For Business Owners

Without wisdom, purposes are defeated,
but by many wise men they are established.
                      (Proverbs 15:22 MKJV)

Statistics show that 18% of independent business failures occur between their fifth and tenth anniversary. Why do you think a business which has been successful for five years can not make it to its tenth anniversary?

I would suggest that it is a failure of the Board of Directors. Your board is designed to fill the gaps in your business foundations caused by your own weaknesses. No business owner is good at everything! Make an honest assessment of your strengths and weaknesses. Do you have a board of advisors that addrsses your weaknesses?

Do your Board Members serve for a specific term? You can always ask them to serve again - but what if a Board Member's skills are suited for businesses making $1,000,000 and you have grown your business to $10,000,000. Do you need different skill sets from your Board Member? How do you tell him or her that you need to replace them? Don't know how to deal with these issues ... or worse you have no Board then let's chat.

NOTE: Never give up control of your business to your Board. They are there to advise you, not to run your company.