In the digital era the number of business opportunities available today has grown experientially, so have the challenges of running your business both successfully and profitably. However companies, despite their best efforts, sometimes end up taking the wrong decisions. One such mistake is not having a board of directors who serve the company’s best interests as it evolves.
Fear often restricts the existence of a Board of Directors some of the reasons are:
- Dilution of authority (for the CEO / founder/business owner)
- Interference (in business decision-making)
- Time-consuming & costly (cannot compute / justify ROIs)
However, the right type of board and correct professionals involved these fears can be put to rest.
What is a Board of Directors?
The Boards of Directors are a group of individuals within your company, either appointed or elected as representatives to oversee organisational strategies, capital investments, dividend/profit share policies and financial accuracy.
Why Do We Need Boards and What Value do they Add to a Business?
- Skills & Expertise
- Corporate Governance
- Independence & Accountability
- Strategic Direction
- Credibility & Legitimacy
What kind of Board does your Company need?
- It depends on the size of your company and its pathway to evolution.
- There are two kinds of boards an advisory board or fully mandated board.
How do I go about finding out more?
If you are wishing to grow your business in a manner that is reflective of your vision and appreciate that one person cannot be all things to all people and understand that surrendering your “fears” will enable the business to flourish.
Michelle Mac is an associate of Livingstone Board Solutions.
Livingstone Board Solutions works alongside businesses in the development of a board that serves all stakeholders in a stepped manner with tangible references throughout the process of establishment and sustainability.
At Livingston Board Solutions we provide a suite of documents, that covers most the matters that a board will need to know to become an effective and fully functioning board that serves either the company be it large or small.
Our suite of documents is also supported by board development and coaching programme tailored to organisations needs.
Only too often board members are chosen because of their management skills or specialist knowledge that they bring to the boardroom table but this does not necessarily mean they know how to govern effectively. When using the services of Michelle Mac and Livingstone Board Services we provide tailored in-house training and extensive mentoring designed to support the development board members, full boards, board funders and board advisors about best practice governance
“Evidence of good governance has massive value when it comes to raising money or selling your business. It demonstrates to investors or buyers that the business is well run and that it’s ‘clean’.”
Phil McCaw — New Zealand Business Performance panel
Our documents and support training can be purchased as either the need requires basis or in blocks of relevant documents so that the organisation has both a digital and hard copy that form the basis of good governance combined with the personalised support coaching for board excellence.
Contact, Michelle to discuss your needs in how to set up a business with good governance and future proof your business with another robust internal structure for your business.