DESIGN AND BUILD
The days of smoke-filled rooms, with ‘friends’ getting together to discuss the company’s future are long gone, but unfortunately ‘rudderless’ boards continue. Smart companies and savvy stakeholders now want their boards to be a council of strategic advisors that can be fluid and flexible and have a deep understanding of the company and its future.
With nearly 30 years of experience in operations, coaching, and investing, at NEDx we may have learned a thing or two about what an effective, well-run board looks like. We have gleaned most of this hard-earned knowledge from witnessing what not to do.
Too many boards are poorly organised, with little or no -re-structuring, and an imbalanced composition of members.
Building a board is incredibly challenging, yet getting it right is critical in setting the tone for success from the start, elevating a burgeoning start-up to the next level or meeting the long-term needs of a rapidly growing business. When we are engaged to design and build a board, we spend a significant amount of time in the pre-build phase to ensure the foundations are strong. We spend time with the stakeholders, management team, existing board members to understand the dynamics, objectives and needs of the various stakeholders.
Key fundamentals in designing and building high impact boards: