May 27, 2013
VC fund offers primers to young companies
By Lori Valigra
Three new guides aimed at helping small businesses develop are available from Maine's Small Enterprise Growth Fund.
- Private Company Boards of Directors looks at how a private company board can play a central role in putting and keeping the company on track for success. Good directors can give a CEO advice, perspective and support, as well as hold the management team accountable and provide a fiduciary duty to shareholders, according to a guide summary from SEGF. The time devoted by directors to a private company is one of its most valuable resources, the guide notes, so meetings should be carefully planned, conducted and documented. The guide offers practical advice about establishing and working with a board of directors.
- Key Performance Indicators looks at how to use such indicators to understand, monitor and improve business performance. Research indicates that companies that continuously and rigorously measure their performance outperform the competition, according to SEGF. One recent study found that online startups that consistently track their metrics and listen to customers have 400% higher user growth. Key performance indicators extend a company's typical financial reporting and are highly customized to measure its progress toward realizing its strategic goals.
- Reporting to Directors, Advisors and Investors gives a template for private companies to use when reporting to investors, board directors or advisers. Reporting is an important component of corporate governance and building a strong relationship with key stakeholders. The guide reveals what high-performing, equity-financed companies report to their supporters.
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