One of the more common issues affecting owner-operators of small and medium sized (SME) recruitment firms is the lack of a sounding board for new ideas, structured business planning, accountability for performance and the myriad of ever-present management issues.
It can be quite isolating at the top for owners who do not have the support of an experienced recruitment industry advisor who has sat where you sit and consulted on all the common yet challenging issues preventing consistent business performance.
SME business owners can rarely afford the cost of establishing a formal board but are increasingly turning to Advisory Boards to provide valuable tactical advice and longer-term strategic thinking for business growth, performance and succession.
If established prudently, an Advisory Board can benefit recruitment business owners in 6 ways:
- Access to experienced specialist expertise not otherwise available within the firm
- Sharing of personal and professional networks
- Increased credibility with prospective clients, investors and employees
- Establishing accountability for individual action and progress
- Providing a sounding board for new ideas and strategic planning
- Enhancing the productivity and results of all team members
An Advisory Board is a far more cost-effective and simpler alternative to a board of directors for a small to medium enterprise.
If you are feeling a little isolated at the top and could use a regular sounding board, consider establishing an Advisory Board – it could be one of the most valuable investments you make for long term business performance and success.
Five key tips for setting up an Advisory Board
- Establish the purpose and objectives of the advisory board up front
- Keep them small and include people that complement your own expertise and make sure they have extensive recruitment industry business growth experience
- Your advisory board member should have a track record of helping many recruitment companies and not just as speaker at industry events.
- Schedule regular meetings with a fixed agenda on a monthly basis
- Look at the cost as a valuable investment which should repay itself many times over.
Navigator Consulting is a Recruitment Industry specialist performance advisory firm founded by former EY management consultant Tony Hall in 1998.
For over 22 years, Tony has owned and managed five agencies and advised many recruitment agency leaders on critical growth, performance and succession issues.
For a no obligation discussion on how we can help you establish a low cost, high impact advisory Board please contact Tony on firstname.lastname@example.org or M: 0419 213 000