FAQs Answers to Frequently Asked Questions
How can I book a service? How can I register as an Advisor?
To book the initial strategic workshop, a subsequent advisory board package, or a mentoring package, to make an inquiry or register as an Advisor, please follow the links in the sidebar or see the Services page for more information.
What are the advisory boards?
Advisory boards are groups or collections of individuals, ideally with complementary skills that create a valuable skill matrix and can act in an advisory capacity to the CEO/Managing Director, Formal Board or owner of a company. They do not have formal authority to govern the organisation; advisory boards make recommendations, provide information and materials to the CEO or convenor of the board.
Why should I use advisory boards?
When you feel that you are stuck and have no where to go, when you don’t know how to solve the issues, how to break through tough barriers, when strong competitors come and take your largest clients over night, when you simply wish to bounce ideas to a board of impartial advisors, who have been there and solved this issue, you NEED an Advisory Board.
For many small to medium size organisations that cannot afford or do not wish to have a formal board, the advisory board is the best suited option to maintain or introduce a high level of governance, obtain strategic advice or reach the next level of growth.
In many cases, it is advisable to engage an advisory board to seek advice when a major issue or risk has occurred, although Advisory Boards Group strongly recommends to book advisory boards before a crisis becomes apparent.
When should I use advisory boards?
It is advisable to have an advisory board if you do not have a permanent board or your permanent board needs additional help and advice. Often, your own board may reach an impasse and may require advice from professional advisors who have been in that situation before and solved it.
How often should I meet/talk to an advisory boards?
Depending on the size of your company, on the stage of growth, organisational maturity and economical conditions, it is advisable to have meetings/voice conferences at least bi-monthly.
The Advisory Board Group offers the following packages:-
Initial strategic workshop (either half a day or a full day, depending on complexity)
Quarterly meetings (4 x meetings per year)
Bi-monthly meetings (6 x meetings per year)
Monthly meetings (10-12 meetings per year)
Please contact us to discuss the most suitable option for your company
How many Advisors should I use?
The number of Advisors depends on the specific needs of your company. An efficient board is comprised of Advisors that bring to the table a combined skill matrix, sufficient to cover the strategic needs of the company.
As an example, you could have a mix of:
Mergers and Acquisitions
Financial, Audit and Risk Management
Equity and Investment Options, Capital Raising
Human Resources [HR] and Personal Development
Specific Industry Skills (health, manufacturing, telecommunications, accounting, professional
services, catering, building and constructions, etc)
We recommend that you choose between 2 and 3 directors as the optimum number for an advisory board. If you consider that most of the areas mentioned above are well covered and you may only need specialised advice in one area alone, we recommend that you take up a mentoring package with one of the directors that have special skills in the area you are interested in.
When should I book a mentoring package?
If you feel that you cover the majority of the strategic areas but need help in a narrow field, maybe a mentoring package can better respond to your needs.
The choice of mentors is from our list of experienced directors. You may choose yourself, or ask our advice. Please feel free to contact us if you need any help.
What Advisors should I choose?
We have a comprehensive list of Advisors that you can choose from. Each Advisor has a short biography and prior or current board roles. If you require more information about a specific director, please do not hesitate to contact us.
You are welcome to choose Advisors from the list or discuss your needs with us and take up our recommendation.
You may change one or more Advisors at a later stage, however we recommend that you take into account their availability and requirement for advanced booking. More importantly, we recommend that you consider continuity in the advice given.
Please feel free to contact Advisory Boards Group to discuss choice of Advisors
Will the Advisory Board write plans (like Sales, Marketing, PR, Business Development)?
Generally no. An Advisory Board will advise you on best strategy forward. If you need help however with these tactical plans, a consultant can help you create them. Remember, it is all about you, your business, and we can guide you solve the issues.
What is the format of the meetings?
When you sign up for an Advisory Board, you are usually allocated an Advisor, who will discuss with you the specific situation of your company. To analyse the situation thoroughly, we may quote for the time taken by this analysis (usually 2-5 days for a Small to Medium size enterprise). Following this, we create the Advisory Board who will put forward a report and plan to turn the situation around. If you need help with the tactical plans, we can create them with you. Once the implementation of the plans commences, the main Advisor that was allocated to you will organise meetings (face-to-face or via voice conferences) to ensure you get the right advice when you need it.
Where and how will the meetings take place?
The initial strategic workshop will take place face-to-face with all or most of the Advisors (unless one of the Advisors is in a different state).
Following this initial workshop, subsequent meetings can take place either face-to-face or via voice conference.
One of our experienced Advisors will moderate the meetings, following a well honed methodology and process that has agreed outcomes and checkpoints after each meeting that verify the progress against these outcomes.
Once you agreed to take up our services, we will be in contact with you to discuss what papers need to be presented or prepared in advanced, agenda, and goals for the meetings.
The meetings will last on average 2 hours and it is assumed that the board papers/materials can take up to 1 hour for the directors to go through prior to the meeting.
Is it expensive to have an Advisory Board?
Definitely no. An Advisory Board can cost you on average between $5,000 – $15,000 per year, depending on the size of the company, industry, meeting frequency. You can have as little as 4 meetings per year up to 12 meetings.
How much does it cost?
Prices are dependent on the number of directors, in some cases on directors’ rates and the package you have chosen. For pricing please see the services page.
How can I book a service?
To book the initial strategic workshop, a subsequent advisory board package, or a mentoring package, please fill in the BOOK APPOINTMENT FORM with all relevant details.
How can I register as an Advisor?
To make an inquiry about or to register as an Advisor please also use the BOOK APPOINTMENT FORM and place a relevant comment in the message box.
Advisory Boards Group - building a path to success for your company
Advisory Boards Group - Pyrmont New South Wales
PHONE: 02 9518 5540
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