Why Board Services are an Important Part of Your Business Strategy
Board services is about getting outside council for your board and is a tremendous asset for your business plan. An outside perspective can shed light on underlying issues, communication struggles, and provide solutions and strategy to have a productive and aligned board. At Haskel Thompson & Associates we help clients improve the effectiveness of the board of directors through counseling, capability building, and developing new insights.
It is simple, an effective board of directors has a better understanding of where their company creates value, the potential risks, and their strategy.
When an effective board is in play, they can better evaluate resource allocation, embrace robust feedback, and debate alternative strategies. They also assess trends and uncertainties and discuss where value will be created with the CEO. Unengaged boards, on the other hand, can destroy value by focusing exclusively on fiduciary activities or overemphasizing short-term financial results.
Board Services can help clients improve the collaboration between management and the board. A good example would be strategizing CEO succession plans or facilitating communication for long term company growth.
Board Services Create Effective boards
Board services help create more effective boards. Successful & effective boards find the right balance between providing strategic leadership and ensuring efficient oversight.
Our process includes leading group and one-on-one discussions with board members and chairpersons to improve the knowledge of the board and help directors build a long-term mind-set. This also helps us get an a full picture of what challenges your board might be facing individually or as a whole.
Board advisory is part of the board services solution. Having an experienced outside perspective that can recommend best practices for your board to enhance its group performance, onboard new directors, and prepare for succession planning is a key asset to board services.
Additionally, outside board assessments are a great value enhancing tool to help you define and benchmark against comparable organization in terms of composition, committee structure, and collective skill sets to address long-term challenges
To learn more about how board services can help your company grow reach out to Haskel Thompson & Associates today.