For advice, get outside the echo chamber-chamber-chamber-chamber – Turnaround Quick Hit
An outside advisory board is important in a turnaround situation because it provides an independent perspective and valuable expertise to the management team. The board can help the company assess its current performance and make recommendations for improving operations, finances, and strategy, and as a CRO ask the tough questions about your strategy, planning and assumptions.
Ideally, an outside advisory board should have a diverse mix of experiences and skills, including:
Ø Industry experience: Members with a deep understanding of the company's industry can provide valuable insights and best practices.
Ø Sales and Marketing experience: Individuals that have experience in consultative sales in B2B and B2C environments.
Ø Financial expertise: Individuals with a background in finance, accounting, or investment can help the company assess its financial performance and develop a solid financial plan.
Ø Turnaround experience: Members who have successfully navigated a turnaround in the past can provide valuable guidance and support.
Ø Strategic expertise: Individuals with expertise in strategy development and implementation can help the company formulate and execute a strategic plan.
Ø Network and connections: Board members with strong professional networks can help the company tap into new opportunities and resources.
Outside view is an important complement to the internal team they provide a fresh view aware from the company echo chamber. Ultimately, the composition of the advisory board should align with the specific needs of the company in its turnaround journey, and it is an added benefit if they have worked in soft market and company crisis situations previously.