Q: What should be the agenda? What does a Board of Advisors do?
A: The agenda is driven by the needs of the company at any point in time. At certain junctions decisions need to be made about “major initiatives.” Other times call for review and change to the organization. Operational issues may be at the top of the priority list. The board of advisors and the ownership of the distribution company need to determine what will move the business ahead in a timely fashion and format the agenda according to those needs that are of highest priority.
An advisory board for a distributor creates the environment for management to think and act creatively. This will often involve change, running/managing the business differently than in the past. This may involve tweaking an already well run company to take it to the next level. An advisory board will help management to increase sales, reduce costs and improve profits. These factors will contribute to the increased financial value of the company. The board will also be concerned with family and community issues that are of importance to the owners of the company. Finally, the board can provide resources to help the company implement the directions decided on by the ownership of the business.