Board Directors are the core of any business. They provide the oversight and direction to help CEOs better board relationships run their businesses in a way that is beneficial to all stakeholders. It’s a wonderful privilege and for those who are looking to make a positive impact on the world, it can be a rewarding time. It pushes your leadership capabilities, forces you to go beyond your comfort zone, and permits you to establish close bonds with other board members. It also reveals weaknesses that you didn’t know you had and shows you how to overcome these weaknesses.
While the benefits of being on a board can be numerous however, there are some significant challenges that almost every board has to deal with at some point. This article will look at five of the most frequently encountered challenges that Boards have to face and how they can overcome them.
1. New Non-Exec Directors
It is crucial that directors who are not executive directors joining a board of directors the first time prepare themselves appropriately. In the past, new board members were welcomed by presenting them with a books that contained all the information they required to be aware of the board and the company.
It is crucial to communicate with them individually as companies change quickly and many non-executive directors have diverse background. This can be done via a phone conversation, video chat, LinkedIn message personalised or even better to meet in person. This will help them discover how they can add value to their first board meeting, and build relationships with the other directors.