Is Your Board Ready to Bounce Back Higher?

April 15th 2021

My latest blog poses a timely question to the Shareholders, Investors, Chairs and Chief Executives of ambitious SMEs in the North East of England.

Is your board capable and ready to switch from business continuity to seize the initiative from your competitors, identify and develop new opportunities quicker and grow stronger, faster and more sustainably that you ever did pre-Covid?

Towards the end of the first lockdown last year, a survey of 632 SME board executive and and non-executive directors carried out by Directorbank* showed that 95% would be adversely affected (40% severely) and that 72% were rewriting their business plans.

Almost 12 months later, as we start to contemplate the end of the third lockdown and the (hopefully) permanent lifting of restrictions, most SME boards will have worked out the impact of Covid-19 and have been pursuing mitigation and business continuity strategies.

However, that same survey also noted that 78% of respondents expected new business opportunities to be likely post-Covid.

Will relying on the same board and senior leadership resources, expertise and creativity be enough to visualise, understand and unlock the “Bounce Back Higher” potential of your business?

Many, including The Experience Bank Group, have championed the value of Non-Executive Directors (NEDs) and Board Advisors for SMEs for several years and there are numerous case studies that prove the significant ROI from the right NED/Board Advisor at the right time.

In the “old normal”, such individuals have filled knowledge and skill gaps in the board room, enabled better quality strategic decision-making, provided independent challenge to established practices, and eradicated perilous group-think in an effort to optimise board performance and create a high-value adding board.

Perhaps, as we all get our heads around the “new normal”, the age of the Optimum Board is upon us.

So, are you actively seeking a board that benefits from different perspectives, encourages creative and disruptive thinking, and provides rigorous but constructive challenge to the executive team?

It’s a cliché, but to quote Albert Einstein, “In the midst of every crisis, lies great opportunity”.

The Author

Peter Neal, Founder of The Experience Bank Group, advises on board and senior management team recruitment, board evaluation and succession planning.
He has advised privately-owned and PE-backed businesses, AIM listed companies, charities, and social enterprises.
He is also a board advisor, non-executive director, and charity trustee.

Peter can be contacted by ✉ peter@theexperiencebank.co.uk or 📞 07843 329393

* The full survey can be found at www.directorbank.com/survey-results-smes-covid-19-may-2020/.