There are many reasons to conduct an evaluation of your board, CEO or management team. Predominantly, you want to become confident that the members of said board or management team are on the same path and all share the same interests going forward.
There’re always a situation that calls for an assessment, and whilst they mostly fall under the same sword, it’s circumstantial. It could be everything from a company going through drastic changes to a company wanting to get, or stay, on top.
Here is a list of 6 different companies and situations that signal the need for an evaluation:
A company about to go or recently made public
Newly or recently publicly made companies are in for a big change. This is a crucial time where it’s necessary to have your board prepared and ready – and that process starts with an evaluation. What better way to find out where you stand than taking a look at yourselves?
New board of young organisation
When a board is young and fresh, you need something in place to measure your starting point – something to mirror the upcoming, challenging board work. It would be difficult to know what road to go down, or what mountain to climb, without a map.
Ambitious mature boards
For a more seasoned board that is aiming high, an evaluation is crucial. In this kind of situation, not knowing how aligned your board members actually are could be a fatal mistake. You may have hit a glass ceiling only because the members of your top team aren’t on the same page – which could limit their potential.
Boards of large, publicly-traded companies
In a large P.T.C. there is usually a vast amount of different stakeholders involved. It’s easy to get sidetracked from matters at hand, which may incidentally steal focus from the more important topics. An evaluation will spread awareness around the level of alignment in your top team and create a basis for you to conduct your board work from in the future – as one.
Organisations and NPO’s
Boards of N.P.Os spend a lot of their time engaging with their volunteers, employees and other stakeholders. They also keep a focus on making sure their fundraising stays on the right track – but what about reflecting on themselves?
Private equity or similar with a portfolio of companies
As a private equity firm, or a holder of a portfolio of companies, you are managing many entities at once. Wouldn’t it be great if there was a way you could bring them all together and compare their performance and priorities based on measurable facts?