Hot business tip number 9: Set up a Board of Advice

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BOAs: leverage off their contacts and industry insights to improve your business.

BOAs: leverage off their contacts and industry insights to improve your business.

Typically, more than 80% of shortlisted practices in the Adviser of the Year Award use a Board of Advice (BoA).

But whilst the objectives of establishing a BoA are generally consistent-revolving around transparency, accountability and business guidance-there are several schools of thought on the ideal structure.

The’ best practice’ approach is where you fill your BoA with experts from within your industry, so you can leverage their contacts and industry insights.

At the other end of the spectrum is the ‘balance model’ – where you have experienced business people from outside the industry, bringing a fresh perspective.

Somewhere in between sits a ‘third way’, comprising a mix of people with specialised experience of your industry as well as outsiders. A real example of this third way is a BOA comprising:

  • An accountant
  • A dealer group representative or Business Coach ( a way of getting a perspective on best practice)
  • A successful business person from outside the industry (can shed more light on generic business practice)
  • A kinesiologist (personal health ‘guru’)

Whilst the last one may seem a bit out of place, the best advisers always focus on the sustainability of their businesses and themselves. Other experts who could make a contribution include lawyers and marketers.The right selection of BOA members will depend on your current skillset and areas of development you’re seeking for the business.

Remember a BoA that simply rubber stamps your decisions is probably of little or no value. Your board should challenge you to justify your actions and decisions. As the old expression goes ‘the strongest steel is forged in the hottest fires’.

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This is an extract from a collection of business improvement tips for advisers, launched at Zurich’s Trax2Success national roadshow, featuring the 2013 AFA Adviser of the year Jenny Brown.

Click here to read Hot business tip number 1: Look after yourself and your staff

Click here to read Hot business tip number 2: Survey your clients

Click here to read Hot business tip number 3: Place a higher value on your time

Click here to read Hot business tip number 4: Review your client onboarding process

Click here to read Hot business tip number 5: Adopt an estate planning methodology across your business

Click here to read Hot business tip number 6: Tailor your communication strategy by client generation

Click here to read Hot business tip no number 7: Change your approach to review meetings

Click here to read Hot business tip number 8: Create a differentiated service offering (segment your client base)

Click here to read Hot business tip number10: Develop a client retention strategy

Click here to read Hot business tip number 11: Run a program where staff drive improvements

Click here to read Hot business tip number. 12: Build your emotional intelligence

Click here to read Hot business tip number. 13: Go Social

Click here to read Hot business tip number. 14: Get better at handling objections

Click here to read Hot business tip number. 15: Create stronger referral sources

Click here to read Hot business tip number. 16: Set up a Google account

Click here to read Hot business tip number. 17: Learn from leading advisers

Click here to read Hot business tip number. 18: Make better use of technology in your business

Click here to read Hot business tip number 19: Improve your office environment

Click here to read Hot business tip number 20: Develop a great value proposition

Click here to read Hot business tip number 21: Make more use of video in your business

Click here to read Hot business tip number 22: Optimise your website for mobile

Click here to read Hot business tip number 23: Have a marketing plan

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