The board role evolves only a little at this stage in most agencies, but others may choose to take steps to improve their board now.

If you've been having the board as a sole founder, you may want to invite another member of the leadership team or two to join you (as an 'advisory board' rather than as formal company directors).

Agencies with ambitious growth plans, or wanting to show good governance, may choose to appoint an external independent director or two at this point. This can have a dramatic improvement on the quality of discussion and decisions at board level.

Here are the key activities for the board at this stage...