Each Blog in this series relates to one of the 25 cells of the ManOBiz Matrix™
Blog #1 relates to the “Corporate Governance (Planning)” cell
Start your Business with a Board meeting
It is absolutely essential to adopt a Board meeting culture to facilitate sustainable business success. If you are planning a Start-Up business, which has the “DNA of an elephant” (i.e. the potential to grow big) and even if you are the sole resource, you should start your business with a Board meeting. If you already have an established growing business and you have not adopted a Board meeting culture, then you should adopt it now and have your first Board meeting as soon as possible.
The board meeting culture gives you a good governance foundation and forces you to develop good governance practices which will stand your business in good stead as it expands. Even, if your business has been deemed to be successful to date, then having regular board meetings will enhance the business’ performance. It is also, invaluable when the time is ripe for succession planning.
The primary purposes of a Board are to: (1) interpret shareholder policy; (2) approve the annual Action plan for the business; and (3) monitor the monthly performance of the business against the objectives of the plan.
The Board members are selected by the shareholders and an effort should be made to ensure that there is sufficient expertise on the Board to give advice on the management of business systems (corporate governance, marketing, operations, people development and investment finance). The minimum number of board members should be two, including yourself.
Sustaining a Board meeting culture is not a trivial matter and we advise that you should invest in getting its structure right from the first Board meeting. Nothing Beats Business Success , a brand that creates more profits with less effort, can advise you on the structure of your Agenda and the Minutes of a Board meeting so as to obtain maximum benefit from a comprehensive management perspective. This investment will yield untold dividends as your business grows from strength to strength.
Click here for initial FREE consultation.
Click here for a 90 minute online Skype session to guide the conduct of your important “first board meeting” and the preparation of the minutes of the meeting in a structured format easy to repeat format.
Click here for follow-up one-on-one 60 minute Skype sessions, on demand, to facilitate the implementation of the ACTION items arising from the Minutes of the “first board meeting” and subsequent board meetings.