The time has come to radically reconsider the principles of operation and methods of evaluating the work of the board of directors. Is your Board ready to advance equity? Check in the article below.
Make the Board Performance Maximum Effective
At the stage of Board formation, it is important to select and connect people who complement each other. Operational search and selection of personnel is the task of the company’s HR department. But in order to find a specialist for a specific team, a set of tasks, or a specific project, you need to formulate a clear request. And in this process, one cannot do without a leader who knows what the team “lives on.” Many do not even try to put aside savings, referring to small incomes. Meanwhile, the secret to successful personal finance management lies in the ability to control your expenses.
So, the top management evaluates the effectiveness by the number of released products and their sales results. Team leaders see effectiveness both in quantitative terms and in the degree to which everyone on the team shares the company’s vision and purpose. Team members emphasize the importance of internal culture and atmosphere during joint work.
Clearly state goals and expectations – both for the team and for each employee – and do so as early as possible. Defining clear roles and assigning responsibilities right away will help throughout the collaboration. In general, do whatever helps your team understand how their individual goals fit into the bigger picture.
How to Understand Whether Your Board is Ready to Advance Equity?
Follow the next tips to prepare your Board to advance equity:
- Try to collect different people in the team. With different visions, personality types, and temperaments. Some melancholic and extroverts will never agree with each other. It is necessary for the team to have proactive talkers and thoughtful, silent ones. There is no need to try to assemble a team of solid “stars” and charismatic individuals. One such employee will be enough, otherwise, it will be uncomfortable to work in a team.
- Create and maintain a system of periodic meetings, one-to-ones, and discussions to analyze mistakes to learn from them. This will help not only your team to feel more united but also you personally to stay on top of everything.
- Set clear goals and encourage initiative. The team will work harmoniously and clearly if everyone knows what they are working on. Responsibilities and instructions must be clearly spelled out. At the same time, do not limit freedom in the team. Give employees a voice, and encourage them when someone makes new suggestions. This stimulates creativity in the team and provides new opportunities for business development.
The most important thing to understand whether your Board is ready to advance equity is to have the best specialists and a well-formed team according to temperament types: for example, three choleric, two sanguine, one phlegmatic, and one melancholic. In the course of the project, it was investigated how the composition of the team affects the effectiveness (personal qualities of employees, their professional skills, demographic factors), as well as the dynamics of teamwork.
It is necessary to identify and debunk the stereotypes that allegedly determine the effectiveness of the work of the board of directors. An analysis of the activities of the most successful companies shows that meeting attendance is important for each member of the board of directors, but there is no direct relationship between it and the effective work of the organization.