Why your firm needs a Strategic Advisory Board

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When I mention ‘Please assemble a Strategic Advisory Board’ to the owner or CEO of a small or mid-sized firm, I get an assortment of responses:

  • ‘I don’t think I will gain any value from it.’
  • ‘Will I lose control of my business?’
  • ‘I don’t want to be told that I am wrong, from people who know nothing about my business.’
  • ‘I don’t want outsiders meddling in my business.’
  • ‘I don’t want outsiders to try and replace me.’
  • ‘Will my version of my firm be lost?’

So, what do these thoughts have in common? They are all ‘I’ centric. They are focused on the owner’s perspective. Often, a limiting perspective.

Distinguishing a separation point between one’s firm and oneself is a journey in maturity that every founder must embark upon. You have grown your firm to the level at which it is no longer ABOUT you. It is now about what your firm can do FOR you. And sometimes, assembling a group of professionals to help you steer ‘your’ vehicle is the way to go.

A Board will endeavour to guide your firm with SUCCESS in mind. Not your ego, not your personal preferences, not your sensitivities or limitations (and yes, we all have them). Pure SUCCESS. Nothing more and nothing less.

A board offers unclouded, unemotional, unbiased, highly strategic outcome-driven guidance. You have guided the play successfully thus far. It is easy to believe that you have all the skills required in-house for your firm to continue its trajectory of success. However, ensure that you know all the benefits a board brings to the equation before making an incorrect assumption.

Here are just some of the many use cases and benefits you can expect from having a Strategic Advisory Board in place:

  • Picking the right strategic direction
  • Ongoing strategic refinement
  • Improved governance and compliance
  • Risk mitigation
  • Improved business performance
  • Improved access to capital
  • Increased rate of growth and acceleration
  • Financial entities perceive the firm as more credible
  • The shift from surviving to thriving
  • Industry-specific expertise and experience
  • Insider perspective on stumbling blocks
  • Process and operational improvement
  • Assistance in capital raising
  • Psychological support to the C-Suite in tough periods

Reading the many benefits, a Strategic Advisory Board may appeal to the logical mind. But alas, we are human, and there is more to us than logic. A holistic decision is advisable on this occasion.

The higher the level of success your firm reaches, the greater the personal benefit is FOR you. This decision is not purely about business. The success a Strategic Advisory Board can bring will echo through every aspect of your life. It is not merely a choice of whether to assemble a Board. It is a choice about the level at which you want your business to operate at.

Will your firm go all the way? Will you reap the rewards greater than what you envisaged? Or will ego and fear remain in the driver’s seat?

The choice is yours.

Your firm needs a strategic board in place. If you agree and do not know where to start, I can help. Please get in touch with me (rk@resonate.com.au) to learn more.

RK is the CEO & Co-Founder of Resonate.

RK is Resonate’s chief strategist, thought leader, and IT industry veteran. Our clients depend on RK to advise on their business strategy, channel strategy, and sales strategy. 

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