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What is a key factor to success in Board Work?

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Here are some notes from our Board Boot Camp with a focus on Owners. The key is to understand the owner role and make sure you create time for it to happen.

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What is a key factor to success in Board Work?

  1. 1. BOARD BOOT CAMP
  2. 2. ASHLEY TOTT @ashley_tott ashley.tott@nordicvibe.com https://se.linkedin.com/in/ashleytott +46 70 375 7914
  3. 3. Hot dog kiosk 2017 - Owner working in the business
  4. 4. He only worked IN the business for 5 years… 2023
  5. 5. ..but if he worked ON the business…. 2023
  6. 6. WHAT ARE THE KEY PRINCIPLES?
  7. 7. #1 - Make decisions - the whole reason for working actively with you board is to make decisions. Great ones!
  8. 8. #2 - Diversity The quality of your decisions will be even greater when you discuss them with others that do not think like you. People who are different.
  9. 9. #3 - Questions - Be Curious And Question. What Is The Purpose Of This Board Meeting? Why? How? When?….
  10. 10. #4 Roles - Understand the roles in board work really well
  11. 11. 1. OWNER 2. BOARD 3. MANAGEMENT
  12. 12. “ W E C H O O S E T O G O T O T H E M O O N ” –J O H N F. K E N N E DY, R I C E U N I V E R S I T Y, S E P T. 1 2 , 1 9 6 2 O W N E R R O L E
  13. 13. Board Deciding the strategy Photocredit : NASA
  14. 14. Management Executing the strategy 1969 - JULY Photocredit : NASA
  15. 15. C E O + B O A R D O W N E R Unfortunately many companies end up in the “Tractor model” - with a weak owner role. This may even happen when the owner works in the business as CEO (but does not do any work in the Owner job).
  16. 16. 1. OWNER 2. BOARD 3. MANAGEMENT 1. VISION 2. STRATEGY 3. EXECUTION 1. OWNER DIRECTIVE 2. STRATEGY DOCUMENT 3. ACTION PLAN
  17. 17. BEING AN OWNER IS A JOB THAT PAYS!
  18. 18. SET UP YOUR OWNER WORKFLOW OR “LOOP”
  19. 19. 1 . V I S I O N A N D F R A M E O W N E R D I R E C T I V E . 2 . D E C I D E T H E O W N E R T E A M A N D R O L E S 3 . S E T A N O W N E R M E E T I N G P L A N 4 . F I N A N C E T H E B U S I N E S S 5 . R E C R U I T T H E B O A R D 6 . M O T I VAT E , L E A D A N D E VA L U AT E T H E B O A R D
  20. 20. Employ a board that can deliver a strategy that maxmises your chance of success. As this picture shows - a simple decision (before you enter the maze of daily operations) - can save a thousand hours.
  21. 21. NULÄGESANALYS BOKA STRATEGI MÖTET AFFÄRSPLAN STRATEGISKA BESLUT BUDGET GODKÄNNER BUDGET GODKÄNNER AFFÄRSPLAN APRIL NOV

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