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Infinite, sustainable growth ideas and examples for strategic thinking executives every Sunday

THE BLOG

Innovate Africa With Dotun Adeoye Every Sunday

Infinite, sustainable growth ideas and examples for strategic thinking executives every Sunday

Advisory board

7 key reasons why your company need an advisory board

Introduction

Running a business can be challenging and complex, with many moving parts requiring attention and expertise. As a result, it’s easy to feel overwhelmed and unsure of how to navigate the various obstacles. That’s where a business advisor comes in – an experienced professional who can provide guidance, support and practical advice to help you achieve your goals and grow your business.

In this blog, I’ll explore 7 key reasons why your company need an advisory board; key reasons why having an advisory board can be invaluable, whether you’re just starting or looking to take your business to the next level. From providing strategic planning and financial management advice to offering industry-specific expertise and helping you navigate complex legal and regulatory requirements, a good business advisor can be an invaluable asset to any business owner.

So whether you’re looking for someone to help you develop a business plan, improve your marketing strategy, or provide an objective perspective on your operations, read on to discover why working with a business advisor could be one of the smartest investments in your business.

Case studies of an advisory board helping a company achieve growth

Case study 1: Airbnb

In 2011, Airbnb struggled to gain traction in the competitive online travel industry. To help overcome this challenge, the company established a board of advisors that included experienced executives from the tech, hospitality, and travel industries.

The board of advisors provided valuable insights and guidance to help Airbnb improve its product offerings, expand into new markets, and attract new customers. For example, the board helped Airbnb develop a more user-friendly mobile app, which led to a significant increase in bookings from mobile users. They also advised Airbnb on improving their customer service, which helped improve the overall user experience and increase customer loyalty.

Thanks in part to the guidance of its advisory board, Airbnb has since grown into a global hospitality powerhouse, with over 7 million listings in 220 countries.

Case study 2: Boxed

Boxed is an e-commerce startup that provides bulk products to consumers through its mobile app and website. To help fuel its growth, Boxed established a board of advisors composed of experienced executives and entrepreneurs.

The board of advisors provided valuable guidance on various issues, from product development and marketing to fundraising and strategic planning. They helped Boxed identify new growth opportunities, such as expanding into new markets and launching new product lines. They also provided insights on improving the customer experience and building a solid brand.

Thanks to the guidance of its advisory board, Boxed has since raised over $200 million in funding and grown into a successful e-commerce platform with over 4 million users.

Case study 3: Warby Parker

Warby Parker is an eyewear company that was founded in 2010. To help the company achieve its growth goals, Warby Parker established a board of advisors composed of experienced executives and entrepreneurs from various industries.

The board of advisors provided valuable guidance on product development, marketing, and strategic planning. They helped Warby Parker identify new growth opportunities, such as expanding into new markets and launching new product lines. They also provided insights on how to build a strong brand and develop a loyal customer base.

Thanks to the guidance of its advisory board, Warby Parker has since grown into a successful eyewear company with over 100 retail locations and a loyal customer base. In 2018, the company was valued at over $1.75 billion.

7 key reasons why your company needs an advisory board

Strategic Guidance: An advisory board can provide strategic guidance to a company, helping to identify new growth opportunities, assess risks, and develop long-term plans and strategies.

Industry-specific Expertise: Advisory board members often bring valuable expertise and knowledge that can help a company stay ahead of the competition and navigate the challenges of a rapidly changing market.

Access to Networks and Resources: Advisory board members can provide access to valuable networks and resources, such as investors, potential customers, and industry experts, that can help a company grow and succeed.

Objective Perspective: An advisory board can provide an objective perspective on a company’s operations, offering insights and recommendations that may not be apparent to those within the organisation.

Reduced Risk: An advisory board can help a company mitigate risk by guiding regulatory compliance, legal issues, and other potential challenges that may arise.

Improved Decision-Making: An advisory board can help a company make better decisions by providing diverse viewpoints and expertise, leading to more informed and effective decision-making.

Talent Development: An advisory board can help develop the skills and knowledge of a company’s leadership team, providing mentorship and guidance that can help prepare them for future challenges and opportunities.

Takeaway

The key takeaway from the seven reasons why a board of advisors is critical to the success of a company is that having a diverse group of experienced professionals providing strategic guidance, industry-specific expertise, and an objective perspective can help a company stay ahead of the competition, identify new growth opportunities, and mitigate risk. In addition, the board of advisors can also provide access to valuable networks and resources, improve decision-making, and develop the skills and knowledge of the company’s leadership team. Overall, having a board of advisors can be a critical factor in achieving a company’s long-term success.

Bottom Line

An advisory board can be an invaluable asset to a company, providing strategic guidance, industry-specific expertise, access to networks and resources, an objective perspective, risk mitigation, improved decision-making, and talent development.

Who am I?

I am Dotun Adeoye, a Business Growth Strategist & Author

I’ve built up my experience via serial entrepreneurship, consulting leadership roles in business growth, business development and product innovation in large companies worldwide in the last 30 years.

Today, I consult with large businesses on how to sustainably grow their businesses, sustain infinite growth, and ensure business continuity irrespective of the business climate.

Hire Dotun Adeoye to Speak Virtually or In – Person at your company’s event to cover this or other topics. You can also get in touch via +44 203 097 1718 or dotun at dotunadeoye.com

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Innovate Africa

With Dotun Adeoye

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 Teaching business leaders how to grow their businesses & leave their legacy.