It doesn’t matter how business savvy or smart someone is; no one person has all of the best answers on how to run a business. More and more small business owners are turning to trusted advisors to provide input when working toward and attaining their business goals. This network can be very similar to the board of directors that all large companies have, and should consist of people who have, themselves, been successful in business. This can be especially effective for absentee owners. The best way to assure that the team left in charge shares the owner’s vision, is to make sure everyone accountable. A board of directors provides that measure of accountability. The board should monitor the financial performance of all business units and be given periodic updates on the business plans and forecasts. Big decisions for the company should always be taken to the board for their input or approval.
Having recently become a small business owner myself, one of my biggest fears has been the nagging question; am I doing everything I need to do to be successful? I am very confident in my abilities as a CFO, but there is so much more to my business than just providing a service to my clients. I feel so lucky to have a group of very strong and successful women advisors. Together we serve as each other’s board of directors. We meet monthly and hold each other accountable for meeting our set goals. They give me an assessment of what I am doing and what I need to do to be truly successful. Having others with whom I can discuss ideas, and know I will get honest feedback, gives me much more confidence that I am moving in the right direction.