An advisory board can be an important resource for getting your business to the next level says New Zealand’s premier accounting professionals Tauranga-based Tutbury & Associates Limited.
An advisory board is a carefully selected group of individuals that believe in your business, are aligned with your values and mission and are dedicated to your success of both you and your business. When set up correctly and with the right people it can help advance growth, improve financial performance, control risk or improve operational performance.
“Businesses typically have advisory boards so they can apply the expertise of the advisors and improve their business capability,” advises Kelly Tutbury, Accountant and Managing Director at Tutbury & Associates Limited.
When setting up an advisory board be clear about what you're trying to achieve. A great way to do this is to perform a SWOT analysis of your business to understand your company's strengths and weaknesses, as well as the opportunities and threats. This will make it easier for you to find the skillsets that your business is lacking.
When selecting advisors that you want to have on your advisory board look for people that have already achieved what you are trying to achieve with your business, “This is so that you can learn from both their successes and their failures,” advises Kelly.
If you are a start-up or news business putting together an advisory board the member should cover financial, business strategy and legal/commercial. These three skills are all very important to have correct in the early stages of a business.
An advisory board is an evolving entity that will likely transform as your business expands. “You will need the choice of re-evaluating each advisor at the end of each year to check if they are still aligned with your business goals and if they have fulfilled your expectations,” adds Kelly.
About Tutbury & Associates Limited:
Tutbury & Associates Limited has worked hard to build their reputation of excellent customer service by working interactively with their clients and making sure that their clients get value for money. They are ideal for ideal for trades people, or anyone who wants to grow their business.
Contact Tutbury & Associates Limited:
Phone: 07 576 2194
Address: 23 Myres Street Tauranga