We find ourselves speculating about a possible recession, or whatever we end up calling this downturn. Our clients are talking about it, too. Many are moving forward with board succession plans, committed to adding new directors who bring needed skills and experiences into their boardrooms. And some companies hesitate to fill new seats or build their first board as they await more certain times.
Yet aren’t uncertain times exactly when companies need the best help they can get? We think so, which is why Trewstar has expanded its service offering to include the formation and launch of advisory boards.
Admittedly, advisory boards have been around for a while. But burning issues like cybersecurity, the adoption of AI and robotics, and work-from-anywhere have not. Having ready access to experts who can help address tough challenges and fleeting opportunities provides a tremendous boost with a small investment in time and money. If your board is debating whether to add a specialist director, be it in cyber, go-to-market, or perhaps human capital, might the best answer be an advisory board comprised of three to seven experts with relevant and complementary experience?
Trewstar’s advisory board brochure contains details about the types of advisory boards you might consider and how to bring them to life. A key takeaway from our work to date is to design an advisory board that is highly surgical, with well-chosen members who are willing and able to tackle a clearly defined mission. We also suggest they be short in duration (you can always extend the term), and specific on expectations, particularly around format, time commitment and compensation, be it equity, cash, or both.
A client recently told us that their investment in a go-to-market advisory board paid for itself at “hello.” As early as the interview stage, advisors opened doors to prospective new customers, partnerships, and hard-to-reach talent. As for cybersecurity, the complex and changing nature of the challenge suggests a group of advisors rather than, or in addition to, one director with cyber expertise.
Notably, every advisory board engagement we have undertaken to date has come from clients and candidates who already know Trewstar and appreciate the way we work. As that includes many of you, we welcome your thoughts about advisory boards. And naturally, your thoughts as well on board development and refreshment, which remain the core of our work.