By common definition a ‘board of directors’ is a body of
elected or appointed members who jointly oversee the activities of a company or
organization. Most small businesses do not see or have a need for a body of
members to oversee the company, this can usually be done by one person – the owner.
This does not go to say that the owner of the company doesn't need advice now
and then on operating the business. In today’s fast-paced business world with
rapid changing technology and constantly changing economics, a smart business
owner would be well served to seek expert advice on short and long term
business plans and investments.
A small business owner is most likely already using the services
of a tax accountant and attorney in the business. However how regularly do they
use confidants who know their industry, who understand logistics and delivery, customer
service and quality, technology, labor management or financial markets? When it
comes to matters outside their area of expertise are they using trusted
consultants to assist in making critical decisions?
A small business owner who assemblies a team of specialists
in the various fields related to their business can find it very rewarding.
Asking these specialists to meet together on a regular basis, say one to four
times a year, can bring unexpected synergistic results. In order to gain maximum
benefit from their energy, the owner should recognize and reward these specialists for their
efforts. After all, the purpose of assembling this ‘board of advisers’ is to
get the best advice possible to make the business better. Selecting the best
people to do that and getting them excited about doing that is the owner’s job! When properly motivated and excited, the right advisers will return your expectations. Expectations that should trend towards the exponential versus the incremental.
No company is too small for advice. Success comes to those
that seek it!
