But as you grow and take on external funding, getting a professional board structure becomes crucial to maintaining momentum.
Boards are essential for making sure that shareholders are able to properly hold your management team to account.
While you or your family remain the majority shareholders this will be less important but if you’re planning on exiting or taking on external equity finance, a good board will be crucial in adding value and securing a deal.
Getting the boardroom dynamics right is key to success. The CEO, FD and chairman need to work together and bring the right mix of skills to the table.
This begs a number of questions. When do you need to create a professional board? What kind of person should you take on as a chairman, and do you need non-executive directors? How big should the board be and what should board meetings be used for?
This month Real Business will be focusing on the secrets of the boardroom, exploring the key things that growing businesses need to know about corporate governance.
Have you got a story to tell about your experience with chairmen and non-execs? We would love to hear from you: Get in touch with email@example.com
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