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Business Unplugged™
This blog features Carol Roth's tough love on business and entrepreneurship, as well as insights from Carol's community of contributors.

How Having a Board Can Help Your Business

Written By: Catherine Morgan | Comments Off on How Having a Board Can Help Your Business

Would your business benefit from outside guidance? Are you ready to bring on a board of directors or other outside advisors? If so, you’ll definitely want to read Carol’s recent post on the Bank of America Small Business Community, “7 Tips on Choosing and Using Board Advisors.” Carol begins:

Regardless of if you have a new start-up or a long-standing family business seeking to grow, having a board can help your business become more successful.

Whether your board is loosely structured as an advisory board or has a fiduciary responsibility to the business’s shareholders via a formal directorship, you need a plan of action to get the most out of your advisors.

Here are some key ways to help your advisors help your business to be a success:

1. Know your advisors’ competencies. Advisors can bring a bevy of benefits to companies, so know what you want and what will help you the most when seeking an advisor.

2. Set clear and realistic expectations. What is it you want your advisors to assist with? It could be help with raising capital (through direct contacts or credibility), strategic advice, marketing and PR, product development, business development, sales or a whole host of other connections and areas. Know and communicate your expectations.

Many of the companies I advised find the most value in using me as a sounding board and a check-in point to keep them on track. That is an underrated value of having someone who can provide discipline on your advisory board. On the flipside, don’t expect your advisor or board member to be running your business for you. That’s never their role.

You can read the rest of the post here.

Article written by
Catherine Morgan is the editor of Business Unplugged ™, an engaging speaker, and the founder of Point A to Point B Transitions Inc., a virtual provider of coaching services to individuals who are in business or career transition. Catherine is the author of the eBook Re-Launch You: Discovering Your Point B and Embracing Possibility. An experienced independent consultant and former employee of three of the former Big Five consulting firms, Catherine combines strategy development with accountability coaching. Her productivity tips and career transition advice have been featured on WGN AM 720 and WIND AM 560 The Answer in Chicago, and on WCHE AM 1520 in the Philadelphia area. Catherine speaks frequently on topics related to productivity, career transition, small business, and entrepreneurship. She doesn’t take herself seriously, but takes her subject matter very seriously.