As a small business owner/entrepreneur; it isn’t likely you have an official Board of Directors for your business; but you definitely need one.
Traditionally, organizations of a certain size establish a Board of Directors to provide top-level guidance and oversight of the organization. Typically, the key purpose of the Board of Directors is to provide an outsiders’ leadership perspective for an organization. While the Chief Executive, Senior Staff and the rest of the employees run daily matters; it is critical for any organization to get the expert guidance and ideas from leaders who are outside the company, or at least outside the day-to-day operations of the organization.
So again, Who is Your Board of Directors?
Looking at the role of the Board of Directors as detached leadership expertise; every business, regardless of size needs a Board of Directors. Whether you’re an Entrepreneur, Small Business Owner or Mid-Size organizational leader; it is critical to the success of your business to have outside ideas coming into the company. Even if you’re too small for a formal Board of Directors, (even if you’re too small for employees) it is essential to start building an informal board.
Sit down for a few minutes and ask the following questions:
- What other business leaders do I talk with on a regular basis?
- Who are the top professionals in my field?
- Who are some business people I know with interesting perspectives?
- What are my weaknesses as a business leader; and who do I know who possesses those traits as strengths?
- Who are some extremely creative people with great ideas?
By analyzing the answers to all those questions, begin to build your informal board of directors. Establish or strengthen professional relationships with 5-7 thought leaders with whom you can talk regularly. Then set up a rotation to talk with at least one of those people every week; share ideas, bat around solutions, work through scenarios; keep the information flowing.
Establish a system for recording the ideas and solutions you develop in your discussions; sticky notes, voice memos or wiki – all work. Then the next time you’re at a loss on how to handle an issue; you have a team of advisors and a reference library of ideas.
You’ll be a more effective leader, and your business will continue to grow and thrive if you establish and tap into the wisdom of your Board of Directors.
Suzanne Andrew is a Business Consultant, Trainer and Coach who focuses on helping entrepreneurial organizations thrive in the new economy. Contact her directly at: SuzanneMAndrew@gmail.com or 727-641-6941
