A question for Shareholders, Investors, Chairs and Chief Executives of SMEs….
Is your board capable and ready to switch from business continuity to seize the initiative from your competitors, identify and develop new opportunities quicker and grow stronger, faster and more sustainably that you ever did pre-Covid?
Towards the end of the first lockdown last year, a survey of 632 SME board executive and and non-executive directors carried out by Directorbank* showed that 95% would be adversely affected (40% severely) and that 72% were rewriting their business plans.
Almost 12 months later, as we start to contemplate the end of the third lockdown and the (hopefully) permanent lifting of restrictions, most SME boards will have worked out the impact of Covid-19 and have been pursuing mitigation and business continuity strategies.
However, that same survey also noted that 78% of respondents expected new business opportunities to be likely post-Covid.
Will relying on the same board and senior leadership resources, expertise and creativity be enough to visualise, understand and unlock the “Bounce Back Higher” potential of your business?
Many, including The Experience Bank Group, have championed the value of Non-Executive Directors (NEDs) and Board Advisors for SMEs for several years and there are numerous case studies that prove the significant ROI from the right NED/Board Advisor at the right time.
In the “old normal”, such individuals have filled knowledge and skill gaps in the board room, enabled better quality strategic decision-making, provided independent challenge to established practices, and eradicated perilous group-think in an effort to optimise board performance and create a high-value adding board.
Perhaps, as we all get our heads around the “new normal”, the age of the Optimum Board is upon us.
So, are you actively seeking a board that benefits from different perspectives, encourages creative and disruptive thinking, and provides rigorous but constructive challenge to the executive team?
It’s a cliché, but to quote Albert Einstein, “In the midst of every crisis, lies great opportunity”.
If you are a Shareholder, Investor, Chair or Chief Executive of an SME please share your thoughts here. In particular:
- Do you agree with its assertion that now is the time to review board composition and, if so, have you appointed (or are you considering appointing) new Non-Executive Directors/Board Advisors or changed the Executive Team?
- Do you see the value in regular board effectiveness reviews? If not, why not?
Thank you in anticipation.