5 Challenges Faced by Board Directors
Board Directors are the heart of any business. They provide the direction and oversight that CEOs require to manage their businesses efficiently for their stakeholders. It is a great privilege and for those who are looking to make a difference in the world it can be a rewarding time. It challenges your leadership abilities and requires you to step out of your comfort zone and lets you form close relationships with other board members. It also exposes weaknesses you didn’t know you had and helps you overcome these weaknesses.
While there are many benefits of being a member of a board but almost all boards have to face some significant issues at some point. This article will discuss five of the most common challenges that Boards have to face and how they can overcome them.
1. New Non-Exec Directors
It is essential that directors who are not executive directors joining the board of directors for the first time, prepare themselves appropriately. In the past the board members who were new were welcomed with a an assortment of reading materials with all the information they required to be aware of the board and the company.
It is essential to interact with them in a personal way, however it is important to do so because companies are changing rapidly and many non-executive directors have different background. This can be done through a phone conversation, video chat, LinkedIn message personalised or, more importantly in person. This will allow them to be aware of how they can bring value from their first board meeting as well as establish relationships with other directors.
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