Entrepreneurs quickly learn how lonely it is at the top. Regardless of the number of employees, the size and complexity of your organization, accountability for the company’s success rest on your shoulders.
The ‘Me, Myself and I’ approach to corporate governance certainly provides the ultimate control but entrepreneurs taking this path certainly miss out on the benefits that their Fortune 500 counterparts with their own boards are using to their advantage. Even Warren Buffett and Steve Jobs recognized they weren’t skilled enough to make decisions entirely on their own.
Top entrepreneurs use advisory boards to shoulder them!
At its most basic level, the advisory board is a sounding board for an entrepreneur. At its best, the board can provide expertise, guidance and business-development insight.
How Accountability works:
A successful Advisory Board should:
- Whether current challenges, opportunities and next steps
- Fill gaps of knowledge
- Provide brutally honest feedback
- Provide valuable recommendations
Companies use Accountability:
- Resolve highest priority challenges
- Weigh strategic risks to ensure viability of initiatives
- Gain expertise
- Gain validity in the eyes of investors
- Focus on value and growth
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