Are you thinking about establishing an advisory board for your company? It is becoming increasingly popular nowadays for private companies to establish advisory boards similar to public companies, non-for-profit organisations and Government departments. They are a beneficial way of obtaining independent advice with regards to the development of the business and operational governance. Business owners value knowledgeable independent opinions when trying to understand and deal with the business life cycle. When there is more than one owner in the company it allows for a more unified running of the business as well. The composition of advisory boards will vary from formal to informal in structure. The level of involvement from the independent Director or non Director will change dependent on the needs of the owner/s and the size of the company.At Lockwood & Ward we encourage business owners to set up advisory boards that will suit the individual needs of every company, with the overall objective of ensuring that business will remain sustainable for the long term.