Starting out with governance
Early on, your venture will need to establish some form of governance.
Entrepreneurs, both corporate and non-profit, create their enterprise to fulfill a dream. As the dream takes shape, the owner/founder will need independent help and advice.
When establishing your board, see the details in the corporation’s bylaws regarding numbers, officers, positioning of the business leader and board leader, frequency of meetings, and other numerous requirements.
Essentially, good governance is the ability and willingness to ask the right questions at the right time and to provide good advice while demonstrating confidence in the venture.
An advisory board is a group of individuals who have been selected to help advise a business owner on a variety of business issues.
How does a board of directors differ from a team of managers? It’s quite simple: boards govern while management manages.
Boards govern while management manages. Good boards work on the premise that while accountability can be delegated, responsibility cannot.
Governance is the means by which the board of directors guides and monitors the values and goals of its organization through policy and procedures.