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Why Ambitious Small and Medium-Sized Businesses Should Have an Advisory Board

July 14, 2025
Written By Colin Napier

When Do You Need an Advisory Board?

Running a business is a unique challenge. You’ve grown past the initial-business stage, but you’re not quite at the level of big corporations. An advisory board can make a notable difference to your business. It’s like having a group of experts with mentoring benefits on call to offer advice, fresh strategies, and connections to assist business growth. If your business has grown and is feeling a bit chaotic, there is a large project to be delivered, and you’re worried if you can do it, you want to grow but are unsure what path to follow, or you simply know an Advisory Board is good practice and will help keep you disciplined.

What is an Advisory Board?

Think of it as a team of experienced outsiders who are there to help your company grow with their external expertise. Here’s what they do:
  • Bring in fresh thinking and real-world business experience
  • Provides strategic input, new insights, and unbiased advice
  • Support your decisions without making them for you
  • Acts as a sounding board to help you navigate complex decisions
  • Act more like trusted sounding boards than formal authorities
  • Helps refine strategies, challenge assumptions, and create business growth

An older man writing on a whiteboard.

Why Have an Advisory Board?

  • Better Decisions Using Expert Knowledge
    • You can’t be an expert in everything, and that’s where an advisory board really proves its value.
    • These advisors bring years of hands-on experience across areas like scaling up, strategic planning, compliance, and commercial decisions.
    • Their guidance helps you avoid missteps and take advantage of new opportunities as they come.
    • As your business grows, success often depends on making solid decisions without relying solely on the founder’s knowledge.
    • With the right advisors, you’ll build smarter systems and make better decisions that support long-term growth.
  • Big Picture Thinking
    • These advisors are great at helping you take a step back and see the bigger picture.
    • They’ll work with you to shape your goals, fine-tune your approach, and figure out the best way to hit your targets.
    • Most importantly, they’re not just there to agree; they challenge your thinking and encourage you to explore different angles.
  • Connections
    • Advisory board members tend to have wide networks, from industry peers to suppliers and potential partners for you to network with.
    • They’re good at spotting gaps in your business and knowing when it’s the right time to bring in outside expertise.
    • These relationships can open up doors that your business may not have been able to access before.
  • Fresh Perspectives
    • When you’re running a business, it’s not always easy to step back and see things clearly.
    • An advisory board brings a fresh set of eyes and people who ask questions, offer new angles, and help you look at things you might not have considered.
    • With experience across a range of industries and challenges, they can flag potential issues before they become costly mistakes.
  • Help During Big Changes
    • Big shifts like rapid growth, implementing new systems, entering new markets, or negotiating large contracts can be overwhelming.
    • Having an advisory board gives you steady support through those transitions.
    • They help you stay grounded and keep things moving smoothly when it matters most.

How Do You Build an Advisory Board?

Setting up an advisory board takes some effort, but if you do it right, the pay-off is huge.  And it doesn’t have to be expensive.  As the Advisory Board only comes in as needed (perhaps monthly or quarterly) for relatively short times, there is a significant positive payoff in terms of better decision making and your own peace of mind compared to your investment.

Know What You Need

First, figure out what the mix of skills is that you want. Whether you need financial advice, digital or traditional marketing strategies, or service improvements, an advisory board company will give you the right advice.   Select individuals with diverse skills and experiences that align with your objectives. Try not to pick people who all think the same way. Having a mix of ideas is super important.  For most businesses, you probably won’t need more than, say, 3 people on the Board.

Set Clear Expectations

Let your advisory board know what you expect from them. What areas do we want to focus on? How often will meetings occur? How can the advisor complement our existing staff?  Being upfront about these things will keep everyone on the same page.  Regular check-ins are essential to see how things are moving forward and value is being added. If the focus or members need to change, it’s simple to make adjustments.

Real World Achievements

There are plenty of real-world examples where advisory boards have made a big impact. Take mid-sized tech companies, for instance. They often utilise advisory board companies to grow faster and break into new markets. With the right guidance, they’ve sharpened their strategies and sidestepped costly mistakes. It’s not just limited to the tech industry either. Traditional industries like manufacturing and retail have seen the benefits, too. Whether it’s upgrading systems or improving customer engagement, advisory boards have helped these businesses stay current and competitive.

Long-Term Value

Running a medium-sized business comes with its fair share of challenges, but you don’t have to struggle alone. An advisory board can give you access to real expertise, strategic insight, and the kind of connections that help you move forward with confidence. Sure, it takes some effort to set one up, but it’s a smart investment in your business’s future and one that can really pay off. Contact your resident expert Outsourced CFO for more information! Read more on our other blogs:

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