Accessing appropriate skills and experience for your board
Why some companies do not succeed
Many of us own the companies we are Directors of. Sometimes we inherit the business but often we have launched and developed our companies from an early stage and have built our businesses around our individual skill sets, experience, preferences and personalities. That's fine in the early stages but it often means that vital parts of the business are run by people who are not specialists in that area, restricting the organisation's ability to succeed. Many companies lack a full set of Board and Management level business skills. They are unable to adequately identify the risks and opportunities facing them and to create and implement plans to operate and develop their companies and create wealth for their owners.
The attributes of successful businesses
If we want to build real value in our businesses we need to think, plan and act differently, taking time to step back from the day-to-day running of the business. Successful companies have longer time horizons, anticipate change and continually form, assess and implement plans for the growth and positioning of their businesses. They create effective systems and develop effective staff. They ensure they have access to a range of specialist skills, either internally or externally, from marketing through operations to finance. And they do this in a cost effective way.
The most successful businesses in the UK have some, if not all, of these characteristics:
- A clear strategy and vision
- Know their market position or niche
- Have an effective sales machine
- Organise their businesses around systems, not people
- Plan their finances
- 'Manage' rather than 'do'
- Have an effective Board structure with the skills and experience to drive the business forward.
- Know when and how to exit their business
- Seek advice
Developing an effective Board with the skills and experience to drive the business forward
Our best performing clients regularly assess the skills and attributes needed at Board level to take their businesses forward, compare this to the skills and attributes they have and fill the gaps through:
- Training or mentoring
- Hiring additional staff
- Accessing Board level skills on a part-time basis from organisations like Azure Partners.
The assessment can be done internally but is most effectively performed by an external organisation with experience of assessing and developing company Boards.
For more information contact Mike Robson on 0207 100 1233 or mike.robson@azurepartners.co.uk