Do I actually have a physical board of directors? No. I am a Sole Trader.
I have a support team of business buddies with different skills and experiences to mine. We bounce ideas off each other on a regular basis.
But when it comes to my monthly board meetings, it boils down to little old me reviewing every area of my business, measuring how it is performing, using the information for future goal setting and action planning.
You can find out more about why I do this and why I encourage all my clients to do this by reading Why Board Meetings are Essential for Sole Traders
I wanted to mention this whole subject again now because it is a critical time of year for setting yourself up for success in 2011. Board meetings for sole traders are an essential part of making 2011 your best year yet. Don’t under estimate the powerful impact this one activity can have on your success.
Tip to set yourself up for success in 2011
- Read Why Board Meetings are Essential for Sole Traders
- Make a commitment to yourself that you will hold a board meeting every month in 2011. Having a set day each month helps (mine is usually the first Friday of every month).
- Work out what are the key aspects of your business that will influence your success in 2011 (hint: you need to be covering every aspect of the business that a board of directors would review).
- Make a list of everything you need to measure monthly. Measuring performance is essential. It is the driver of your action plans.
- Don’t let not knowing what to do get in your way. Find out. Research. Ask other people. Read books.
- Do it NOW. Set up a process to manage your board meetings now so that you can hit the ground running in the New Year.
There are many factors that will influence your level of success in 2011. But having a monthly board meeting that assesses every aspect of your business, measures results and uses the information to drive action plans is the backbone that will hold everything together.
Do you already do this? If so, please share your views on how it helps you in the comments below. If you don’t do this yet, do you think it would make a difference to your success levels next year?
- How would a crisis impact your business success?