Serving as a non-executive director on the board of a small company or startup can feel frustrating and rewarding in equal parts. On the one hand, navigating the company through its initial growth stages can be a huge challenge. Growth aspirations are typically very high, yet these companies often have limited access to the resources they need to accelerate growth and provide stability. On the other hand, smaller companies can often operate with far greater speed and agility than large corporations. This can play a crucial role in helping the company to innovate and compete, and can make the resulting successes feel even more gratifying. Guiding a startup successfully through its initial stages of growth requires a skillful approach that blends robust governance and risk management practices with fast decision-making, resource deployment, and course correction.
BLOOM
outlines the ten principal dimensions that boards must balance as they seek to protect their company's inherent vulnerabilities while maximizing its competitive advantage to drive long-term, sustainable growth.