The Benefits of a Board
A board of directors will help you build leadership skills and take a more strategic and well-rounded view of business. If you’re in growth mode, or you have plans to grow, a good governance team will help your business reach its potential.
Whether you choose an advisory board or a formal board of directors, you’ll benefit from a team of experts with a vested interested in your success.
Deciding if a board is right for you
There are no hard and fast rules on when you should get a board together.
Setting up a board might be a good idea when you:
- need skills and expertise you lack internally
- grow rapidly
- have made a major acquisition
- go through a large restructure
- start succession planning or putting together an exit strategy
- are a start-up with lots of shareholders and investment capital.
Benefits of a board
Many business owners worry they’ll lose control of their business if they set up a board.
But if you put careful thought and consideration into forming a governance team, you’ll find your board will empower you to make better, more informed decisions — and support you to see your plans through.
Good governance can help you:
- drive your business forward
- avoid risks
- seek new opportunities
- grow your leadership skills
- get an objective analysis of your business
- develop a strategic direction
- get independent thinking in a family-run business
- connect with new networks.
Join us at the Governance 101 workshop on the 18th October to learn more about how a board might help your business to grow.