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Board of Directors/Board of Advisors
A strong board of directors or board of advisors is an asset to a
business. It can add credibility to your management team and increase your
likelihood of success. In this section, outline who is on your
board, listing their names, employment, training,
education, and expertise. Highlight each board
members' experiences and how they will help your
business thrive.
Many small business owners use the skills of
board members to provide expertise and assistance they currently
cannot afford to hire. If this is the case in your business, use
this section of your business plan to play up the fact that your
company has acquired this expertise by having a board. If the
board members have industry connections, good reputations, or
potential to raise capital for your business, be sure to include
these facts.
Tips
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Use your board of directors descriptions as an opportunity
to demonstrate your good business judgment by making it
clear how each member will positively impact the company.
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Create a board that complements existing management. If, for example, you own a small technology company but don't have any marketing experience, search for board members who can provide that help. Create a chart to determine the
kind of talent needed to move your company ahead. List the
skills your management possesses. You can then make a list
of the skills you need to acquire and the people who possess
those skills.
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Avoid the common mistake of creating a board of directors
made up of friends. Make a list of your needs first
and then slot friends and colleagues in as appropriate, not
the other way around.
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If you have not formed a board of directors or advisors yet,
use this section to discuss the kind of talent and
experience you plan to assemble for your board.
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To Management Description
Back To Creating an Effective Business Plan
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