Virtual Board of Directors (VBOD)
Are you a burgeoning small business with big dreams? Propel your journey to success with Strategy Ring’s groundbreaking Virtual Board of Directors service! Unlock access to an elite group of over 50 experts, each ready to offer invaluable advice, direction, and support across a spectrum of strategic and operational domains. Whether you’re sculpting a visionary business plan, mitigating risks, or sparking innovative ideas, our virtual board is your compass to navigating the path to success!
1. Key Features:
- Diverse Expertise: Tap into a rich reservoir of knowledge with experts specialized in finance, marketing, operations, and strategy.
- Tailored to You: Experience services meticulously crafted to align with your unique business aspirations and needs.
- Flexibility & Scalability: Embrace change with offerings designed to adapt and scale according to your evolving needs.
- Engaging Interactions: Forge meaningful connections through regular, insightful dialogues and collaborations with your virtual board.
- Strategic Insight: Benefit from a wealth of strategic guidance and support, addressing a wide array of challenges and opportunities.
This term emphasizes the role of AI as the primary driver in enhancing business operations, strategies, and decision-making processes.
- Empowered Decision-Making: Make enlightened business decisions backed by the wisdom of industry experts.
- Cost-Efficient Excellence: Attain the advantages of a dedicated board of directors without the hefty price tag.
- Accelerated Growth: Harness industry insights and best practices to drive your business forward and achieve unparalleled success.
- Navigating Risks: Steer through potential pitfalls with the seasoned guidance of our experienced professionals.
- Cultivating Innovation: Foster a culture of innovation and stay ahead of the curve in a competitive business landscape.
3. Implementation Considerations:
- Needs Assessment: Kickstart your journey with a comprehensive evaluation to assemble your ideal team of professionals.
- Meeting Regularity: Establish the frequency of board meetings to align with your business goals and requirements.
- Personalized Approach: Ensure a customized experience, perfectly suited to your specific business needs and level of engagement.
- Transparent Communication: Uphold a culture of openness and clear communication for synergistic collaboration.
- Feedback & Refinement: Continuously refine and enhance the service through regular feedback and adjustments
How VBOD Supports your Business:
Twice a month, this diverse team of experts collaborates with your business as your own Virtual Board of Directors (VBOD). They provide tailored advice, share insights, and work alongside you to address challenges, fill knowledge gaps, and propel your business towards success. With their combined expertise, your business gains a competitive edge and is better equipped to navigate the ever-evolving business landscape.
Dr. Sophia - Financial Strategist
- Expertise: Specializing in financial planning, investment strategies, and risk management, Dr. Sophia brings a wealth of knowledge in optimizing financial health and sustainability.
- How she helps: Dr. Sophia assists businesses in developing robust financial plans, identifying investment opportunities, and managing financial risks, thereby ensuring fiscal stability and growth.
Ms. Helen - Operations Guru
- Expertise: Specializing in supply chain management, process optimization, and quality assurance, Ms. Helen ensures that business operations are efficient and effective.
- How she helps: Ms. Helen collaborates with businesses to streamline their operations, improve supply chain efficiency, and implement quality control measures, enhancing overall productivity and customer satisfaction.
Mr. George - Technology Innovator
- Expertise: A pioneer in information technology and software development, Mr. George brings innovative tech solutions to address business challenges and improve operational efficiency.
- How he helps: Mr. George introduces businesses to cutting-edge technology solutions, develops custom software to meet specific needs, and ensures that technology is a driving force for innovation and growth.
Mr. Alex - Marketing Maestro
- Expertise: With a background in digital marketing, brand development, and consumer behavior, Mr. Alex is adept at crafting marketing strategies that elevate brand presence and drive customer engagement.
- How he helps: Mr. Alex works closely with businesses to enhance their marketing efforts, increase brand visibility, and foster customer relationships, contributing to increased sales and market share.
How it empowers Small Businesses:
Bridging Gaps and Overcoming Challenges with Virtual Boards of Directors
Small business proprietors typically possess extensive practical and sector-specific expertise. Nonetheless, they often fall short in implementing academic knowledge in areas like finance, management, marketing, organizational behavior, and psychology. The absence of proficiency in any of these domains can result in suboptimal decision-making, overlooked opportunities, self-deception, or confirmation biases. A considerable number of these entrepreneurs frequently find themselves out of touch with emerging trends in the economic and societal landscape, often attributing this to their busy schedules. A particularly pertinent issue is the significant disparity in access to capital between SMEs and their larger counterparts.
1.Expertise and Knowledge Gaps:
Small business owners often possess excellent practical and industry knowledge but may lack academic knowledge in areas such as finance, management, marketing, organizational behavior, and psychology.
Many small business owners frequently lack knowledge of future trends in the economy or society, which can lead to missed opportunities and inadequate decision-making.
2. Access to Capital:
SMEs do not have the same access to capital as their larger competitors, which can limit their ability to grow and compete.
The gap in access to capital is significant and can pose challenges in acquiring skills and resources.
3. Working In the Business vs. On the Business:
Many small business owners are focused on working in the business rather than on the business, which can hinder growth beyond a certain threshold.
Successful companies are often characterized by strong teams and management, which contribute 80% to success, while the idea contributes 20%.
4 .Competing with Larger Rivals:
SMEs often operate in different niches and serve different customer bases than larger companies to overcome resource and knowledge gaps.
They tend to compensate for these gaps by working longer hours and being more flexible.
5. Leveraging Skills and Capital for Growth:
Small business owners can leverage skills and capital to move their business to the next level.
Options such as hiring non-executive specialists, offering stock options, and exploring direct listing on stock exchanges can be considered for cost-effective growth.
6. Going Public as a Growth Strategy:
Direct listing is a more affordable way for companies to go public and can be a tool to raise equity, recruit talent, complete acquisitions, and gain industry attention. While going public has its benefits, it also comes with downsides such as higher ongoing costs and increased disclosure requirements.
Breaking the Cycle:
We encourage small business owners to break the cycle, work on their business, and explore various opportunities for growth. Small business owners to transcend operational constraints, concentrate on strategic development, and investigate diverse growth opportunities empowered by our VBOD Experts from Strategy Ring.
How it helps Entrepreneurs skills. Cover Weaknesses
Entrepreneurs are renowned for their visionary leadership and innovative ideas, often juggling multiple projects simultaneously. However, managing day-to-day tasks and personal time can be challenging for these big-picture thinkers, potentially detracting from achieving broader company objectives. Recognizing the need for support in managing routine tasks, entrepreneurs can benefit significantly from delegating or hiring individuals proficient in these areas.
This brings us to another area where entrepreneurs often seek support: planning and organizing. Balancing the act of meticulous planning with driving innovation can be a tightrope walk. Employing individuals to manage calendars, organize meetings, and maintain order can significantly enhance an entrepreneur's efficiency and focus.
Analytical problem-solving is another domain where entrepreneurs may not outshine their counterparts. Driven by utilitarian motivators such as potential gains and innovative solutions, entrepreneurs often prioritize swift decision-making. The urgency in their approach may sometimes overshadow the need for detailed data analysis. Visionaries like Martin Luther King Jr. exemplify this, emphasizing dreams over detailed plans. Entrepreneurs carry the vision; they need teams to strategize and execute.
Understanding and acknowledging these areas for growth is pivotal for entrepreneurial-minded individuals. By surrounding themselves with a team that excels in these domains, entrepreneurs can complement their strengths, fostering a balanced and effective team to realize their grand visions.
Research indicates that while entrepreneurs excel in Persuasion, Leadership, Personal Accountability, Goal Orientation, and Interpersonal Skills, they often need support in Empathy, Self-management, Planning & Organization, and Analytical Problem Solving.
- Empathy: Entrepreneurs, while problem solvers, are often driven by returns on investment, which may overshadow a focus on empathetic solutions.
- Self-management: Entrepreneurs, as visionaries, may find managing minutiae detracting from their long-term objectives, necessitating support in this area.
- Planning & Organization: Similar to self-management, entrepreneurs are often more enthralled by grand goals and innovative ideas than by meticulous planning and organization.
- Analytical Problem Solving: Quick decision-making and a focus on future gains characterize entrepreneurs, sometimes at the expense of detailed analysis.
THE KEY TRAITS OF SERIAL ENTREPRENEUR
Based on a control group of 17,000 working adults, entrepreneurs tested above and below average in the following skills: