Fast-Track Advisory
Fast-Track Advisory wraps a set of handpicked external advisors around businesses in target industries to upskill existing management and increase their chance of long term success.
The programme involves the following steps:
- Identify skills required to progress the business
- Present a group of potential advisors
- Determine best fit and select the final advisors
- Formalise the advisory board
- Monitor and review progress over 12 months
The programme provides support to establish and maintain an effective advisory board. The remuneration of the advisors is provided by the businesses who take part in the programme.
What issues have been tackled by Advisory Boards over the last 12 months:
- Review of overall strategy
- Market development strategy
- Product diversification
- Guide financial reporting
- Succession planning
- Defining the company’s value proposition
- Assistance with company y structure
- Development of contracts and other arrangements
- Defining & developing appropriate management reporting
Tip: Ensure that you have well defined and appropriate KPIs for an Advisory Board. This will enable you to manage their performance and make informed decisions.
Some positives from those operating advisory boards currently:
- Productivity per person lifted from 65% to 70%
- Advanced sales processes
- clearer decision making
- MD now more confident of his abilities.
- Dash board to monitor the company’s performance
Recent Survey feedback
Some of the positives from a recent survey with a small number of companies currently operating Advisory Boards formed less than a year prior:
- Forming an advisory board was definitely the right decision for our business.
100% either agree or strongly agree. - In the next twelve months we are likely to make significant strategic decisions that are a direct result of our advisory board engagement.
100% either agree or strongly agree. - Our confidence to make strategic decisions has improved as a result of engaging an advisory board
100% either agree or strongly agree. - Our management capability has improved as a direct result of participation on this programme.
100% either agree or strongly agree. - The profitability of the business is likely to improve as a result of participating in this programme.
60% either agree or strongly agree. The balance were neutral.
Feedback
MICHAELA BLACKLOCK
Business Services Manager
Find out more by contacting Michaela on:
P: +64 3 353 6864
E: michaela.blacklock@cdc.org.nz
Other Fast-Track services
- FAST-TRACK MANAGEMENT TRAINING
Fast-Track Management Training programmes are designed for owners and senior management of businesses in our priority industry sector groups and businesses that have high growth potential. - FAST-TRACK CONSULTANCY
CDC is currently developing its Fast-Track Consultancy services - bookmark this page to keep up with additions. - FAST-TRACK NETWORKS
CDC is currently developing its Fast-Track Networks service - bookmark this page to keep up with additions. - FAST-TRACK MENTORING
CDC is currently developing its Fast-Track Mentoring service - bookmark this page to keep up with additions.