Boards of Directors in Small Corporations: An Untapped Resource

Abstract

Small business corporations face many problems. Some are inherent because of their size alone while others are due to government regulations and practices. To cope successfully with such problems, it is imperative that small corporations attempt to maximize their available resources. The board of directors is a resource largely ignored as a positive input in managing small firms. This article proposes a departure from traditional use of boards and recommends one conceptual scheme. A typical board structure is presented with applications showing how it can alleviate many of the problems facing small corporations.