What are Advisory Boards?
Advisory Boards are being established by small to medium practices on an increasing basis. Advisory Boards can also be known as advisory panels, advisory committees or advisory councils. Advisory Boards assist in creating a profitable business model that is robust enough to withstand adversity and capitalise on opportunities.
Why? Decision-making capacity and responsibility rest with the practice owner (as opposed to a formal board of directors where liability and responsibility ultimately rests with the whole board). Although members of Advisory Boards act with due care, they are not fiduciaries charged with fiduciary duties or responsibilities.
Typically, the practice owners are looking for:
- Challenges to their thoughts
- Strategy assistance
- Co-ordination advice
- Business improvement suggestions
- Policies & procedures establishment
- Governance & compliance
- Commercial Vs technical input
- Outside the business input
Members of the Advisory Board usually include a mix of:
- The owner/s
- Key personal
- Accountant, legal or other advisors
- Trusted business associates
- Family members who have experience in the business but have retired/stepped aside.
Clients who have established Advisory Boards realise the following benefits:
- Improved focus of the strategic priorities that deliver growth.
- Implementation of innovative business solutions.
- Quarantining time for working on the business instead of continually being dragged into the day-to-day operations of the practice.
- Developing a governance culture where business policy is developed and compliance obligations are achieved.
- Improved governance culture where system is designed and execution is monitored.
- Developing and continuously review the business plan.
- Increasing the professionalism and accountability of the business.
- Implementing business case methodology that articulates the tangible and intangible business initiatives.
- Implementing performance measures, including key performance indicators.
Brentnalls SA Advisory Board services offer a range of supporting measures that provide new perspectives, challenge your thinking and provide financial understanding where needed. One of our professional advisors will assist in
setting up an Advisory Board which will provide:
- Policies & procedures established,
- Governance & compliance,
- Commercial v technical input,
- Input from outside the business, and
- Giving guidance on increasing the professionalism and accountability of your business.
Helping practices achieve their goals is our passion. Our strength is in our dedicated professional health team ready to support your journey. Make the time today to book an appointment.
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