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Business People Planning and Shaking Hands
Succession Planning and Transition with an Advisory Board
May 16, 2018

Wanting to make use of your skills and knowledge? First you need to decide if you would like to be on a board of directors or a board of governance. Advisory boards are often smaller than governance boards, more intimate and more hands on. They tend to have a shorter time commitment and are temporary while the business needs your specific experience and skills. Learn more about the difference between boards of directors and advisory boards.

Getting started on your governance career

An Advisory Board can be a great way for someone beginning their governance career to get some hands-on experience and many other benefits including:

  • Learning the processes and structure.
  • Gaining confidence.
  • Meeting other governance professionals and learn from them.
  • Gaining some profile in this space.
  • Positioning yourself in this space.
  • Building their networks.

New Zealand’s economy

New Zealand’s economy is made up of a large number of smaller businesses. The face of New Zealand Inc is privately owned business rather than large corporates with complex political environments. This makes Advisory Boards a perfect fit for many, as they are not restrained by the corporate structure of Boards of Directors, and they are flexible in their structure to allow for an agile approach which suits most small businesses.

Our companies also tend to be innovative, operate in exciting environments, and are often undergoing lots of change. These aspects keep business lively and interesting. However they can also cause pain to business owners which and outside experts can help ease greatly.

Benefits of serving on a board

Serving on a board is great for CPD (continuing professional development). Some career paths such as lawyers and chartered accountants are required to accumulate CPD points to retain their license. Serving on an Advisory Board is one way to accumulate the points required for a license. Continuing to develop professional skills is also a great way to advance your career track. Advisory Boards also offer advisors a way to gain profile within the business community and network with others who are just as driven and passionate about New Zealand business. Because you can choose what board you serve on, you have the opportunity to learn about new industries, new businesses, new people, and be exposed to new environments and challenges. Join our register of advisors today.

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