– Are you an entrepreneur?
– Do you often find running your business a lonely journey?
– Do you want to grow your business but don’t know how or where to start?
– Do you need advice, mentorship, coaching from experienced entrepreneurs and professional?
– Do you want your business to have a Board of Directors for guidance and direction?
If your answers to all these questions is in the affirmative, then this program is for you.
We are launching an Advisory Board of Directors for Small Businesses. This Board will operate with the same principles as the normal board of directors for listed companies.
Large companies have a board of directors who assist with the strategic direction and growing of the business. Board of directors should not be reserved for large companies with shareholder investment to oversee and strategic decisions to be made. The truth is that many small businesses can benefit from a board of directors.
1. Reasons why the entrepreneur needs a board
Not all entrepreneurs have skills they need to operate effectively, especially if they have experienced rapid growth. A board of directors can help by adding to and complimenting skills and industry expertise that an entrepreneur might not have in-house.
Business processes and system
A board can also help ensure the entrepreneur have the right processes in place to manage growth, focus the entrepreneur to the set strategy, prepares to raise capital.
Effective and networked boards can also help bring in new talent, both at the board and management level, and help with succession planning (an important aspect of running a family business)
A board of directors is there to help the entrepreneur. A board can give the entrepreneur the opportunity to step back from the tangled challenges of day-to-day tactical business operations and focus strategically and objectively on the business at large
The board will assist the entrepreneur venture to be compliant with the relevant laws and regulations.
2. How does it work
– Entrepreneurs submit monthly management reports (10 days before the board meeting)
– On receipt of the management reports, board packs (containing the agenda, the management reports of various businesses) are prepared and submitted to the Board members 7 days before the board meeting
– Board Members upon receipt of the board pack prepare for the board meeting
– Board meetings will held where the board members spend an hour with each entrepreneur
– During the meeting the board members will interact with the individual entrepreneur and offer their assessments (based on their areas of expertise)
– Board members will offer advice and targets to be achieved by the entrepreneur for the next meeting
3. Role of the Entrepreneur
– Prepare management reports as required by the agreement (Update budgets vs. Actual, document challenges experienced during the month)
– Attend Board meetings
– Implement recommendations as per the board of directors
– Be open and transparent about the operations of the business
4. Role of the Board of Director
– Prepare thoroughly for each Board meeting
– Attend Board meetings
– Respect the confidentiality of the information discussed and acquired as a result of being a board of directors
– Offer sound and practical advice to the entrepreneurs
– Be professional and ethical during the period of the meetings
5. Selection of Entrepreneurs
The special selection criteria will be developed. The criteria will include:
• Minimum two years in operations
• Employs at least two full time staff (excluding the entrepreneur)
• Signed financial statements
• A current business plan (with latest projections)
6. Selection of the Board Members
The board of directors will be selected to bring value and experience to the small business. The following are the key skills that the board will have to incorporate: Finance, Marketing, Technology, Management, Strategy and Business Turnaround. Preference will be give to individuals who have more than 15 years in business, industry experts and business consulting experience.
The board meetings will meet on average a once every two months. No matter how often the board meets, all the board members and the entrepreneur must prepare for each meeting. It’s also critical to set up a thoughtful agenda for the board to address issues that warrant attention.
8. Code of ethics
We conduct the services in compliance with the professional Code of Ethics. Confidentiality of the entrepreneur’s business information and other information disclosed during the meeting is very important. All the Board members will be expected to sign confidentiality agreements
9. Our commitment
As an organisation we promise that we will endeavour to provide stakeholders with quality and well organised program and that this program will meet the support that their modern day businesses demand.
We are very passionate about entrepreneurship and leadership and through this partnership we hope to make a huge contribution to the business landscape and we look forward to earning this privilege.
10. Application Process
If you are interested to be part of the Advisory Board of Directors for Small Businesses either as an entrepreneur, please send the following:
– Motivation of why you want to be part of this program
To form part of this program send a motivation (max 200 words) to why you want to form part of this program to firstname.lastname@example.org. There will be a selection process which will include a final meeting with the Board before being accepted into the program
The selection process and the dates will be communicated in due course.
Thanking you in advance.
Radipolelo Entrepreneurship Consulting