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forming a board of directors

Filed in archive Entrepreneurship by tj on November 27, 2004

boardroom
Forming a helpful board 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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Related Entries:

an efficient board meeting - 15 September 2004

the ideal board meeting - 29 January 2005

women on board - 11 November 2005

Is CEO Pay an Efficient Market? - 06 September 2006

Sprint CEO Hesse Resigns from Nokia's Board of Directors - 29 December 2007

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