Recognising your business could benefit from outside strategic advice is a big step in you transitioning from working IN to working ON the business. There are however many people that call themselves advisors but how do you know they are independent, expert, experienced, and will add value? Or when you consider equity investors should they have a governance board position? The progression business owners follow to formalising their advisory structure is illustrated below.

The two advisory models that are commonly used are:

• Governance board who make decisions, and
• Advisory board(s) who make recommendations.

They are not mutually exclusive and when used together will ensure the business succeeds in the step changes required to grow, enter new markets or transition.

To determine the appropriate advisory model for your business requires working through three steps.

1. Determine priorities – review your business strategy, your governance practices and structures, and business transition plan to agree priority focus areas;
2. Identify gaps – what are the one to three key strategic gaps in the business that require advice, and what are the transition options; and
3. Implement advisory model – determine and implement advisor/director profiles, advisory/governance structure(s), and agree measures of success.

Advisors will be sourced through Advisory Board Centre network, your existing trusted advisors, and networks.