What is the ANCHOR Method? ‘H’ is for Honor (Your Legal Duties)
A diverse team brings a range of perspectives, experiences, knowledge and relationship capital to your business.
A diverse team brings a range of perspectives, experiences, knowledge and relationship capital to your business.
I’ve learned first-hand over my many years of analyzing and investing how an effective board of directors can bring a business to new heights.
In my book, Build Your Board, Build Your Business, I teach the ANCHOR method, which you can utilize as a tool for developing a board strategy that will indeed build your business from the ground up.
Why H Is for Honor (Your Legal Duties)
The fourth letter in ANCHOR stands for Honor Your Legal Duties. Before we explore what it means to do that, let’s pause for a moment to appreciate the work you’ve done so far.
You’ve spent time Assessing your identity in leadership, and Networking to establish your board of directors, and you’ve improved your Communication skills to help prepare your team for anything.
Now, it’s time for you to protect your business by engaging with an attorney and honoring your legal duties.
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This part in ANCHOR is all about honoring the governing laws and legal requirements of your organization. Every business is governed by various sets of laws, whether they be organizational formation laws, industry regulations, etc. Honoring these laws will set your business up for health and longevity.
The easiest way to ensure full compliance with governing laws is to engage with an attorney who can help keep your business on track and in line.
Many companies choose to defer hiring a lawyer in favor of ‘reinventing the legal wheel,’ so to speak, or to reduce costs, but the experience and insight they offer is immeasurable. Most attorneys have worked with a high volume of businesses and offer a variety of advice and strategies for success.
I’ve worked with attorneys specializing in everything from corporate governance to employment law, and every time I engage with them, they’ve provided incredible value for my company.
With the alternative to legal compliance being high-risk, incriminating, and very expensive, the reward for consulting an attorney will pay off in the long run.
Remember, honoring the legal duties of your organization will help keep your business safe, healthy and secure.
In Build Your Board, Build Your Business you’ll find assessments and resources that you can begin using to keep your company legally compliant, thus building an effective business and board.
Learn more and get your copy of Build Your Board, Build Your Business here — start communicating with your board!