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I know when most people think of corporate boards, they
probably envision Fortune 500-conference rooms filled
with stuffy, old men, legal counsel and investors discussing
annual financial reports and stock options. However, the
picture that I want to paint is far less intimidating.
In fact, creating the board that I have in mind is an
achievable goal for most any small-business owner. All
you have to do is bring together a small group of people
willing to help you grow your business by investing a
little of their time and brainpower.
Your board of directors basically is an informal group
of colleagues, business associates and friends dedicated
to helping your company succeed. Armed with their own
experiences they come together as a brain trust to help
you make sound business decisions. The group should be
equally comprised of established business people (mentor
or former employer) and professionals (attorney and accountant),
along with a few key people whom you find most trustworthy,
namely a spouse, sibling, parent or best friend.
Over the last two years, I've discovered that my board
should be large enough to allow for different perspectives
and opinions, but small enough so that I'm not receiving
information from too many sources. That's why "eight"
seems to be the magic number. This is not to say that
I never seek advice and counsel from other sources, but
I have created an environment where these people work
seamlessly together on a single purpose: to keep my business
on the course to greater success.
So who is on my list and why? I'll share with you below:
-
An Attorney: Sound legal advice is imperative
when you're running a business. Without a capable
attorney, it's impossible to navigate the business
world and avoid pitfalls without someone well versed
in the law and how it pertains to you and your business
location.
-
An Accountant: You must be able to gauge profitability
and loss. You also need someone who can advise you
on what can be legally deducted from your income taxes.
-
A Financial Planner: Since you are no longer
an employees, you have to know how much is needed
for retirement. In addition to showing you how to
keep your company liquid and socking away enough money
for retirement, a financial planner can evaluate your
level of insurance coverage - paying special attention
to disability insurance because in the virtual assistance
business, we rely on our brains and our hands, so
we have to protect them.
-
A Career Coach: You need someone to help you
articulate your business goals, formulate a plan and
hold you accountable for achieving those goals. This
is the one person who will surely tell you "You Go,
Girl!" when you need a cheerleader."
-
A Sibling, best friend or spouse: No one knows
you better than a close relative or friend. They know
what you are capable of achieving, and they know when
you're not tapping into your full potential. A close
relative will tell you the truth rather than what
you want to hear. Plus sometimes in business, candidness
coming from a close relative is more palpable than
hearing it from a complete stranger. If you want to
try out a new marketing idea, a close relative is
more likely to not only tell you what they really
think about your idea, but why it's not likely to
work. They will likely brainstorm new ideas with you
as well.
-
A Mentor: Whether you've been in business
six months or six years, it's never too late to benefit
from the experience of others.
-
A Client: Sometimes you need an honest perspective
from the client's point of view. Use that one client
with whom you have a particularly close relationship
to learn how to improve your current services or introduce
new ones that will benefit all of your clients as
a whole.
-
Your Assistant (Virtual or otherwise): If
you think about it, most small-business owners hire
assistants to remove administrative obstacles so that
they can can concentrate on improving or expanding
their companies. What they often forget these days
is the fact that assistants often have backgrounds
in a myriad of different industries. Working in the
business on a daily basis, assistants are also great
problem solvers. Your assistant can provide insight
on vendors and clients that you, the owner, might
miss.
Two heads (or eight in this case) really are better one.
So often as a small-business owner - particularly if you
are a home-based independent consultant, you lose your
sounding board once you go solo. Therefore, you can no
longer throw out ideas to co-workers while chatting by
the water cooler; call impromptu meetings for the purpose
of brainstorming; or garner advice from trusted supervisors
or mentors to ensure that you're making the right decisions.
As a solo small-business owner you are on your own, but
it doesn't have to be scary thing. If you receive nurturing
support from a "mini" board comprised of people who can
be cheerleaders as well as realists then you will not
only gain a firm grip on how your business works, but
both you and your company will stay on course to greater
success.
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