June 30, 2015

Board and Governance

An important task is finding the right people to lead. RBC recommends that “you feel that there’s a fit with the professionals you consider. You will need to build a good business relationship with the advisors you choose to work with. They should understand your industry and be knowledgeable about small business. For the sake of good communication, it helps if you get along personally with your advisors as well.”

According to RBC, core advisors may be:

  • Accountants
  • Lawyers
  • Business advisors
  • Management consultants

When is the right time to create a board? MaRS recommends creating a board before the end of the start-up phase. Your board should contribute to oversight, risk analysis, and value creation. MaRS gives this checklist for some expertise you could look for in your board directors:

  • Incorporation
  • Bylaws
  • Banking
  • Patents, intellectual property
  • FDA approval
  • Accreditation
  • Product testing and approval
  • Market research
  • Taxation
  • Shareholders’ agreements
  • Importing/exporting
  • Health and safety requirements
  • Packaging
  • Technology
  • Licensing

Keep in mind the diversity of the advisors and board members you select. The best team of advisors will be made up of people with a diversity of perspectives, experiences, and backgrounds. According to DiverseCity onBoard, you will be better able to achieve modern, effective governance through diverse leadership.

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