Outside oversight and input becomes increasingly vital as a company grows. Official boards of directors and unofficial advisory boards can provide connections and ideas to drive business expansion. It is important to put proper structures in place and clearly define roles up front when creating these bodies. Some of the best practices suggested by the The U.S. Chamber of Commerce Foundation include:
- Ensure open and honest communication about board and staff expectations.
- Clarify HR policies and procedures.
- Clarify governance versus operation and management roles.
- Guard against micro-management of staff
Some other online resources that are available to entrepreneurs include:
- Overview of boards of directors (The Free Management Library)
- Harness the Power of an Advisory Board (About.com)
- 8 Steps to Creating an Effective Advisory Board (Entrepreneur)
Mentors, peer groups and round-tables also offer some measure of input.
In West Virginia, we have a variety of Resource Partners that can assist you.
These organizations can be found by searching “formal mentoring programs, one-on-one counseling or peer mentoring” in our Resource Navigator.