A small business or start-up that is approaching a major change – expanding into a new market; launching a new product line; breaking into a foreign market – may decide that it needs help or coaching before taking on this business challenge. For many such companies, the best tool is the establishment of an advisory board. While there are no set rules about setting up such a body, it generally is comprised of seasoned, experienced professionals from outside the business. A well-balanced, effective board can become an indispensable tool to help strengthen a business professionally and help it advance its goals.
As the purpose of the board is to be advisory, not operational, its members should be appropriate to the task at hand. If your goal is expansion of the business, the board members should be able to provide you with business leads and contacts. A business seeking to strengthen its executive team should recruit board members who can serve as mentors to the top staff and provide business skills. When financial contacts are your need, recruit business people from the financial world.
Of course, only you can evaluate the effectiveness of an advisory board. You must establish clear objectives and delineate the benchmarks that the board should reach. Also, be prepared to compensate board members fairly. These are professional people whose time has value to it. It is well advised that you seek the majority of your advisors from within your own personal contacts. After all, this is your company and complete strangers may be professionally appropriate but can you work with them?
Finally, don't get carried away with establishing a board with many members. Keep the number manageable so that the board will become a workable group. Quality, not quantity, is what counts.
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Showing posts with label uneployment. Show all posts
Showing posts with label uneployment. Show all posts
Thursday, September 10, 2009
Friday, July 3, 2009
Canada's Economic Recovery Expected to be Modest, More Job Losses to Come: Flaherty
Canadian Corporate Tax Rates Slide to 25% Floor
Canadian Finance Minister Jim Flaherty says unemployment will rise through 2010 despite some growth in the economy after meeting with the finance ministers of other nations.
Even though the economy is in the process of stabilizing, he and his fellow colleagues expect a continued increase in unemployment, as the labour markets have not improved and they are concerned about the effect on workers.
"We'll start to see stabilization, which we are seeing now, and then a return to economic growth but continuing deterioration in employment," he said.
"We can expect that to happen into 2010, but we're optimistic we will then see the unemployment numbers start to improve."
U.S. payrolls fell in June by 467,000, far more than was expected. Growth was predicted to resume by the fourth quarter but now some think that it may not happen so quickly.
Canadian economists expect Statistics Canada to report another 30,000 jobs to have been lost in June 363,000 jobs have been lost in Canada since October 2008.
Flaherty has in the past warned Canadians that times may continue to be tough however he is also confident that our recovery would be swift and strong, leading most of the industrialized countries.
Recently he has been more conservative in his estimates though, concurring with other finance ministers that recovery will be slow.
"The anticipation is that the recovery will be modest, so that we'll experience some continuing increase in unemployment, but as we move into 2010, we'll start to see modest recovery," he said.
In the January budget, Flaherty predicted a strong rebound from the recession, with GDP growth of 4.3 per cent in 2010, 6.4 per cent in 2011 and 6.1 per cent in 2012, all higher than the private sector's average estimates.
Notably, the finance minister said he believed Canada's low corporate tax regime in comparison to other nations will attract corporations here.
Tim Hortons Inc. (TSX:THI) announced this week that it would relocate its corporate registration back to Canada from the U.S. in order to take advantage of lower taxes. Flaherty thinks other companies will follow suit as Canada's corporate tax rates decrease to the new 25 per cent floor in combined federal and provincial taxes.
Incorporate in Canada with CorporationCentre.ca
Click. You're incorporated ®
Canadian Finance Minister Jim Flaherty says unemployment will rise through 2010 despite some growth in the economy after meeting with the finance ministers of other nations.
Even though the economy is in the process of stabilizing, he and his fellow colleagues expect a continued increase in unemployment, as the labour markets have not improved and they are concerned about the effect on workers.
"We'll start to see stabilization, which we are seeing now, and then a return to economic growth but continuing deterioration in employment," he said.
"We can expect that to happen into 2010, but we're optimistic we will then see the unemployment numbers start to improve."
U.S. payrolls fell in June by 467,000, far more than was expected. Growth was predicted to resume by the fourth quarter but now some think that it may not happen so quickly.
Canadian economists expect Statistics Canada to report another 30,000 jobs to have been lost in June 363,000 jobs have been lost in Canada since October 2008.
Flaherty has in the past warned Canadians that times may continue to be tough however he is also confident that our recovery would be swift and strong, leading most of the industrialized countries.
Recently he has been more conservative in his estimates though, concurring with other finance ministers that recovery will be slow.
"The anticipation is that the recovery will be modest, so that we'll experience some continuing increase in unemployment, but as we move into 2010, we'll start to see modest recovery," he said.
In the January budget, Flaherty predicted a strong rebound from the recession, with GDP growth of 4.3 per cent in 2010, 6.4 per cent in 2011 and 6.1 per cent in 2012, all higher than the private sector's average estimates.
Notably, the finance minister said he believed Canada's low corporate tax regime in comparison to other nations will attract corporations here.
Tim Hortons Inc. (TSX:THI) announced this week that it would relocate its corporate registration back to Canada from the U.S. in order to take advantage of lower taxes. Flaherty thinks other companies will follow suit as Canada's corporate tax rates decrease to the new 25 per cent floor in combined federal and provincial taxes.
Incorporate in Canada with CorporationCentre.ca
Click. You're incorporated ®
www.CorporationCentre.ca
canadian business,
canadian corporate tax reform,
Canadian economy,
economic recovery,
jobs,
recession,
uneployment
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