Like many things in life, building a successful business takes a village. Smart CEOs understand the need for a strong team to help them tackle the spinning wheel of opportunities and challenges that come with the territory of running a company. Advisory boards are one of the greatest resources for CEOs to receive credible guidance and accountability to help them stay on track with their company’s top priorities.
They provide honest feedback.
Having an unbiased perspective can be an invaluable asset. Employees, including other executives, are often too personally vested in the company to see issues from a neutral standpoint. Outside advisors are there to advise, mentor and serve as a sounding board whenever a CEO needs a second opinion or wants to discuss the challenges of the business.
They introduce you to a new set of networks.
Advisors are well-connected executives, respected in their various industries and fields. The peers and contacts they’ve made over the years are now available to you. Depending on your specific needs, advisors can introduce you to potential investors, vendors or even future employee candidates. With a group of advisors on your team, you are no longer limited to just the people in your own circle of contacts.
They fill in gaps or voids within your business.
The purpose of an advisory board is typically dictated by the company’s short-term or long-term goals. If your short-term goal is to develop a mobile application, you may want technology advisors with a software background. Or, your desire for international expansion could leave you needing a market research expert. In these cases, an advisor’s knowledge could make up for any lack of experience within the company. CEOs have the power to handpick advisors that have specialized skills and expertise related to specific business needs.
They can advise on the fundraising process.
While it’s often common for advisors to invest their own money into the companies they advise, advisors are a great resource for raising capital. Their connections – plus a few well-placed calls – can open the door (and wallets) to potential investors. And, just as important, advisors bring insight on how to structure financial deals in the right way given the current funding marketplace and your future goals for the company.
These are just some of the reasons why organizations of all sizes are turning to AdvisoryCloud to help them build and manage their advisory boards. With access to thousands of vetted advisors and a platform that makes it easy to search, build and meet with your advisory board AdvisoryCloud is the best solution for most businesses.
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