I am seeing a trend develop where small business owners are looking for ways to professionalize their management practices so they can better compete with the big boys in the industry.
One of the strategies being used is to introduce a Board of Management structure.
I sit on a number of such Boards in my professional career and in my mind there is no doubt that the introduction of fresh ideas and external accountability makes a huge difference to the effectiveness of the decision making process and ultimately to the financial performance and growth of the business.
What do you think? Would a Board of Management improve your business or is it better to keep the decision making process in house?
If you are not sure how a Board of Management would work in a family run business, read this blog post
for some ideas.