Board Directors are the foundation of a business. They provide the oversight and guidance to enable CEO’s to deliver their businesses in a way that is beneficial to all stakeholders. It’s a real privilege and for those who truly are determined to make a difference it can be one of the most rewarding experiences in their professional lives. It tests your leadership capabilities, makes you step out of your comfort zone, and lets you form close relationships with other board members. It also exposes weaknesses were not apparent to you and shows you how to manage them.
While the benefits of being on a board can be numerous, there are some significant problems that nearly every board has to deal with at some time. This article will discuss five of the most commonly encountered issues Boards have to face, and the ways they can overcome them.
1. New Non-Exec Directors
For directors who are not executive members joining on a board for the first time, it’s vital to prepare adequately. Traditionally, the process of appointing new board members was done by handing them a large pile of reading materials which contained all they needed to know about the company and the board.
It is important to engage with them in a personal way, however since companies are changing quickly and many non-executive directors have a different background. This can be accomplished through phone calls, video chat, LinkedIn message personalised or better yet to meet in person. This will allow them to learn how they can add value from their first board meeting, and also build relationships with other directors.