The Boom of the Advisory Board

Black and white photo of lots of fireworks above a series of skyscrapers. The buildings sit on a waterfront where you can see the reflection of the fireworks.

In today’s business world, everyone’s looking for an edge. That “something extra” to propel growth, navigate challenges, and stay ahead of the competition. For many companies, the secret weapon isn’t just the board of directors—it’s the advisory board.

Advisory boards are quickly becoming a go-to resource for businesses eager to gain strategic insights and expert advice without the formality of a traditional board of directors. Not only are they often at no or low cost, but they can be tailored to the exact needs of your organisation – they can be big or small, formal or informal. But crucially, they offer unparalleled access to industry expertise and fantastic connections.

For the Advisor it’s a great way to give back, have a #workjoy gig outside of the normal day job, get access to board level skills and/or, for those looking to retire, stay connected with the professional world and continue contributing to meaningful causes.

What Is an Advisory Board?

At its core, an advisory board is a group of external experts offering guidance to a business. But don’t confuse it with a board of directors. Unlike a formal board, an advisory board has no decision-making authority or governance duties. It’s there purely to offer strategic advice and market insights, giving you the freedom to benefit from their wisdom without the stress or work of a formal board.

The beauty of an advisory board lies in its flexibility. You can tailor it to your business needs, bringing in industry veterans or specialists from various fields to provide a fresh perspective on your operations, strategy, and growth potential.

Why do you need one?

1. Access to Expertise

Imagine having a team of seasoned professionals at your fingertips—people who’ve been there, done that, and can guide you through uncharted territory. That’s what an advisory board offers. Its members often come from diverse backgrounds, providing free expertise in key areas like finance, marketing, technology, or operations that you might not have in-house.

Beth Vanderslice, partner at Trewstar, an executive recruitment firm, puts it simply: These advisors “are uniquely qualified women and men who likely would be extremely difficult to recruit to the company’s leadership team.” But with an advisory board, you don’t need to hire them full-time. You get the benefit of their knowledge, connections, and guidance when you need it.¹

2. Strategic Guidance

If I have seen further, it is by standing on the shoulders of giants – Isaac Newton

Every business has long-term goals, but it can be challenging to focus on the future when you’re immersed in daily tasks. This is where an advisory board can be a valuable partner. With their fresh perspective, they help you step back and see the broader picture, whether it’s adapting to market changes, spotting new growth opportunities, or ensuring sustainable success.

And the numbers speak for themselves. A recent State of the Market report found that 90% of businesses saw a positive impact from having an advisory board.² Similarly, research from BDC revealed that companies with advisory boards experienced a 24% boost in sales and an 18% increase in productivity.³

3. Broaden Your Network

Alone we can do so little; together we can do so much – Helen Keller

Advisory boards bring more than just advice—they bring networks. Each member comes with their own web of contacts, from potential business partners to investors and clients. These expanded connections can create opportunities for new sales channels, partnerships, and funding, which can positively impact your growth.

4. Decision-Making Support

It is not the strongest of the species that survive, nor the most intelligent, but the one most responsive to change – Charles Darwin

Running a business is a constant exercise in decision-making, and it’s easy to make mistakes without the right guidance. Advisory boards offer valuable feedback and insights, helping you make more informed choices. Whether you’re exploring a new market, launching a product, or evaluating a potential acquisition, having experienced advisors can greatly enhance your chances of success and help steer you clear of pitfalls.

5. Boost your Credibility

An advisory board can do more than support you behind the scenes; it can also enhance your company’s public image. Featuring respected industry leaders or experienced professionals on your board signals to investors, clients, and stakeholders that you’re committed to growth and strategic decision-making. It demonstrates your openness to leveraging top expertise, which can also increase investor confidence and make securing funding easier.

6. Giving Back

Joining an advisory board is about more than just a snazzy title—it’s a great opportunity to use your skills and share your experience while supporting a growing company. So, if you are looking for ways to create impact beyond your work desk, this could be a perfect fit! Not only do you get to apply your expertise in new and exciting ways, but you also contribute to shaping the future of a business. It’s a chance to tackle fresh challenges, connect with other industry professionals, and see the direct effects of your guidance on a company’s success. Whether you’re passionate about mentoring, interested in expanding your network, or simply want to give back, being on an advisory board offers a rewarding way to make a difference and enrich your professional journey.

Moreover, research shows that helping others also benefits your own well-being! Acts of kindness can reduce stress, lift your mood, and boost your self-esteem. It’s a win-win: you get to expand your network and give back, while also enjoying the personal benefits of increased happiness and satisfaction.⁴

Investing time and effort in setting up an advisory board now can pay long-term dividends, helping your business navigate challenges and capitalise on opportunities with confidence.

Not sure where to start? We can #ImpactMatch your organisation to expert and diverse board members, advisors and leaders for full, or part time roles or programmes. For more information book a call or visit our website!