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• Article:  Why Your Business Needs a Board of Directors
• Coach's Corner:  Build It and They Will Come... 
• Tip of the Month: A Gift from the Heart

This month's article appeared in the October 2003 issue of Changeability, a bi-monthly e-zine written by Urs Koenig, a business coach and BRS Performance Group facilitator. Find out more about Urs by visiting www.redpointcoaching.com or send an email to urs@redpointcoaching.com.

Do you sometimes feel overwhelmed with all the decisions you have to make as a small business owner? Feel you could often use more information about taxes, PR, finance, business law, HR, strategy… before making a decision?

Should I buy the new equipment now or wait until the next tax year?
How do I get 20 new clients FAST?
How do I find the best person for my job opening?
How can I get the money owed to me without a lawsuit?
What is the next BIG selling thing in my industry?

This is where a board of directors can help you to make meaningful rather than mediocre decisions.

Building Your Board
Write down all the people you would love to call upon for support with your business. Here are some examples: A sales and marketing professional, a PR expert, a financial expert, a business coach, an HR specialist, an Internet guru, a seasoned business owner in a non-competing area (different industry, different geography).

Think of your board as your close circle of advisors. You will share important information with every person on your board, so be sure to choose carefully. Never shoot too low. Always choose the finest people you know in the field. 

Make sure however, that your board members can actually commit some time to you. When choosing between a very seasoned yet chronically over-committed person and a slightly less-experienced but better organized person, go with the latter any day!

As you invite each person to the board, communicate your expectations clearly to each member:

What sort of input and feedback do you expect from them?
How much time will they have to commit?
How frequently will you meet or communicate?
How will you compensate them for their time?
Have a simple written agreement in place with your board. Always.

Working With Your Board
The frequency of meetings needs to reflect the quantity of major decisions you are making in your business. If you are facing a major crossroad, monthly is appropriate. If the sailing is smooth, quarterly or even twice a year might suffice. I recommend starting off with at least a quarterly interval in order to gain some momentum. 

For compensation you might consider a trade of services or a small gift. If necessary, offer to pay a small fee. If you have chosen the right people, the value of their feedback will outweigh the fee many times.

Remember, the quality of guidance and suggestions you receive from your board depends on the quality of information and insight you provide to them. The board is here to advise, support and coach you, but the final decision must always be yours!

ChangeAbility is published by Business Coach Urs Koenig MBA, PhD. To subscribe, send a blank email to join-changeability@mh.databack.com. Visit his website: www.redpointcoaching.com, email urs@redpointcoaching.com or call  206.322.1335.

Have you ever thought how great it be if you could:  

• Pay your bills on time?
• Had more cash in your company?
• Turn your product quicker?
• Really, finally, and at last get a handle on the numbers side of your business?  
• Have fun doing all the above?

Then make plans now to join us for one of our four 2006 Profit Mastery Workshops for jewelers.  This year our workshops are a convenient one-day format, followed by an optional Plus Day for those who want to drill down into their own numbers. 

Profit Mastery Workshops for
Business Owners

Over 97% of the people who attend our workshops say they've substantially increased their understanding of the health, strengths and weaknesses of their companies. Change the way you manage your business, increase your cash flow, and find profits you never knew existed.