Do You Need a Board of Directors?
As a small business owner, you’re always prioritizing efforts and making resource decisions. You may feel like you live in your own world… wearing all the hats of the business, or “doing it, doing it, doing it” as we often put it. Of course, we recommend getting an E-Myth Business Coach to help guide and support your business development process, but today we’re discussing a different kind of support group – one that is perhaps underutilized in your business: your Board of Directors.
Starting a board of directors and maximizing its usefulness may not be high on your list, but as your business grows, having an active board can provide significant advantages. It’s also something you may not have a choice about; every corporation is required by law to have a board of directors. You should, of course, be working with your attorney on matters such as these. But whatever the legal requirements, satisfying the laws of incorporation is only the beginning for this vastly underutilized small business resource.
What Kind Of Board Is Right For Your Business?
There are two basic kinds of boards: advisory or fully mandated. An advisory board does just what it says: it’s a board that provides feedback and advice, but nothing is binding. The second type, a fully mandated board has real power and accepts fiduciary responsibility for the company.
To read the rest of this article by E-Myth Business Coach, please go to http://bit.ly/9OVLfB
Related posts:
RSS Feed
