For those privately owned companies that have had the foresight to have boards of directors or advisors in place prior to the pandemic, it’s been a busy time for them but a welcome source of guidance and support for you, the CEO, owner, or the family management team. And the worst is hopefully behind us. Now what?
Boards have traditionally had the role of helping their company’s management look ahead, to be on top of how tomorrow will impact their business, but with the short-term focus of the past year or so, that need may have slipped by the wayside in board thinking. So I’m offering some ideas from Private Company Director magazine for getting your board refocused, probably best discussed in a board meeting with company management present and involved in the discussion.
How does your board’s practices stack up against my short list? Who on the board is enthusiastic about this kind of thinking and who sits quietly during such discussions? If you’re thinking of forming your first board, how do these questions figure into your recruiting? We are Your CFO for Rent.