Many of the 20,000 No More Practice subscribers have large, established advice businesses – whether accountant, adviser or broker. While we are always working on showing you new ways to grow your business, whether by product line, JV or acquisition, there is another option we have not explored in detail.
That is, to appoint a board to your business. If you are at the right stage of maturity and development, an experienced board could be the thing that takes you to the next level. Through our work making the program The Bottom Line, I have had the pleasure of spending time with some of the most experienced board members in Australia, including David Gonski, Ann Sherry and Don Argus.
There are many characteristics of an experienced board that if you are in the right stage of development, can really assist your business.
Firstly – their connections. An experienced board member will be an advocate for your business at the highest levels. This will open up opportunities that have been previously unavailable if your board believes in you and your proposition.
Secondly – their wisdom. You don’t get to be on a board without having been there yourself – a CEO or high level executive who has some battle scars and life learning. This kind of experience can be invaluable in helping you navigate business growth and differentiating your business from the rest.
Lastly – their mix of skillsets. Usually, boards are comprised of Directors from different specialisations. If your board represents the gamut from HR, marketing, finance, and technology you have the pillars of business growth represented and can tap into a wealth of specialised knowledge.
One thing that boards of large companies have in common is that they pay their board members. I strongly believe that any position you are asking people to put their time, energy and reputation into needs to be remunerated – it is a business transaction first and foremost. There have been situations where board members are paid with equity in the business, which is also a viable option if you have a sale horizon and are working toward a liquidity event.
Either way, appointing a paid board can be an excellent strategy for growth and business success.
If you have appointed a board we would love to hear from you to understand the benefits your business has experienced. Please contact me by email at enquiries@nmpeducation.com.au
As always, may you realise your practice potential.
