Enhance board and executive management interaction

Enhancing board effectiveness is crucial for the success of a company’s strategy and the achievement of long-term goals. In order for a company to achieve more together, it is important for both executive management and the board to focus on key questions that enhance collaboration and strategy implementation.

Questions for Executive Management

What are the significant trends and their impacts on the strategy?

Executive management should consistently assess changes in the market and operating environment. What are the major trends that could be relevant to the company? Analyzing these trends from a strategic perspective is important to ensure that the company and the board stay updated and can react quickly to changes.

How are markets evolving, and what are the expectations of customers and actions of competitors?

Management needs a deep understanding of market evolution, changing customer expectations, and competitor actions. This requires continuous market monitoring, analysis, and the ability to adapt quickly to new situations. It is management’s responsibility to explore new growth avenues with customers and develop various scenarios to foster growth.

How does the company lead and organize innovation and research and development (R&D)?

Leadership in innovation and R&D is crucial for a company’s competitiveness and long-term success. Are the company’s organization and leadership models optimal for supporting continuous innovation and development?

Does the management possess the necessary expertise for strategy implementation?

Successful strategy implementation requires diverse expertise. The breadth of the management team’s expertise and their ability to apply strategic decisions in practice are crucial. Does management require additional training or external expertise?

How to ensure management commitment and energy levels for goal achievement?

Management commitment and high energy levels are crucial for goal achievement. How does management motivate themselves and their teams, and what incentive systems are in place?

Questions for the Board

Does the board have a common understanding of the company’s status and market situation?

Board members should have a unified and clear understanding of the company’s current status, as well as the market and value chain in which the company operates. This unified understanding is the foundation for effective decision-making.

Is the strategy aligned with the big picture?

The strategy should align with market changes, competitor actions, and significant markets for the company’s success. For example, if the significance of a certain market (such as Russia) is substantial, how are risks identified and managed?

How are new initiatives supported, and does the board sponsor key initiatives?

Supporting new initiatives is critical for achieving innovation and strategic goals. The board should ensure that key initiatives have sponsors who can guide and support their progress.

Effective board work requires active and continuous dialogue between executive management and the board. By asking the right questions, both strategic planning and implementation can be evaluated and improved. Creating a shared vision and aligning the strategy with the market situation helps companies succeed in an ever-changing operating environment.

The services provided by JFP are particularly valuable in this regard, as we provide crucial support and help identify development paths for the future competence of the board and management. This ensures that your company has access to the best possible expertise and experience, which enhances strategy implementation and strengthens your competitiveness.