7th August 2008
Should your small business have a board of advisers?
It's not only large corporations that can use the services of a good board. Some small business owners might consider putting together a board of advisers to help in defining the strategic direction of the business.
Large corporations rely on the expertise of their board of directors. But small businesses can tap into a similar think tank by bringing together a range of advisers with different areas of expertise. Some business owners have managed to convince their board of advisers to contribute their expertise for no payment. Others have advisers who are paid a fee for their help. So when you are creating your own board, who should you consider?
Marketing and sales
Someone with strong marketing and sales experience can be a useful addition to your board. They don't have to be in the same industry as you, but can ideally offer ideas on how you can promote your business. They may offer a different perspective on marketing and promotion opportunities you haven't considered before.
Accounting and finance
If you're going to put together a board of advisers, your accountant should be on it. They will offer much needed advice on your finances, cash flow projections and tax strategies. This information will also be useful for other members of your board to make decisions.
IT and technology
Not all small businesses will need someone with this kind of expertise on their board. But if you rely on technology for the smooth operation of your business, then it may be useful to have a technologist on board. Not just someone who works for an IT company, they should have real knowledge about the practical applications of technology and be forward thinking about how trends in technology may impact your business.
Every business needs a good connector on their side. They may not have specialised expertise in a particular area but they are one of those people who just "know everyone". Most of you within this industry would know someone like this. They are consummate networkers and just know how to - and take great joy in - connecting people with each other.
If you're serious about the growth of your business, a board may be able to springboard you to the next level.
Please note that in our last newsletter we referred to the capping of interest rates.
"Interest Rate Caps
Legislation in NSW and the ACT prescribes a maximum annual percentage rate in respect to all credit providers and products regulated by the UCCC. Similar draft legislation has been introduced in Queensland (although this legislation has not yet been passed)."
Please be aware that the legislation has passed in Queensland and commenced on the 31st July 2008.
We acknowledge John Brady of Global MoneyLine Pty Ltd for the notification.
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Head of Lending
Iain Pepper is a Vice-President and the Head of Lending for the La Trobe Group.Read full profile here.
La Trobe is one of Australia's leading independent specialist mortgage Financiers. Its business includes residential mortgages, commercial mortgages, and investment services operating one of Australia's largest Mortgage Funds under AFSL 222213. It employs over 145 staff and has raised over AUD$10Billion to assist over 100,000 customers since inception in 1952.
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