LEADERSHIP

Nathan McDonald , Co-founder and CEO at We Are Social , goes as far as to call this practice “ essential ”, and emphasises that a two-way channel of communication is in the best interest of all parties .

“ In my opinion , the key to success is getting the right balance between meetings and spending quality time together – separate from day-to-day operations – to build a strong and trusting relationship ,” says McDonald .

“ Facilitating this dialogue starts with regular communication to educate board members about the intricacies of the business , ensuring they have a clear picture of how things work and your vision for the future .

“ The board needs to understand the most pressing challenges facing the business , while executives need clarity on the board ' s objectives so they can deliver on the strategy and execute effectively . In order to communicate this , everyone needs a shared language and perspective on the company and its operations .”

Communication with board members re-energised One might imagine that maintaining a clear stream of communication would have become more challenging over the past few years as companies switched to remote or hybrid working .

McDonald , however , believes the opposite to be true , highlighting that the need to adapt has re-energised such communications .

Despite regular , in-person meetings remaining invaluable when it comes to building relationships , the new normality of virtual conferencing means executives and board members can connect more often , in a more convenient fashion .

The big issue here is balance . There is a very real danger of over-communicating , which should be avoided , but the board must still be kept up-to-date on critical matters . “ Content is everything ,” McDonald continues . “ Executives need to concisely summarise updates and data to inform strategy and finances , without oversharing minor details .

“ Gut instinct plays a role in judging what to share , but it ' s vital to communicate issues that may substantially impact the business . And the makeup of the board matters , too ; more involved directors may require more regular updates , for example .

“ Ultimately , open communication – both in person and online – enables executives to keep the board aligned while also respecting everyone ’ s time .”

56 December 2023