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As a senior director at the Business Development Bank of Canada for over ten years, Éric carried out over 200 interventions in businesses and supported SMEs.
As a strategic management consultant, his mission today is to support entrepreneurs in the key moments of their business development, through interventions inspired by best practices in business development, finance, accounting, strategic consulting, risk management and organizational performance.
ERIC PREVILLE
ABOUT
Videos
FINANCIAL FORECASTING: A PRACTICAL GUIDE FOR ENTREPRENEURS
Financial forecasting is often one of the most dreaded parts of accounting...
BUSINESS & ECONOMY
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HOW TO SET UP AN ADVISORY COMMITTEE?
If you've already done your strategic planning, surround yourself with candidates who will help you move your plan forward .
Otherwise, some introspection is necessary to take stock of your company's strengths, weaknesses, opportunities and threats. You will then look for candidates who will help you fill gaps, or add expertise that is missing from the management team. For example, if you are planning to develop an export market, finding an entrepreneur who has already experienced this situation could be an asset. Don't hesitate to go outside your own network of contacts and ask your banker or accountant for candidate references.
MAKING YOUR ADVISORY COMMITTEE A SUCCESS
Listening and open-mindedness , but not blindly. The committee members are also there to make you think and get you out of your comfort zone. You remain at the helm of your company.
Rigor will be required. It is always easy to postpone a meeting! I am using the time management matrix of Stephen Covey, known for his book The 7 Habits of Highly Effective People : an advisory board is important, but not urgent. But everything that is important always ends up becoming urgent, and coming back to haunt us! So we must have the rigor to keep the meetings going against all odds!
Honesty is just as important. You have chosen trusted members, trust them . To be able to advise you properly, the members of your advisory board must be aware of everything that is really happening at your place. Hiding a liquidity problem could distort a growth strategy advice, which could prove unrealistic or harmful in a situation of lack of liquidity. We must be ready to share our good and bad moves.
Finally, knowing how to surround yourself well from the beginning can be a major asset for the success of a business, regardless of its stage of development. It is also important to remember that it is never too late to set up an advisory board . The contribution of its members can help you avoid many mistakes along the way and help you grow more quickly. Why deprive yourself of it?
Setting up an advisory committee: a good idea!
2023-08-22
ERIC PREVILLE
3 minutes
An advisory board is a "non-decision-making committee whose mandate is to provide advice, formulate opinions or make recommendations on issues under study." In concrete terms, for companies, it is a committee that advises managers in their decision-making. It is made up of professionals from different fields and entrepreneurs from other fields of activity than yours.
BENEFITS OF CREATING A CORPORATE ADVISORY BOARD
Benefit from the experience and sound advice of seasoned experts and experienced entrepreneurs.
Refine your vision together, since the committee participates in your strategic planning exercise.
Learn to surpass yourself, achieve your goals, respect your commitments, take responsibility and be accountable to the committee members. Benefit from the encouragement of the committee members: the owner at the head of the company does not often get a "pat on the back"!
Ultimately, grow your business.