Bridging the Generational Gap: The Power of Advisory Boards

Corporate Boards of Directors play an integral role in the management of the companies they serve. They provide both oversight on strategy and ongoing risk management reviews.

A challenge often arises, however, when it comes to the composition of these boards. Despite efforts to diversify, board members tend to be older with the average age of those on FTSE 150 boards nearing 60. On the other hand, a company's customer base is often statistically a younger demographic than its corporate board. To bridge this gap, creating advisory boards that include members reflective of the customer base can be a valuable solution for company executives and members of the corporate board.

An advisory board can provide a platform for individuals who represent the target market to share their perspectives with company executives and board members on products, strategies, marketing campaigns, and more. By tapping into the point-of-view of customers, companies gain valuable insights that can drive innovation and customer-centric decision-making. To be successful, however, an advisory board should be structured in a way that creates opportunities for meaningful engagement between the advisory board members, the executive team and the Board.

By harnessing the power of both customer perspectives and board expertise, companies can achieve a better understanding of their market and make informed decisions that drive success.