Advisory Board - A concrete case

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by Per 

October 12, 2022

How do you get the right advisors on an Advisory Board? 

Phase 1 - Clarify key issues

When Provecus is asked to contribute as an advisor to an Advisory Board, it starts with the company's owner or management, together with one or two advisors, sitting down and identifying the company's most current issues, which are outside the daily operational work. This usually involves 2 structured interviews between Provecus and the company. After that, the 1 - 2 advisors who have the most suitable background for the current company and assignment are matched.

This will be followed by an interview in the form of talks and discussions with the most suitable persons at Provecus and their approval by the contracting company.

Phase 2 - Matching the right advisor

This will be followed by an interview in the form of talks and discussions with the most suitable persons at Provecus and their approval by the contracting company.

Phase 3 - Mission start-up

At the beginning of a permanent assignment, at least 1 longer workshop is conducted in the form of a physical meeting, where the business plan, ownership issues and strategic choices are noted, and a prioritization of the most important activities of the business in the coming years is determined.

A simple assignment agreement is then made, with prioritized tasks, the size of the effort, matching advisors and a rough plan for both reconciliation and working meetings for a longer period. The work is documented, but unlike board work, both the work and the documentation are simpler and more directly related to the issues to be resolved, and less to formalities. No comprehensive reports or similar are produced.

Phase 4 - Continuous mission

At the beginning of a permanent assignment, at least 1 longer workshop is conducted in the form of a physical meeting, where the business plan, ownership issues and strategic choices are noted, and a prioritization of the most important activities of the business in the coming years is determined.

A simple assignment agreement is then made, with prioritized tasks, the size of the effort, matching advisors and a rough plan for both reconciliation and working meetings for a longer period. The work is documented, but unlike board work, both the work and the documentation are simpler and more directly related to the issues to be resolved, and less to formalities. No comprehensive reports or similar are produced.

Provecu's role is to make the best possible match.

Provecu's business consultancy makes sure to match the right background in terms of industry, specialty and stage of the company to suit the particular business to be discussed. And the stage the business is in.

The advisors that Provecus recommends sign a confidentiality agreement, so that the confidentiality is at the same level as a formal board. Because trust is central, and to provide security, and conditions for a broad discussion where there is a high ceiling. Where there is room to discuss completely new solutions, with a focus on things other than the ongoing daily work.

It is precisely the external perspective and the many years of professional experience that add quality to the role of advisor in an Advisory Board.

Advisory Board - What is it and when is it a good solution?

 An advisory board supports owners and management, but does not need to spend time on formalities, like a board of directors, but is fully dedicated to solving priority problems.

You could say that an advisory board is in some respects equivalent to a board of directors, but with the major difference that the board has statutory obligations and rules with strict responsibilities and oversight, legally and financially.

An Advisory Board contributes to the growth of your business. The workload as an advisor can also be more flexible, and more operational for limited tasks.

More answers and questions about the Advisory Board

  • At what stages is an Advisory Board useful?
  • What are the real differences with a formalized board.
  • How to put together the right participants and where to find them?
  • What are the advantages and disadvantages of an Advisory Board?
  • How does an Advisory Board team work?

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"An Advisory Board brings an external perspective and actual experience, from a particular industry or stage of a company's development.

About the author

Per

Per Möller has many years of experience from roles as CEO, business area manager, senior management consultant, working for both small and medium-sized companies in the private sector. Several of the roles have included difficult situations where the business has had to be restructured and change direction, with effects on staffing and evaluation of parts of the business. In several other roles, Per's task has been to increase sales with business development and sales development, from product development to introduction to new markets.
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