The #AskaCFO series is a weekly Q & A with CFO James Vanreusel. James answers questions ranging from corporate finance, FP& A, Investor Relations, Professional Development, Business Growth, Fundraising, M& A, and more
In Episode 14 of #ASKaCFO James Vanreusel of Vanreusel Ventures discusses Non-profit boards, their common issues, and what to do if one member is causing problems. For small to midsized for-profit and non-profit organizations, having a board of directors is extremely imperative to ensure that the company is running at its optimal level. Having a great board is like adding rocket fuel to your business, and allows a CEO to have access to mentors in multiple industries at your fingertips. The board will think through the critical questions about growth and scale with you, help you resolve problems, help you raise funding, and open doors for you and your business. Because the board is an arm of the organization, if it is not functioning properly the business will be affected. In order to keep problems at a distance, you must be thoughtful when selecting board members, manage expectations, and ensure that they come to a resolution of the issue as one. If problems continue to arise, it may be time to reassess the members within the board.