Board Directors are the core of a business – they provide the oversight and direction that allows CEOs to run their businesses efficiently for the all stakeholders. It’s an honor and for those who want to make an impact, it could be one of the most rewarding experiences of their professional life. It tests your leadership skills and requires you to step out of your comfort zone, and allows you to develop close relationships with other board members. It also uncovers weaknesses you did not know existed and shows you how to overcome these weaknesses.
While there are many advantages having a seat on a board but almost all boards have to encounter significant issues at some point. This article will look at five of the most frequent issues that Boards face and how they can overcome these.
1. New Non-Exec Directors
It is vital that directors who are not executive directors joining a board of directors for the first time, prepare themselves appropriately. The traditional method of welcoming new board members was traditionally done by handing them an enormous stack of reading material which contained all they needed to learn about the company as well as the board.
It is crucial to communicate with them in a personal way, however it is important to do so because companies are changing rapidly and many non-executive directors have a diverse background. This can be accomplished through a phone call, video chat, personalised LinkedIn message or even better, face-to-face. This will help them understand how they can add value from their very first board meeting and establish connections with other directors.
