Board Directors are at the helm of any business. They provide the direction and oversight that CEOs need to run their businesses efficiently for their stakeholders. It's a great honor and for those who truly want to make an impact, it can be one of the most rewarding experiences in their professional life. It challenges your leadership abilities and forces you to step outside of your comfort zone and Board Directors allows you to establish close bonds with fellow board members. It also uncovers weaknesses you weren't aware of and shows you how to address them.
While the benefits of sitting on a Board are numerous however, there are some significant challenges that almost all boards face at some time. This article will explore five of the most prevalent problems Boards have to face, and the ways they can tackle these issues.
1. New Non-Exec Directors
It is crucial that non-executive directors joining a board of directors for the first time, prepare themselves well. In the past, new board members were formally welcomed by handing them the necessary reading materials with all the information they required to be aware of the board and the business.
However, because companies are evolving rapidly and a lot of non-exec directors today have a an extremely diverse background, it's essential to engage them on a one-to-one basis. That can be done through calls or video chat, a personalized LinkedIn message or, even better, face to face. This will allow them to discover how they can add value to the first board meeting and establish relationships with other directors.