Whether you have 10 employees or 1,000, having a reliable group of advisers who can offer objective analysis and a few timely introductions can make all the difference.
Slightly different from a board of directors, which is required of some private companies in many states, an advisory board serves more of a mentorship role. Its members have no fiduciary responsibility to the company or its stakeholders.
Young, growing companies stand to benefit most from advisory boards, says Richard Magid, president of SoundBoard, a consultancy specializing in creating and running advisory boards: "An advisory board is good for that independent eye. It helps ask questions beyond just what is on the first line of the profit and loss statement."
See full Article.
Posts
