By Olivier Dellacherie, Executive chairman, Talent4Boards Inc.
Below are the pros that we have gathered in various papers, blogs and websites about the topic.
While most of the time, they emphasize a few benefits, others have pointed out specific features, and therefore we consider interesting to combine them into a “pros” list. And as an advocate of the use of an advisory board, we left someone else’s responsibility to write the “cons” list.
- Boost and foster the CEO’s strategic capacity,
- Analyze market conditions,
- Are sources of ideas or trends,
- Recommend technological innovation,
- Suggest product or service changes.
Source of advice
- Bring a wide range of experiences and perspectives to the company,
- Empower CEO/founder to make smarter and more effective business decisions.
- Provide a set of “fresh eyes” for the organization.
- Give independent and honest advice.
- Will be on the side of CEOs.
Assistance, business development
- Help CEOs grow their company,
- Help with business deals,
- Bring new business and revenue opportunities,
- Can pro-actively assist CEOs for specific tasks, in order, they can devote most of his/her time to business development.
- Support entrepreneur, so they don’t navigate unfamiliar waters alone.
- Provide a talent pool that they could not usually afford.
- Be an inexpensive alternative to a formal BOD.
- No fiduciary responsibility.
- Structure problem solving
- Create an organized process to discuss business opportunities and concerns.
- Branding the Company thanks to having recognizable names on board,
- Be an essential asset in the valuation of the company.
- Broaden networks and encompass the business vision
- Bring opportunity for mentoring relationships
- Mentoring thanks to the combined experience,
- Share difficult issues.
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