A company without a board of directors or a board of advisors is like a ship without a rudder. There are no checks and balances and a company does not get the benefits of other opinions. The first big mistake that companies make is not having a board of directors or board of advisors.
The second big mistake companies make is by not appointing Independent Board Directors. These companies only see the world through the insider’s eyes. Independent directors bring experience from other industries. All industries solve the same problems but in different ways. An Independent board director’s fresh eyes and ideas can make a company more competitive and successful.
The third big mistake companies make is not spending enough time discussing who their customers are. And, are they effectively solving their customer’s problems? Are there other items their customer could be using? Are there other markets they could be penetrating? Are there other items their customer could be using?
The fourth big mistake companies make is not accurately figuring out who their competition is. What are they doing differently? What is their market share compared to ours? How are they pricing their products or services? And, how do we convert their customers to ours?
For more on boards, read my article: 6 Reasons Why Every Board Needs “Fresh Eyes”
P.S. – Do you need an independent Director, Advisory Board Member, Trusted Advisor, or Interim CEO? Someone who can help you see your business and your goals through “Fresh Eyes.” Contact me and I will work with you to look at where you want to go and help you find the best way to get there. Sometimes all it takes is someone with a fresh viewpoint, unencumbered by company politics or culture to help find the right solution.