Every Business Deserves A Good, Effective Board Of Directors

BOD

Many companies – particularly early-stage ones – either don’t have a Board of Directors or they are seen as little more than a legal necessity. But it can be so much more and especially as the business starts to scale up a good BOD can often be of great value.

Here is an awesome post from Matthew Falls of Growthers – Getting The Most Out Of Your BoardOF Directors. It should be a must read for every CEO , entrepreneur or business owner looking to get more out of their BOD. These are a few of the key pointers that stood out for me.

  1. Organize a small working board
  2. Avoid celebrities
  3. Have a majority of independent or outside directors
  4. Facilitate Contact Between Board Members and Management
  5. Keep your lawyers, accountants, investment bankers, commercial banks, business partners and, if possible, your investors off of the board.
  6. Companies that do not compensate board members for their contributions end up with ‘charity boards’.
  7. Subject your team and yourself to board oversight and the chances of succeeding with your company will go up sharply.
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About smudan

Coach to CEO's and Business Owners with an end game or transition in mind while simultaneously building the equity value of their enterprise and creating a better life/work balance.

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