Leveraging Board Networks for SMB Growth

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How SMB CEOs Can Leverage the Board's Network for Business Growth

Journey Platform

August 11, 2023

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Introduction: Your Board’s Network—An Untapped Goldmine

The role of a board extends far beyond governance and oversight; it's a repository of contacts, experiences, and expertise. In my extensive experience advising SMB CEOs, one of the most underutilized assets is the network that the board members bring with them. So, how can you tap into this reservoir of potential for your business?

Mapping the Network: Know Who Knows Who

Connect the Dots

The first step in leveraging your board’s network is understanding its extent and reach. Do you know who your board members are connected to, both personally and professionally?

Setting Objectives: Define What You Need

Goals First, Tactics Second

Before reaching out to connections, it's critical to set clear objectives. What do you want to achieve through this network—new clients, partnerships, or perhaps investment?

Strategic Introductions: Making the Right Move at the Right Time

Timing is Everything

Not all introductions are created equal. Some can open doors, while others can seem like a forced fit. How can you identify the right opportunities for introductions?

Building Relationships: More Than a Handshake

The Art of the Follow-Up

Initiating a contact through a board member is just the beginning. Effective relationship-building is key to transforming an introduction into a business opportunity. How strong are your networking skills?

Monitoring and Feedback: Closing the Loop

Two-Way Streets are the Best Streets

It's important to keep your board updated on the progress made through their network. This not only shows gratitude but also allows them to become more effective advocates for your business.

Conclusion: Turning Contacts into Catalysts

By leveraging your board's network, you gain more than just new connections—you gain catalysts for growth that can propel your SMB into new markets, partnerships, and financial horizons. This guide aims to help you harness this often-underestimated asset in a meaningful and strategic manner. Are you ready to unlock the power of your board's network for your business's growth?

Frequently Asked Questions (FAQs)

What are some common mistakes CEOs make when leveraging their board's network?

One common mistake is lacking a clear strategy, which can result in misaligned expectations and missed opportunities.

How formal should the introduction process be?

While the degree of formality can depend on the individual relationship with the board member, it’s generally advisable to maintain a professional approach.

Can leveraging a board’s network have downsides?

If not managed correctly, frequent or indiscriminate use of the board’s network could strain relationships and create a sense of obligation.

Should I reciprocate by offering my network to board members?

Reciprocity can strengthen the board-CEO relationship and is generally viewed as good practice.

How do I manage the expectations that come with these new relationships?

Be clear and concise about your objectives from the outset and maintain open communication to manage expectations effectively.

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