Use a peer group advisory board to cut the cost of corporate governance
The role of managing director is becoming more complex as competition gets tougher, legislation more complex, more channels to market, more sophisticated buying and social values requiring better leadership skills.
Corporate governance becomes more challenging. Do you employ more directors who come with their own agendas or non-executives who could end up telling you how to run your business? You could employ advisors for help with a wide variety of issues. But are they are truly independent? Can you really trust them with your deepest concerns? What happens if they become the issue, who do you talk to then?
None of the above solutions comes cheap. A suitable portion of your hard earned profits could be spent on getting essential support and advice.
As Managing Director or Chief Executive you need to keep learning as constant change erodes your hard won knowledge. How do you keep on top of your learning?
There is an answer to these issues.
The solution is a peer group advisory board which if facilitated by an outside party can allow you to concentrate on your business and then one day per month you get to get together with 15 other managing directors to spend time in a workshop with a world class speaker on a subject selected by the group in the morning and then in the afternoon process issues in the afternoon.
In a peer group advisory board you have control over your learning as it is the group that decides the direction the learning takes.
The afternoon of a peer group advisory board then effectively becomes the sounding board that you would normally use a board of directors for. Except, with a peer group advisory board your associates have no hidden agenda, they are not paid by you, they will give you honest no holds barred advice and support as they process the issues of the members.
What is more your peers will hold you accountable for the actions you agree and so you will have the support you need to make the changes in your business that will allow you to work on your business and to improve your work life balance.
Membership of a peer group advisory board costs less than the salary of a non-executive director and also includes a 2 hour one to one session with a highly skilled business coach. This is designed to help work through issues before bringing them to the board.
For more information on a peer group advisory board in your area go to www.kub-uk.net or call Peter Dickinson on 0845 053 7417
Posted on July 13, 2012, in Advisory Boards, Business Coaching, Corporate Governance, High Growth Business Coach, Non-Executive Directors, Peer Group Advisory Board, Profit Improvement and tagged business_coaching, leadership, peer-group-advisory-board, Profit_Improvement. Bookmark the permalink. Leave a Comment.