Does your board of directors add value or derail it? How do you measure the impact of your board on your business? In part 1, I listed the four practices that must be fostered among board members – open dissent, individual board member accountability, a climate of trust and candor, and four, timely board evaluations to assess the board and individual board members’ impact. In part 4, I explore the importance of board evaluation. Feedback is a powerful tool for performance improvement. Without timely feedback, expectations are diverse, and people (board members) may feel that their input is less…
Is your board value-adding? Part 3, create a climate of trust
Do your board members see themselves as peers? Is there mutual trust and candor? In the first part, I listed the four practices that must be fostered among board members – open dissent, individual board member accountability, a climate of trust and candor, and above all, timely board evaluations to assess the board and individual board member impact. Every boardroom needs a climate of trust and candor. Say no to side-stepping on issues or avoiding difficult topics. Great CEOs communicate in detail the key issues to all directors so that they digest it as a whole. One of the…
Is your board value-adding? Part 2
How do you measure the impact of your board? As explained in part 1, I have found four practices that must be fostered among board members – open dissent, individual board member accountability, a climate of trust and candour, and above all, timely board evaluations to assess the board and individual board member impact. Let’s explore individual board member accountability. Effective boards set to define how their term shall be measured to say it was effective by setting specific targets for the board over the term. Thereafter, members set clear targets for each board member and hold each one…
Automating your business for growth
During the #Covid19 lockdown, many people found themselves at home with their partners for a longer time than usual. The period also provided an opportunity to deepen bonding among siblings and family members alike. It was a good period to cool down and reflect on the future. Some family business owners and entrepreneurs embraced the lockdown period by investing in learning new skills and exploring opportunities to digitize their businesses. Below are some key terms you need to know when it comes to automating your business. E-Business The term e-business (electronic business) is defined as the use of electronic means…
Is your board value-adding? Part 1
Winning boards are a result of how people work. It has nothing to do with a plethora of board rules and regulations. After serving on several boards, I know from experience that a good Chair can make or break the effectiveness of the board. The role of the Board Chairman is to manage board dynamics to perform its duties as defined in the board charter. This involves giving adequate airtime to all members and allowing practices that encourage mutual respect and informed discussions. Great boards have effective social interaction systems – forums where board members engage each other and discuss…
Understanding SMEs digitization agenda
To digitize entails using electronic business and electronic commerce and online tools to run the business. Digitization transforms your business to become more agile, nimble, and efficient. The starting point is to adopt digital records management and reduce time wasted in tracing up documents and invoices. The next phase is to install software to capture day to day business transactions. For example, when you install an accounting system to capture all your daily sales and expenses you ease your financial management practices. Then you can install a system to manage your human resources. Another to handle stock management etc.…
