Independent Directors & Advisory Boards

By: Ventell  10-Jul-2011
Keywords: Business Mentoring, Independent Directors

As a company grows, it's important to have good governance... And no company is too small for this.

Governance can start from something as informal as an , with specialists who can advise the business, but who do not have authority to vote on corporate matters nor a legal fiduciary responsibility...

  1. Expertise you can't buy
  2. Business contacts when you need them
  3. The benefits of a Board of Directors without the hassles
  4. Simple & inexpensive to set up & operate
  5. Grow your business faster
  6. A personal sounding board
  7. Mentoring

We have access to a wide range of people through and other networks, that you can look to appoint to an Advisory Board... just let us know what you are looking for.

And then as the business grows you may want to think about setting up more through a , with & a .

All companies must have at least one director by law. This is usually the owner or owners of the business. And more than likely they'll get together occasionally & talk about .

More often than not, that's not enough...

If appointing a board is done correctly, the result will be a more effectively run company, and a more profitable company, with management's efforts being more tightly focused on those matters that will propel the company to the next level.

  1. A strong board of directors can add substantial value through their relationships.
  2. A board composed of qualified outsiders can bring a very useful perspective to bear on behalf of the company
  3. Management is held accountable to an outside party.
  4. Having professional "best of breed" governance practices in place can only add value to the company.

Many companies get to a critical stage where the knowledge, passion and skill of the original owners & directors are stretched. The company might have grown beyond their experience - maybe into new markets. It might need new money for growth & find that its bank or potential investors want to see more "structure" and external input into running the company.

A board, or a team of Directors, should meet regularly & formally to look at the performance & strategic progress of the company. The key is having a group that can separate itself from the day-to-day, look ahead, have a proper debate about decisions & help the company make progress.

Objectivity in performing that role is one of the reasons for taking on an independent director, but there are many others.

And don't forget, a good board will challenge the perspectives and attitudes of the owners & managers... in a good way.

Our Principal Consultant is a Member of the Institute of Directors and also , & through these 2 organisations, we can access a wide range of young & upcoming or experienced Independent Directors with a variety of experiences... Just let us know what you want.

Keywords: Business Mentoring, Independent Directors

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