Does my business need a board?
We think so. Here's why....
Many businesses don’t have Boards but we believe every business should have a Board of directors and advisors. The Covid-19 crisis has highlighted the need for Boards focusing on:
- Survival – cash, communication, staff, customers, suppliers.
- Operating during lockdown – risks, safety, efficiency, furlough, new ways of working, new ideas, finance.
- Coming out of the crisis – planning, strategy, the right structure, opportunities, new products, new markets, maintaining new found efficiencies and ways of working.
Some of the most common fears of having a Board are interference, time wasting and reduced authority for the owner. And sometimes a Board is thought to be too corporate. But the right Board of directors and advisors adds value and is needed for:
- Governance. (Guidelines, principles and processes by which your company is directed and controlled for the benefit of the business).
- Risk identification, monitoring, control and management.
- Independence and Accountability (to act only in the interest of your business).
- Strategy - devising and implementing.
- Budgeting, reporting, monitoring and using information to take action.
- Capability strengthening.
- Stakeholder management - protecting and managing the interests of employees, customers, suppliers, shareholders and other stakeholders (like banks).
- Communication with all stakeholders.
- Continuity, Succession and Crisis Planning.
- Sustainability and Flexibility.
- Adding Skills and Expertise.
- Ensuring the Long Term Success of the business.
You don’t necessarily have to call it a ‘Board’. As a business owner, your Board should be a group of people who know what they’re doing and who want to use their knowledge, experience, ability and guidance to help to make your business and you more successful. An ideal Board includes:
- Owners, directors, key management.
- Key advisors with a genuine interest in the success of the company and its owners.
A Strong and Effective Board of Directors is an invaluable asset that is key to success and to creating wealth for the business and its owners. It should meet (face to face or virtually) sufficiently regularly to discharge its duties, and be supplied in a timely manner with appropriate information.
Supporting Business Boards is a big part of what we do for our clients. We actively work in all the areas detailed above for which a Board is needed.
If you need help in setting up your board or in making the current board more effective we will be delighted to discuss this with you in more detail and explore how we might be able to help. Please contact either Phil Taylor on email@example.com or Martyn Wright on firstname.lastname@example.org.