As a small business owner, try not to get intimidated by a board of directors. Think of putting a board of directors that have multiple skills that you can learn from. If you have a very small business, you don’t have to formally call your group a board of directors. Instead, you could have a group of individuals that you can call on when you need guidance in specific areas.
Tips on choosing your board
Your advisors should not have a financial relationship with you. If your advisors are independent, they will be more impartial.
Always select people who understand where your business is going and your vision for the future.
Look at people who bring in the right skills and knowledge that is lacking in you.
Your advisor’s skills should also complement each other and not replicate your own.
For those who would like to start putting a board together, start off by making a list of areas that you feel you need guidance. This could be in areas such as finance, HR, marketing, development etc. You can then look at your current contacts and find out if any of them fit your criteria. If you still have some gaps, look at speaking to your current advisors for any recommendations.