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Add You - How to Develop a Successful Board of Advisors (...and Why You Should!)
Projects Cost More As Interest Rate Rises
The last time Inflation was above 4% interest rates were 11%, Terry Waite had just been released and it was the 17th of November 1991. In business terms many lifetimes ago. Whether the Bank of England will raise interest rates to 11% to achieve Gordon Brown’s mandate I will leave to the Money markets to speculate. It is unlikely that interest rates and hence the cost of capital will return the “lowest rates in 30 years” within the next two years.Within the context of Business’ implementing projects how should they respond to the changing environment? Those industries with capital intensive projects; Construction, Supply Chain related (warehousing, logistics, stock management) and IT Systems (ERP never cost less than a ?1.0m to implement) will be impacted most and what can we learn from their processes? Below is a five step process which will aid management teams to focus their attention on the key tasks.Stage One, demands a review of the projects applying the benefits ratio matrix below. This enables the management team to classify projects in order that they can be compared not in absolute terms (Amount the project is spending) but relative to the Capital Expenditure Budget and the benefits ratios the project will achieve. Each project is re-evaluated and the figures calculated and placed in the grid below.Once collated all the projects are then classifiedStage 2 - The project triage aims to determine how a project should be managed □ Stopping those projects which are capital intensive a
why they have been asked to serve and what is expected of them. The last time Inflation was above 4% interest rates were 11%, Terry Waite had just been released and it was the 17th of November 1991. In business terms many lifetimes ago. Whether the Bank of England will raise interest rates to 11% to achieve Gordon Brown’s mandate I will leave to the Money markets to speculate. It is unlikely that interest rates and hence the cost of capital will return the “lowest rates in 30 years” within the next two years.Within the context of Business’ implementing projects how should they respond to the changing environment? Those industries with capital intensive projects; Construction, Supply Chain related (warehousing, logistics, stock management) and IT Systems (ERP never cost less than a ?1.0m to implement) will be impacted most and what can we learn from their processes? Below is a five step process which will aid management teams to focus their attention on the key tasks.Stage One, demands a review of the projects applying the benefits ratio matrix below. This enables the management team to classify projects in order that they can be compared not in absolute terms (Amount the project is spending) but relative to the Capital Expenditure Budget and the benefits ratios the project will achieve. Each project is re-evaluated and the figures calculated and placed in the grid below.Once collated all the projects are then classifiedStage 2 - The project triage aims to determine how a project should be managed □ Stopping those projects which are capital intensive a
Before establishing the board, the CEO and senior managers should sit down and ask some of the following questions:
1. What are the main areas we need advice and guidance in?
2. What specifically do we need the board members to do for us?
3. Who are a few potential candidates for board membership?
4. How do we avoid giving away too much control to outsiders?
5. What will be the powers and limitations of the board?
6. What will setting up the board cost initially? Annually? Will it be worth the cost?
Determine the s
Can You Make Money With A Home Based Business?
Would you like to earn an income by starting your own business from home?Many people decide that they like the thought of working from home for a lot of different reasons.These reasons can include wanting to spend more time at home with their families, needing an extra source of income, or just simply disliking their current job.A work from home business is a great chance to earn money and be your own boss. There are many opportunities available to internet marketers.When you start setting up your home-based business it is a good idea to develop a business plan and research your options thoroughly.By making informed decisions and sticking to your business plan, you can help create a good, steady stream of income for yourself.Running a home-based business requires a lot of effort and hard work on your part and whilst you will not become wealthy over night, your earning potential will be directly related to how much time and effort you put in. It takes a lot of hard work and determination to make it as an internet marketer.When you are building your business plan, you must include both short and long term goals. Make a decision as to how you are going to reach these goals and then put your plan into action.Affiliate programs can make excellent home-based business programs, but there are also many other internet marketing opportunities that will create steady income as long as you are willing to put the work in. Some of these opportunities may require you to make an initial i
In today’s rapidly changing and highly competitive markets, many privately held companies are creating outside advisory boards to give owners and CEOs fresh, knowledgeable advice. Would you like to earn an income by starting your own business from home?Many people decide that they like the thought of working from home for a lot of different reasons.These reasons can include wanting to spend more time at home with their families, needing an extra source of income, or just simply disliking their current job.A work from home business is a great chance to earn money and be your own boss. There are many opportunities available to internet marketers.When you start setting up your home-based business it is a good idea to develop a business plan and research your options thoroughly.By making informed decisions and sticking to your business plan, you can help create a good, steady stream of income for yourself.Running a home-based business requires a lot of effort and hard work on your part and whilst you will not become wealthy over night, your earning potential will be directly related to how much time and effort you put in. It takes a lot of hard work and determination to make it as an internet marketer.When you are building your business plan, you must include both short and long term goals. Make a decision as to how you are going to reach these goals and then put your plan into action.Affiliate programs can make excellent home-based business programs, but there are also many other internet marketing opportunities that will create steady income as long as you are willing to put the work in. Some of these opportunities may require you to make an initial i
Even for small businesses, setting up an advisory board can give you a significant advantage over competitors that are relying solely on internal talent. An experienced and well-connected board of advisors can help your business grow and prosper in ways you’ve never imagined.
What is a Board of Advisors?
An advisory board is an outside group that is informally organized to provide business owners and corporate leaders with support, advice and assistance. While formal boards of directors have legally defined responsibilities and fiduciary duties, advisory boards have no formal power or binding legal authority. They serve at the pleasure of the business owner or CEO.
Benefits of an Advisory Board
There are several advantages that companies with advisory boards have over their competition. A board offers your business:
- An unbiased outside perspective.
- Increased corporate accountability and discipline.
- Enhanced CEO and management effectiveness.
- Greater credibility with investors, vendors and customers.
- Help in avoiding costly mistakes.
- Rounding out skills and expertise lacking in current management team.
- A sounding board for evaluating new business ideas and opportunities.
- Enhanced community and public relations.
- Improved marketing results and effectiveness.
- Strategic planning assistance and input.
- Centers of influence for networking introductions.
- Crisis and transition leadership in the event of the death or resignation of the CEO.
- Help anticipating market changes and trends.
Analyze the strength and weaknesses of your current management team.
Look for critical areas of expertise and knowledge that your company could use help with such as marketing, legal, finance, eCommerce, and research and development or information technology. If your company is planning on going public within the next few years, seek out advisors who have successfully taken companies down that path.
Set clear, written goals and objectives for your board of advisors.
Getting maximum value from a board of advisors begins with clear objectives and goals. Board members must know why they have been asked to serve and what is expected of them.
Before establishing the board, the CEO and senior managers should sit down and ask some of the following questions:
1. What are the main areas we need advice and guidance in?
2. What specifically do we need the board members to do for us?
3. Who are a few potential candidates for board membership?
4. How do we avoid giving away too much control to outsiders?
5. What will be the powers and limitations of the board?
6. What will setting up the board cost initially? Annually? Will it be worth the cost?
Determine the s
For Nonprofit Communicators - How To Craft a Message That Gets Results - 3 Key Steps
All nonprofit communication begins with writing. Writing a marketing plan. Writing an annual report, a PSA TV script, a PowerPoint speech, a Web page.It's a challenge to write messages that will stick with people and motivate them. People are bombarded with so many messages, how can you try to make sure you penetrate through all the clutter? Too often we see nonprofit literature that is internally focused, or not focused at all, leaving readers grasping for the purpose of the piece.The key to nonprofit communications can be simplified if you focus on three key questions:1. Define your audience: Create a mental picture of one individual. Write personalized language directed at your mental model.2. Define your purpose. What do you want your audience to DO? How do you want them to RESPOND? • Call for a free brochure? • Stop in for an initial consultation? • Visit your website? • Mail back a reply card? • Read to their children 20 minutes a day?Have a clear action step in mind!3. Make an offer. • This step is often neglected. • This step shapes everything else. • Offers may include: Availability of matching funds to double your donation; Acknowledgement in your newsletter; A premium item (mug, tote bag, CD, etc.); Dozens of other standard offers.If you are unsure what you are offering, STOP until you come up with a clear offer.If you focus on these three things, the ideas will flow and your nonprofit communi
support, advice and assistance. While formal boards of directors have legally defined responsibilities and fiduciary duties, advisory boards have no formal power or binding legal authority. They serve at the pleasure of the business owner or CEO. All nonprofit communication begins with writing. Writing a marketing plan. Writing an annual report, a PSA TV script, a PowerPoint speech, a Web page.It's a challenge to write messages that will stick with people and motivate them. People are bombarded with so many messages, how can you try to make sure you penetrate through all the clutter? Too often we see nonprofit literature that is internally focused, or not focused at all, leaving readers grasping for the purpose of the piece.The key to nonprofit communications can be simplified if you focus on three key questions:1. Define your audience: Create a mental picture of one individual. Write personalized language directed at your mental model.2. Define your purpose. What do you want your audience to DO? How do you want them to RESPOND? • Call for a free brochure? • Stop in for an initial consultation? • Visit your website? • Mail back a reply card? • Read to their children 20 minutes a day?Have a clear action step in mind!3. Make an offer. • This step is often neglected. • This step shapes everything else. • Offers may include: Availability of matching funds to double your donation; Acknowledgement in your newsletter; A premium item (mug, tote bag, CD, etc.); Dozens of other standard offers.If you are unsure what you are offering, STOP until you come up with a clear offer.If you focus on these three things, the ideas will flow and your nonprofit communi
Benefits of an Advisory Board
There are several advantages that companies with advisory boards have over their competition. A board offers your business:
- An unbiased outside perspective.
- Increased corporate accountability and discipline.
- Enhanced CEO and management effectiveness.
- Greater credibility with investors, vendors and customers.
- Help in avoiding costly mistakes.
- Rounding out skills and expertise lacking in current management team.
- A sounding board for evaluating new business ideas and opportunities.
- Enhanced community and public relations.
- Improved marketing results and effectiveness.
- Strategic planning assistance and input.
- Centers of influence for networking introductions.
- Crisis and transition leadership in the event of the death or resignation of the CEO.
- Help anticipating market changes and trends.
Analyze the strength and weaknesses of your current management team.
Look for critical areas of expertise and knowledge that your company could use help with such as marketing, legal, finance, eCommerce, and research and development or information technology. If your company is planning on going public within the next few years, seek out advisors who have successfully taken companies down that path.
Set clear, written goals and objectives for your board of advisors.
Getting maximum value from a board of advisors begins with clear objectives and goals. Board members must know why they have been asked to serve and what is expected of them.
Before establishing the board, the CEO and senior managers should sit down and ask some of the following questions:
1. What are the main areas we need advice and guidance in?
2. What specifically do we need the board members to do for us?
3. Who are a few potential candidates for board membership?
4. How do we avoid giving away too much control to outsiders?
5. What will be the powers and limitations of the board?
6. What will setting up the board cost initially? Annually? Will it be worth the cost?
Determine the s
How A Tree Can Help You Grow Your Business
A tree is a natural example of a perfect business. It energises us with fresh oxygen while recycling our waste air. It absorbs energy directly from the sun while we still have to digest food. It aligns with the forces of nature. Imagine your business is like a tree. Is your business growing each year and producing ripe results? Or is it stunted and withering.Here are some ways that you can regenerate your life and business using the wisdom of a seed, a tree and a forest.1. The Seed That Grows A Forest.Look at a seed. Perhaps an apple seed. It has an entire apple tree enfolded within it. This one seed can start a tree. Perhaps a whole forest. Now apply the same thinking to your business. What seed vision animates your business? Where is the heart in your business? What makes it breath and live? The answer is YOU. Your business vision must support your life vision. What is my life vision, you ask. Hmmm.Think like a seed again. Design a lifestyle that you desire. Envision your life in all its many colours, shapes and stages of growth. Create wonderful possibilities. Charge this vision with good feelings. What you feel becomes real. Sow this seed vision within your heart. It will soon grow upwards into your head and outwards beyond your body.2. The Roots Produce The Fruits.Whatever you sow, it will grow. A seed grows a complete root system before it breaks through the soil surface. Now if you planted cabbage seeds when you really wanted apples then you will experience a very different resul
stomers. A tree is a natural example of a perfect business. It energises us with fresh oxygen while recycling our waste air. It absorbs energy directly from the sun while we still have to digest food. It aligns with the forces of nature. Imagine your business is like a tree. Is your business growing each year and producing ripe results? Or is it stunted and withering.Here are some ways that you can regenerate your life and business using the wisdom of a seed, a tree and a forest.1. The Seed That Grows A Forest.Look at a seed. Perhaps an apple seed. It has an entire apple tree enfolded within it. This one seed can start a tree. Perhaps a whole forest. Now apply the same thinking to your business. What seed vision animates your business? Where is the heart in your business? What makes it breath and live? The answer is YOU. Your business vision must support your life vision. What is my life vision, you ask. Hmmm.Think like a seed again. Design a lifestyle that you desire. Envision your life in all its many colours, shapes and stages of growth. Create wonderful possibilities. Charge this vision with good feelings. What you feel becomes real. Sow this seed vision within your heart. It will soon grow upwards into your head and outwards beyond your body.2. The Roots Produce The Fruits.Whatever you sow, it will grow. A seed grows a complete root system before it breaks through the soil surface. Now if you planted cabbage seeds when you really wanted apples then you will experience a very different resul
Analyze the strength and weaknesses of your current management team.
Look for critical areas of expertise and knowledge that your company could use help with such as marketing, legal, finance, eCommerce, and research and development or information technology. If your company is planning on going public within the next few years, seek out advisors who have successfully taken companies down that path.
Set clear, written goals and objectives for your board of advisors.
Getting maximum value from a board of advisors begins with clear objectives and goals. Board members must know why they have been asked to serve and what is expected of them.
Before establishing the board, the CEO and senior managers should sit down and ask some of the following questions:
1. What are the main areas we need advice and guidance in?
2. What specifically do we need the board members to do for us?
3. Who are a few potential candidates for board membership?
4. How do we avoid giving away too much control to outsiders?
5. What will be the powers and limitations of the board?
6. What will setting up the board cost initially? Annually? Will it be worth the cost?
Determine the s
Mortgage Broker Training
Successful mortgage brokers earn as much as $80,000 to $200,000 annually, depending on the health of the real estate business and the ability of the agent to close deals. But not everyone is as successful. This is not to say that the field is exceptionally complex and hard. On the contrary, almost anyone with the predisposition to hunt for properties and sell them can be trained to become a successful mortgage broker.Mortgage brokers earn by commission. The most important characteristic of a broker is, therefore, hard work and a strong ability to establish and keep relationships with builders, developers, and clients. A degree in finance is not necessary, but good training in the ropes of the business is.If you have no background in the mortgage business, you may want to undergo training and orientation seminars on mortgage brokering and residential and commercial property selling. But choose wisely among the training providers. You need someone who can give you in-depth examples of experiences and analyses of the industry and practices. There are also books and reference manuals you can use to boost your knowledge and skills as a mortgage broker. Remember that you have to be well versed in the technical as well as the creative ways of going about the mortgage business. You will need to master how to do appraisals, prepare credit reports, and customize and propose loan packages. You must also sharpen your marketing and sales skills and communication and relationship-building skills. You must also learn how to use
dvisors: Successful mortgage brokers earn as much as $80,000 to $200,000 annually, depending on the health of the real estate business and the ability of the agent to close deals. But not everyone is as successful. This is not to say that the field is exceptionally complex and hard. On the contrary, almost anyone with the predisposition to hunt for properties and sell them can be trained to become a successful mortgage broker.Mortgage brokers earn by commission. The most important characteristic of a broker is, therefore, hard work and a strong ability to establish and keep relationships with builders, developers, and clients. A degree in finance is not necessary, but good training in the ropes of the business is.If you have no background in the mortgage business, you may want to undergo training and orientation seminars on mortgage brokering and residential and commercial property selling. But choose wisely among the training providers. You need someone who can give you in-depth examples of experiences and analyses of the industry and practices. There are also books and reference manuals you can use to boost your knowledge and skills as a mortgage broker. Remember that you have to be well versed in the technical as well as the creative ways of going about the mortgage business. You will need to master how to do appraisals, prepare credit reports, and customize and propose loan packages. You must also sharpen your marketing and sales skills and communication and relationship-building skills. You must also learn how to use
Analyze the strength and weaknesses of your current management team.
Look for critical areas of expertise and knowledge that your company could use help with such as marketing, legal, finance, eCommerce, and research and development or information technology. If your company is planning on going public within the next few years, seek out advisors who have successfully taken companies down that path.
Set clear, written goals and objectives for your board of advisors.
Getting maximum value from a board of advisors begins with clear objectives and goals. Board members must know why they have been asked to serve and what is expected of them.
Before establishing the board, the CEO and senior managers should sit down and ask some of the following questions:
1. What are the main areas we need advice and guidance in?
2. What specifically do we need the board members to do for us?
3. Who are a few potential candidates for board membership?
4. How do we avoid giving away too much control to outsiders?
5. What will be the powers and limitations of the board?
6. What will setting up the board cost initially? Annually? Will it be worth the cost?
Determine the s
Lean Manufacturing Quality Concept And Traditional Quality Concept – A Comparison
Have you ever thought “quality products are expensive”? You might be prepared to pay some extra money for a high quality product. I believe you have taken the correct move. It is always better to buy a better quality product or service than a low quality one. But I have a small problem regarding your concept about higher price you are paying. Why you should pay extra money to get good quality product. Strange question isn’t it? But I believe it is very much a valid question. I do not believe that you have to pay extra money for the quality. I will explain why.There are two types of manufacturers around. One is quality manufacturers. They produce quality products and services. Lean manufacturers are naturally quality manufacturers. The other type is average manufacturers. They produce average quality products. They pick best from these products. These selected products are high in quality of cause. Then they sell these products as high quality products. Remember these are not quality manufacturers. They are quality pickers.When your manufacturer is a quality manufacturer, you will be paying only for the products you are buying. It is obvious isn’t it? You will pay only for the products that you buy. But when you buy a product manufactured by a quality picker, you are paying for the other low quality products as well. Have you thought before? You are actually paying for the product you are buying, and you are also paying for the products which are removed in selecting best quality products from the bunch of average
why they have been asked to serve and what is expected of them. Have you ever thought “quality products are expensive”? You might be prepared to pay some extra money for a high quality product. I believe you have taken the correct move. It is always better to buy a better quality product or service than a low quality one. But I have a small problem regarding your concept about higher price you are paying. Why you should pay extra money to get good quality product. Strange question isn’t it? But I believe it is very much a valid question. I do not believe that you have to pay extra money for the quality. I will explain why.There are two types of manufacturers around. One is quality manufacturers. They produce quality products and services. Lean manufacturers are naturally quality manufacturers. The other type is average manufacturers. They produce average quality products. They pick best from these products. These selected products are high in quality of cause. Then they sell these products as high quality products. Remember these are not quality manufacturers. They are quality pickers.When your manufacturer is a quality manufacturer, you will be paying only for the products you are buying. It is obvious isn’t it? You will pay only for the products that you buy. But when you buy a product manufactured by a quality picker, you are paying for the other low quality products as well. Have you thought before? You are actually paying for the product you are buying, and you are also paying for the products which are removed in selecting best quality products from the bunch of average
Before establishing the board, the CEO and senior managers should sit down and ask some of the following questions:
1. What are the main areas we need advice and guidance in?
2. What specifically do we need the board members to do for us?
3. Who are a few potential candidates for board membership?
4. How do we avoid giving away too much control to outsiders?
5. What will be the powers and limitations of the board?
6. What will setting up the board cost initially? Annually? Will it be worth the cost?
Determine the size and structure of your board.
Advisory boards range in size from two members to over thirty. The right size depends on many factors, such as your company’s size, complexity, stage of development and individual skills needed. My experience and research has found that for most small to mid-sized, growing companies or start-ups, a 5 to 7 member advisory board is an ideal size. Smaller firms can start with just one or two members and add new members as they grow.
Recruiting Candidates
Determining whom you invite to join your board is one of the most critical decisions in setting up a board of advisors. Often a business owner’s first instinct is to ask friends, family members or professional advisors to sit on their board. This is usually a mistake. Unless your friend or family member is a recognized authority in an area of expertise lacking by your management team or a highly successful entrepreneur, they are probably not the wisest choice.
Another reason to avoid asking family or friends to join your board is lack of objectivity. Often advice from a friend, family member or management insider is sugar coated to protect relationships. An outside advisor can give you a much more objective and honest assessment of the situation.
Using professional advisors such as your lawyer, banker or accountant as board members has it’s own pitfalls. These advisors are already working for you and may not be as objective as you need, due to having an interest in generating future business from your company.
Some critical action steps for recruiting a dynamite board of advisors are:
- Develop a candidate profile. After you have determined the areas of expertise your company is in need of, create a profile of candidates that successfully fit these needs. Take care to address knowledge and skills that your company will need to meet projected growth and future challenges.
- Seek out experts. Search online and offline for experts and proven leaders that meet your candidate profiles. Contact them and begin discussions about possible board membership.
- Ask for recommendations. Solicit recommendations from the experts you speak with that cannot serve on your board, of collogues of theirs that they feel would be a good fit for your needs. Begin networking with your attorney, accountant and other professional advisors. Once you have successfully recruited an advisor, he or she can often lead you to another good candidate
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