A good board of directors will help you, as the leader, in several ways, including:
- Think more strategically and less tactically
- Leverage your strengths
- Compensate for your weaknesses
- Improve your analysis and decision making
- Think longer term than the next quarter or your to-do list
- Balance customer opportunities with resources and shareholder expectations
- Reduce your risk
- Help you see the blind spots
- Bring experience and expertise to you as a resource
- Build your team
- Access new customers and markets
- Build credibility with bankers, investors, and private equity
- Make you smarter
- Accelerate your success
- Help you grow as a CEO
- Think and act like you’re running a much larger company because, by following their advice, you soon will be.
Life…and business…are team sports. As the CEO, you’ve got lots resting on your shoulders. A board will help you to lighten your burden so you can move more quickly.
If you’re suffering from founder-itis where you are resisting a board for fear of giving up control, that fear is unfounded. A good board will help you and your company to improve performance and grow.
