Why do directors need training in the first place?
Running a successful business means being able to call upon their knowledge and many skills that they have acquired throughout their careers. As the business grows, the complexity of skills become more apparent. And with this, continued professional development is a must for all directors, to avoid boards failing due to director incompetence.
Changes and new trends that affect all businesses, such as new technological developments and rethinking the way we work, have also become additional responsibilities for directors.
What training do directors require?
One of the most common questions we find new directors asking themselves is “What kind of skills will I need to fulfill my role?”
Most directors feel that they have reached their full potential when they join a board of directors, but in fact, most are just starting their new journey. Directors require a range of functional skills, in addition to the more technical skills found in a modern directors’ toolkit – and these skills are not only used to steer the business in the right direction, but to also provide them with a voice within the boardroom. Leadership, communication, decision-making, strategic thinking, financial acumen and operational experience are some of the attributes that make a good director.
What is a board effectiveness review, and when was the last time you ran one?
The main purpose of a board effectiveness review is to ensure the whole board improves its own effectiveness and performance, so it’s extremely important that all reviews look at attitude and behaviours, as well as business processes and operations. For some boards, reviews are mandatory, but as to the frequency of these reviews, this is still being debated. Most heavily regulated companies conduct a review once a year, whilst others would conform to a review every 3 years.
Such reviews are completed via a third party, with those who would be in the best position to provide unbiased counsel. They are conducted through a bespoke questionnaire approved by the Chair or nominating committee, and is usually followed by board observations and personal interviews with an approved discussion framework.
In addition to providing a blueprint for performance moving forward, the evaluation can be a useful tool for succession planning and identifying areas of weakness, which can be remedied through development thereafter.
How do you deal with loneliness at the top?
It still surprises me that those surrounded by the most people, often struggle with loneliness. New problems can always catch directors off balance, senior personnel changes, advances in how industries operate, or just emotional wellbeing can all have an impact on fitness to perform.
Your fellow board directors want to see you as that beacon of light and competence, and your managers and other support functions expect to see inspirational leadership.
So then where can you turn for support and guidance? Who do you turn to should anxiety and self-doubt creep in?
Here are a few steps to get you back on track:
- Executive coaching
- Consciousness coaching
- Mastermind groups
- Training courses
In an often intolerant world, having a safe space to go to is incredibly important for maintaining good mental health. This safe space can be physical or virtual, where you can go to share your thoughts and ideas in a judgment-free environment.
At College Green Group, we offer C-Suite leaders a selection of training courses designed to help directors operate at the highest level. We can contextualise our coaching and mentoring that focuses on the modern-day challenges of your business.
Our course leaders and coaches established industry leaders with decades of experience in providing guidance and advice that can help you rethink your approach, reinvigorate your passion for your business, and reinvigorate you personally.