MyBusinessDashboard Blog: Create Your Board of Directors

From http://blog.dashboardtosuccess.com/



If you've been following my ideas for a while, you know that I feel 'Team' is a vital essential to small business owners. In addition to your employees, your team is made up of your suppliers, your banker, your accountant, and many others. A key part of your team should be your Board of Directors or Advisors. Now, if you are a corporation, you are likely required to have such a board. If you're NOT incorporated, I still highly recommend building yourself a good Board.

A good Board will provide you with the following benefits: 1. Accountability. By having regular meetings and setting performance measures, you will have a level of accountability to keep you on track.
2. Vision. Your Board will help you see the Big Picture and make strategic decisions that help you guide your business toward achieving that goal.
3. An Outside Opinion. Some of the best ideas come from people who are outside your market, your business, and your industry. They are not saddled with preconceptions of how the business should run,so they will provide some great and creative solutions.
4. Feedback. Your Board will provide you the opportunity to ask, "What if?" to a group of people who care about your success.

Now that you're convinced that a Board is a good idea for you, where do you start? Make a list of the types of people you want on your Board. Consider the following: 1. Diversity. You want people of all types: entrepreneurs, people with jobs, community leaders, old, young, men, women, different races. The more diversity, the more well-rounded their input will be.
2. Expertise. Consider finding experts in certain key areas: accounting, graphic design, marketing, management, etc.
3. Experienced. Along with the expertise, find people who have real experience in their industry.
4. Numbers. How big do you want your Board to be? Personally, I like odd numbers from 5-11.

(Note: Make sure you have your ByLaws in place. You likely did this when you first started the business. If not, meet with an attorney and get them in place. Be sure that you hold all the power here, though.)

Now, start recruiting. Make the calls and do the lunches. Before you know it, you'll have an incredible Board that will be vital to your successful future.

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Howto & Style

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