Strategy Succession Advisory-boards HR

Advisory Boards

Advisory Boards

An advisory board (AB) is a body that provides non-binding strategic advice to the management of a corporation or an organization. The informal nature of an advisory board gives greater flexibility in structure and management compared to a regular board of directors. Unlike the board of directors, the AB does not have authority to vote on corporate matters or bear legal fiduciary responsibilities. Many medium size businesses and organizations choose to have AB to benefit from the knowledge of others without the expense or formality of a regular board of directors.

Small and medium size enterprises (SME) is usually a “one-person band” with the President personally seeing every detail with the business. Frequently, the President would have family member(s) in key positions. Presidents of SME often feel isolated and stressed by the demands of the day-to-day. An AB allows entrepreneurs to get out of the isolation and to have few trusted advisors that can advise on strategies and bring unbiased and independent financial and operational expertise. Most importantly, a good AB will push the President and the senior management team to plan and be better prepared.

The role of the AB can be summarized in 6 key points:

  1. Review and approve the company strategy and yearly budget and CAPEX
  2. Monitor the company performance
  3. Advise on compensation, important policies and investments
  4. Provide advice to senior management
  5. Make recommendations to shareholders and assess risks
  6. Provide coaching and mentoring to the CEO (optional)

Over the last 20 years, we have helped several SME create an AB with internal directors and independent directors that brought exceptional advice and value add allowing companies and organizations achieve healthy growth of their top and bottom line while also growing shareholders value.

For more on advisory boards contact us for a complimentary consultation. (info@hughlatif.com)

"Our senior management team met on several occasions with Hugh Latif as he led us individually, and as a group, through the process of identifying, defining and prioritizing key issues within our company."

Judy Schoeffman
General Manager

Maverick Leadership

Are you an entrepreneur who wants to grow your business? A business manager who wants to get promoted and move up the corporate ladder?

"As iron sharpens iron, so one man sharpens another."

Proverbs 27:17

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EMAIL

info@hughlatif.com