The purpose of an advisory board is to help a business gain new insights and receive excellent advice from experts, typically from different fields. An advisory board is not a decision-making body. Rather, its role is to serve as a forum for exploring new corporate opportunities by stimulating robust and highly insightful discussions. Management can make better and more informed decisions with the distilled knowledge, critical thinking, and analysis provided by an advisory board
In a Forbes Business Council post (Oct 20,2020), Tatal Rafi observes that an advisory board has 5 compelling benefits:
- New perspectives and fresh ideas. For example, in 2005, the CEO of Gucci created a shadow board of millennials that provided a much-needed wake-up call to senior management
- Credibility due to high-profile personalities and experts who are members
- Forum for frank opinions and where management can receive the blunt truth
- Cost effective advice, costing less than hiring consultants
- Flexibility. Advice coming from an advisory board is non-binding. Board members typically are appointed for shorter terms than members of boards of directors
According to a BDC study, 86% of businesses with an advisory board found that it had a significant impact on their businesses. Their sales increased by 24% and productivity improved by 18% (via Rafi).
Why has the Bonar Institute for Purposeful Leadership Inc. created an advisory board? The Institute is an advisory firm that provides its clients with strategic advisory and leadership services across North America and beyond. We are currently working on completing a partnership with a dynamic strategic advisory firm that supports high growth companies by providing them with a fully integrated human capital program, including HR Fractional Services, and Human Capital Strategy advisement. More to come soon.
We are on the cusp of exponential growth. To create customized roadmaps for long-term, sustainable success, the management team of the Bonar Institute for Purposeful Leadership Inc. decided to create an Advisory Board composed of recognized experts who help us to excel in navigating the challenges that await us. We are proud to present the Bonar Institute for Purposeful Leadership’s new Advisory Board: