Boards oversee a business and help to determine strategic choices. They provide expertise that the business owner might be lacking, or to take the company to the next level of success and growth.

The most successful businesses have boards that are flexible and able to face the challenges of our times. They are able to act as the “voice” of shareholders and ensure that the company is in alignment with its long-term objectives. They are able to spot potential risks and ensure that the company is meeting the regulatory requirements, and future social or legislative expectations.

As our world becomes increasingly digital, boards are required to think about the impact on society of their companies’ operations. These responsibilities include ensuring that the company is ethically and morally accountable and protecting the rights of its customers. These responsibilities are growing more complicated, and they require the ability to respond quickly to changes.

Modern boards are now involved proactively in sustainability strategies, financial strategies initiatives, leadership development, succession planning, culture development and brand management. These more extensive activities highlight the need for a more forward-looking style of governance. Boards will also have to overcome their hesitation in taking a position on a topic and to engage with the management team in constructive disagreement. This is usually required in the face of increasing environmental and social pressures. This has meant that the structure of corporate Boards has drastically changed. It is crucial for business owners to be aware of these changes and to make sure that their boards are prepared to meet the needs of the current business environment.

www.theseboard.com/creation-development-and-operation-of-your-advisory-board/