10/16/2019
How Advisory Boards Make a Huge Difference for Privately-Owned Companies | Hans Kohlsdorf | Advisory Boards
a How Advisory Boards Make a Huge Difference for Privately-Owned Companies by Hans Kohlsdorf | Sep 16, 2019 | Advisory Board, Blog, Business, Hans Kohlsdorf
Advisory boards can be extremely beneficial for any type of company. If your business does not already have an advisory board, it’s certainly worth considering starting one in order to benefit from it. At Advisory Board Architects (ABA), we work with companies of all types, such as a privately-owned company. An advisory board can be beneficial for a publicly-owned company as well, though it’s a bit different than working with one that is privatelyowned. Read on to learn more about how an advisory board can benefit a privately-owned company. Greater benefits Generally, advisory boards can have a greater impact for private companies than for public companies. There can be a variety of reasons for this difference, though an advisory board can be beneficial to either type of business. For public companies, the advisory board may have to spend significant time reporting to the board of directors as opposed to doing what they do best; helping the company thrive. For a privately-owned company, the board can be completely focused on forward looking strategic input and ways to improve the business. The less time wasted on bureaucratic details within the business, the better and more impactful the advisory board can be. Focus The main focus for advisory boards from ABA when it comes to working with private companies is to generate ROI and strategic outcomes for the business. This focus extends to both fiduciary and non-fiduciary boards. Advisory boards can work on generating strategic impact that can be quantified for the business. Questions
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