Advisory Board doubles the size of New Zealand business
A leading, privately owned commercial construction company saw strong and sustainable growth after the implementation of their Advisory Board. Based in Wellington, the company has now experienced over 20 years of business success.
The two business owners formed their initial Advisory Board when the shareholders wanted to pass the reigns over to a new generation.
They sold the business to two employees, who had been working for the company for many years. The founding members requested regular meetings to ease business transition and pass on their knowledge. As they were required to be paid for these meetings, an Advisory Board offered the perfect solution.
Without any guidance, their first meetings lacked structure. The participants felt as though they were only having meetings, for the sake of having meetings.
Without a designated chairperson, one of the business owners was tasked with taking the minutes. Taking on this task, meant his attention was divided between participating in discussion and taking accurate records. Taking minutes at any meeting requires discipline and focus, and therefore should not be undertaken by the business owner as they need to be fully present at their Advisory Board meetings.
Turning to Advisory Boards NZ
Advisory Boards NZ enabled this construction company to reap the maximum benefit of their Advisory Board. Fast forward two years and the company had wrapped its Advisory Board around a professional structure.
Beginning with a small board, they appointed a very experienced Chairperson who was found outside of their industry. This enabled the business owners to be fully present at each meeting. Once the board was finalised, a new business strategy was formulated. The company has always been enthusiastic about business sustainability, and this was reflected in the new business plan. Having this outlined formally, made setting their financial targets straightforward.
Guiding them towards their goals, Advisory Boards NZ worked with them extensively on board and performance reports. We’re proud to say that they got great results very quickly.
The company doubled the size of its business within 1 – 2 years.
A flexible approach
Having gone through various iterations and holiday periods over the years, the company’s Advisory Board is now in its fourth generation.
One of the great benefits an Advisory Board has over a Board of Directors, is that it is flexible. Over the years, their Advisory Board has taken many forms, with people cycling in and out. They’ve brought in the skills they needed, as and when they required them.