No business is too small to benefit from having a board and it’s such a powerful management tool that no small business should be without one.
Here are few reasons why.
An in house think tank
Think about the last time you met with other businesspeople and had an open discussion, sharing your ideas and concerns.
Unlike a one-time or casual event, your board should be composed of people with a genuine interest in your business and a desire to see it do well.
Think of your board as a think tank, your board members serving as a sounding board, a source of ideas and expertise – and giving you honest advice.
Fill Knowledge gaps with expert help
While small business owners are notorious for having to ‘wear many hats,’ the truth is that not all of them will fit well.
Everyone has their own strengths and very few of us are good at everything. There are also many fields of knowledge that can't be mastered without years of study.
By carefully selecting people to serve on your board, you can fill in the gaps of your knowledge without having to employ these expensive resources as staff members.
Innovate and challenge your thinking
We tend to be creatures of habit and most of us have an inborn resistance to innovation. But having a good board puts new eyes on the business that will more than likely see new ways of doing things and provide the new ideas you need to hear to encourage you to change things and start doing things differently.
A good board will also point out any flaws in your business plan as they don’t have the same ownership as you, so will see things more clearly.
Contacts you wouldn't otherwise make
It's not just their own expertise that your new board members will bring to the table. They will also come with their own circles of contacts, who may be valuable for the development of your business or particularly helpful to individual projects.
Whether your business needs financing or is looking for information on green building, a wider circle of help is always useful.
The best support
More than anyone else, your board will be on your side. They will want to listen to you, advise you and contribute to your business's well-being. At its best, a board is like having a whole group of coaches.
Don't miss out
A board is an especially valuable management resource for small businesses. No single person can know everything, and ad hoc, on the fly advice can be worse than none.
An effective board that meets regularly gets to know you and your business and can provide the management expertise you need to avoid mistakes and set your business on course for success.
Rob Perks is the CEO of Inspire, a company dedicated to helping businesses in the South West maximise their success through business strategy, making the right connections and knowledge sharing. Inspire's Vitrtual Board links qualified individuals with businesses. www.inspirebiz.co.uk