79% fastest growing companies know that strategies evolve and shift quickly today, due to changing circumstances, acquisitions, new competitors, complex tax laws, or the adoption of emerging technologies. So boards need to take a fresh look at how they think about strategy. World-wise the Board contributes to the success of the company's long-term strategic plan.

THINK to Grow your Business

1. Do you have the right people in your company's boardroom? 

2. How is your board evolving? 

3. Are you considering the skills you need for today’s business needs, as well as for where the company is going? 

4. Does the board succession plan ensure that you will always be a step ahead? 

5. Does your board have an inside & expert from the industry for guiding you to the next level! 

6. If you are new to the Advisory board, do read & watch detailed video

Most boards say they prioritize and talk about strategy a lot. But are they having the right conversations? Evaluating the process your board uses can help you determine whether the strategy is working. You may recognize opportunities to ask more questions, offer suggestions and try to find ways to improve the plan. All of this boils down to understanding how your board goes about overseeing strategy. There is no “one size fits all” approach to choosing and executing a strategic plan. Different processes and different approaches work well for different companies. But no matter what the approach, the board’s role in oversight is critical. How the board executes that oversight can contribute to the success of the overall strategic plan by helping management address obstacles, out-think competitors, bypass disruptors, and fine-tune its direction.

What are the right people for your board under the current situation? 

For effective strategy oversight, you need the right people at the table. Boards need directors with expertise in areas that are key to understanding the company’s business, such as deep industry expertise and finance, as well as skills that are critical to the company’s future. With technology disrupting so many industries and blurring industry lines, directors with technology, innovation, and digital skills are becoming important for most boards.

1 When we asked corporate directors what skills are important to have on their board, 77% said that IT/digital expertise is important.

2 As more companies move toward digital business models, they also become exposed to new threats that could expose them to a cyberattack. Cybersecurity is a critical enterprise risk management issue, but not all boards are bringing it into their strategy discussions. Cyber risk should be discussed on the front end of the strategy discussion— not after the digital business model is put into place. Many boards are also starting to look for directors with cybersecurity expertise. In fact, only 36% of directors we surveyed say their board has sufficient director expertise in cybersecurity.

3 It’s also important to have the right mix of directors—some who naturally focus more on the short term and others who take a longer view. Boards need deep industry expertise, but almost all directors say they have this already.

4 By seeking out directors from outside your industry, the board may be better able to spot a potential disruptor. Those directors can also provide insight into what other companies are doing to get ahead. Some boards may even look for a director who can really challenge management and the groupthink of the board. 

5 Another thing boards may want to consider is having board members who more closely represent the company’s customer base. This could mean adding younger directors, creating more gender or ethnic diversity on the board, or even looking for directors with international backgrounds. 

6. The board’s composition ties directly to board succession. If your board doesn’t have the right people in the boardroom for the strategy discussions, it should be considering bringing in the right board members who can really contribute.

7 The complex tax rules for your multiple business transactions need a Tax Management Committee with experts on your board! In the absence of such, many companies faced the burden of huge amount of tax, interest, penalty & even imprisonment!

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