Over 80 percent of all private companies are operating without a board of directors or advisory board. Odds are your competitors do not have one. Developing a board can give your company a distinct advantage over your competition; particularly companies looking for strategic, calculated growth. There is tremendous value in receiving objective, knowledgeable advice from outside advisors who share in the financial and/or equity growth of your business.
BOARD OF DIRECTORS
Board of Directors consists of members both inside and outside of the business. A functional board sets strategic direction, resolves conflicts, outlines goals and evaluates executive performance. Formal boards enable owners to have direct influence with the senior management team and hold them accountable for results.
Advisory Boards can provide many of the same benefits as a Board of Directors but with less formality, involvement and authority. They bring valuable skills, knowledge and experience at a fraction of the cost.
- Unbiased outside perspectives on many issues.
- Increased corporate accountability and discipline.
- Enhanced Owner/CEO and management team effectiveness.
- Greater credibility with investors, vendors and customers.
- Help in avoiding costly mistakes.
- A sounding board for evaluating new business ideas and opportunities.
- Enhanced community and public relations.
- Improved marketing results and effectiveness.
- Strategic planning assistance and input.
- Centers of influence for networking introductions, ex. potential customers, investors, vendors.
- Help anticipating market changes and trends.
- Crisis and transition leadership in the event of the death or resignation of the CEO.