Some small business owners assume company boards are for big business,
but every organization should consider the intrinsic worth of having a board. A board of external advisors can provide valuable support for any business. You don’t have to think of or start out with a full governance board; you can begin with a group of mentors. Having the support of individuals who believe in your business success is priceless and especially so if they possess skills and knowledge that are not your area of expertise.
Organizations such as ours, MACsWomen, a rising, progressive, global network of women entrepreneurs can play an unofficial role with our supportive women entrepreneurs from diverse industries. One of the benefits is providing members with the opportunity to mastermind and gain insight from fellow members, some of whom are seasoned, veteran entrepreneurs. The main function of a board of directors is to strike a balance between direction and vision (looking forward) while monitoring performance and overseeing fulfillment.
Boards should segment its work based on its members area of expertise. It is really important for board members to have enough information to make good decisions, yet not so much that the meaning is lost. Keeping in regular contact with your board members is vital as well as getting tasks done that were agreed upon after each meeting is also crucial to a having any successful board.
Today, on our MACs Monday Chat we are discussing mentors and we invite you to join in on the conversation. What do you think…? Do you think that your small business would benefit from having a board and if so why or why not? We would love to hear your feedback and also learn about any successes you have experienced from having a board or mentors along your entrepreneurial journey.