver a coherent strategy. In these circumstances, I suggest that they consider building an advisory board that will help them to achieve their aims.
I emphasis that this is an important step as by involving others you need to be open to others' ideas and be willing to trust them - often up until this point they have been successful following their own intuition - dogged determination underpinning their success so far.
Unlike a formal board of Directors, an advisory board is assembled and brings together the skills that the owners requires. The advisers have no formal accountability but will need some incentive to be involved and usually have some empathy and insight into the sector of the business. Their role is not to be a replacement MD but to provide wise counsel, supporting the owners/managers to make the best decisions to achieve their business goals.
Chris Lorimer is an
experienced consultant who has helped many organisations to grow through his unique 4 Ps approach.