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Business owners need to take responsibility for ensuring their business is sustainable in a rapidly changing world, having an advisory board with the right skill set to move with the challenging times we live in, is another step to future-proofing the business survive, grow and be profitable.

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?

  1. Skills & Expertise
  2. Corporate Governance
  3. Independence & Accountability
  4. Strategic Direction
  5. 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 Services.

Livingstone Board Services 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.