Board Advisory
What Does a Board Advisor Do?
Board Advisors help to guide businesses, but are not legally authorised to bind them. As companies establish themselves, moving from an idea to a fully structured and realised organisation, they typically prepare for full operation, sales, and/or fundraising.
As they begin these processes, experts in the field – including mentors or specialists brought into the organisation by a mentor – become hugely valuable as the organisation works to achieve its first goals. Advisors are key assets, and it’s crucial to formalise exactly what they will provide, their availability, who they can introduce you to, and how much time they can give you – as well as how they will be compensated in exchange for these services.
Board Advisors can provide a huge amount of value as you grow. They can help fill in any gaps in your founding team in terms of both experience and expertise. They can also help you bring in new team members and sources of funding as opportunities allow. Most crucially, they can do all of this while giving you time to think about what your Board of Directors needs to look like.
Board Advisors are also far more flexible, offering services either on an ongoing basis, in parallel to a Board of Directors, or as part of your transition into a formal, Board-run business.
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Frequently Asked Questions (FAQ)
What does a board advisor do?
A Board Advisor is an experienced business person who provides advice and support to a business’s leadership without sitting on their Board. They provide counsel based on their prior experience running businesses to help the Board make decisions, especially when faced with unfamiliar challenges.
What is the difference between an advisor and a board member?
A Board member is an official Director of the business and holds the responsibility that comes attached. They make the decisions that govern a business. A Board Advisor is separate from the Board. They don’t make decisions but also don’t hold the responsibility, acting instead as a source of guidance.
What should I look for in a board advisor?
A great Board Advisor will be an excellent coach with a strong business knowledgebase. They should be an excellent communicator that works well with your company culture and engages well with your Board and key employees.
