Your business can benefit from an advisory board of knowledgeable, well-connected peers to help your business grow and prosper. Advisers can discuss ideas, provide a reality check, tell you the truth when others can’t and be there to confide in when there’s no one else you can trust.
- Have you ever needed to discuss a challenge with a few like-minded professionals but didn’t have the networks or resources to find the right fit?
- Are you isolated when making strategic decisions and would benefit from seasoned advice?
- Would your business benefit from additional skills that complement those of your company’s management?
First Beacon can function as your business advisory board to help you resolve challenges with objective insights, fill talent gaps, build networks and gain validity in the eyes of potential investors.
A properly built and managed advisory board can help you in many areas including:
- Optimizing your business model;
- Cutting costs;
- Streamlining operations;
- Increasing marketing effectiveness;
- Obtaining additional financing;
- Overcoming employee challenges
The most successful boards are formed with a specific goal in mind.
- Do you need help honing your vision of where you want to take the business?
- Have you put a succession plan in place so you can retire or move on?
- Should you revamp your marketing plan to help you reach new customers through new media?
- Are you contemplating some personnel changes and need advice and guidance from an experienced human resources consultant?
Business Advisory Board or Board of Directors?
A board of directors:
- Has a fiduciary responsibility to the company and can be liable for mistakes that a company makes.
- Have an obligation to the company first, and the business owner second.
Advisory board members:
- Don’t have fiduciary responsibility, and thus cannot be held liable.
- The small business owner comes first and helps steer you in the right direction to best care for the company.
In most cases, businesses benefit more from having a consistent advisory board composed of people with a genuine interest in your business and a desire to see it do well. This valuable management resource can provide direction, accountability and expertise that leads to the growth and success of your business.
Contact us for more information on our business advisory board services.