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forming a board of directors

Filed in archive Entrepreneurship by tj on November 27, 2004

boardroom
Forming a helpful boardlinks of directors for your start-up can be a puzzling task. First you have to check legal requirements in the country the company is registered in. Germany has a two-board system with well regulated requirements for the roles of directors (you may check the GmbHG and AktG with Google). The UK and the US states mostly do not specify the roles and requirements for a board member at all. So it's up to your creativity and negotiation skill to find people that a) have strong credibility b) can leverage your business and c) are no cost killer for your business, In search for more in information Google lead me to this helpful site with a good overview what directors can do for you:










































































Area
Advisory or Regular Member Active Board Member Assigned Projects
Finance Review financial plans, statements
Identify/contact sources
Executive staff planning meetings
Review bank and leasing terms and advise; attend key meetings
Drive and guide planning process
Help conduct negotiations for bank and leasing company
Financing Financing advice and consent Help prepare presentations and materials Find money sources, strategic partnerships, private investors and venture capital
Human Resources Final interviews Consult on HR policies
Interview candidates
Help design and document performance and/or salary review process
Primary recruiting agent
General Management Review/advise
Advise on executive staff personnel and performance issues
Specify process needs
Review strategies, define alternatives and suggest choice criteria
Business plans; detailed review and revisions
Discuss, investigate and make recommendations on staff issues
Design/document process
Research/propose strategic plan
Research and draft business plan
Serve as interim or acting VP or CEO? where special circumstances require
Marketing Review/advise
Make contacts/introductions
Help review/select PR and/or advertising agencies
Review product/promotional plans and advise
Assist as high level spokesman for key activities (e.g., IPO, major introductions)
Product positioning
Plan and/or conduct PR and/or merchandising programs
Manufacturing Advise/assist in prototype manufacturing
Review manufacturing philosophy
Participate in selection of vendors/high volume production Introduce/help select off-shore manufacturers /vendors
Negotiations Review terms Define/document terms and/or conduct negotiations
Sales Introduce potential customers to company Attend sales presentations/assist sales staff Help penetrate/close key accounts
Technical
Interface/advise on research and development projects Participate in design reviews and strategic planning positioning meetings Guide project team on a specific technical objective/schedule








Tell me your experiences with board members? Did they help you running your business? Did they confuse matters?








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