Building a board of advisors: A guide for Nigerian businesses

In the vibrant and often challenging landscape of Nigerian entrepreneurship, where grit and relentless hustle are practically prerequisites for survival, it’s easy to get caught up in the day-to-day grind. Many business owners, especially those just starting out, may dismiss the idea of establishing a formal board structure as something reserved for larger, more established companies. “A board? I’m still trying to keep the lights on!” is a common refrain. But consider this: like the strategic thinking required to master a game of chess, building a sustainable and thriving business in Nigeria is a long-term game, and a board of advisors (BOA) can be a powerful, yet often overlooked, tool for achieving lasting success.

A board of advisors, distinct from a formal board of directors, is an informal group of experienced professionals who provide guidance, mentorship, and strategic insights to a company’s management team. They serve as trusted confidantes, offering unbiased perspectives and leveraging their networks to support the business’s growth and development. Even for smaller businesses operating in Nigeria’s unique economic environment, the benefits of assembling such a board can be transformative.

One of the most immediate and tangible advantages of a BOA is the significant boost to credibility. A well-respected BOA, composed of individuals with proven track records in your industry, instantly elevates your company’s reputation. In a market where trust is often hard-earned, this seal of approval can be invaluable. It signals professionalism, competence, and a commitment to excellence to potential clients, investors, partners, and even regulatory bodies. Think of it as borrowing prestige and experience from seasoned professionals, instantly enhancing your brand image.

Beyond credibility, a BOA can act as a powerful sales and marketing powerhouse. Its members, by virtue of their experience and networks, possess valuable connections that can open doors to new customers and lucrative business deals. Imagine having a team of seasoned experts, each with their own network of contacts, actively advocating for your business and providing introductions to potential clients. They become your personal cheer squad, strategically positioned to champion your offerings and unlock new opportunities.

Furthermore, a BOA provides a crucial element of accountability. The prospect of regularly presenting your progress, challenges, and strategic plans to a group of experienced advisors creates a powerful incentive to stay on track. The scheduled meetings, where you’ll be forced to articulate your goals and defend your strategies, will compel you to monitor your performance metrics more closely and make necessary adjustments to stay aligned with your objectives. This process fosters discipline and helps ensure that you remain focused on the key drivers of growth.

When forming your BOA, remember that wise selection is paramount. Look for advisors who not only possess relevant experience and a stellar reputation but also genuinely believe in your vision and are committed to supporting your success. Ensure that their expertise aligns with your strategic priorities, whether it’s accessing new markets, improving operational efficiency, or securing funding.

Critically, remember that a BOA should be a source of mentorship and guidance, not a formal board demanding rigid reporting structures and bureaucratic processes. The relationship should be characterised by open communication, mutual respect, and a shared commitment to helping your business thrive.

Think of your BOA as a readily available team of experienced mentors eager to share their wisdom, networks, and insights to help you take your business to the next level. It’s about building a supportive ecosystem around your business, tapping into the collective intelligence of seasoned professionals who are invested in your success.

In conclusion, don’t underestimate the transformative power of a well-chosen board of advisors. In the challenging yet rewarding environment of Nigerian entrepreneurship, it can be the critical difference between simply surviving and truly thriving, providing the strategic guidance, accountability, and network access needed to navigate the complexities and achieve sustainable growth.

Dr Adeniyi Bamgboye, DBA, FCTI, FCA, FCCA, a dual-qualified chartered accountant, tax expert, and policy analyst, is the managing partner of Empyrean Professional Services, an audit, business, and financial advisory firm dedicated to enhancing its clients’ business value. 08060603156. [email protected]

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