14 Apr THREE STEPS BOARDS MUST TAKE DURING DYNAMIC TIMES
No doubt, these are dynamic and unprecedented times for Boards.
Without question, these are intense times for Boards. Even before Covid-19 and its extreme demands on leaders of companies, the world economy was already rapidly changing.
In our Strategic Partner Spotlight, Carisa Wisniewski, CPA and Partner with Moss Adams, dives into the three things the Board can do to meet challenges head on. Moss Adams regularly exercises these practices with their clients.
Be Flexible. Think about ways the company can evolve to meet the current and future needs and wants of customers and all stakeholders. Constantly look at what is changing in the marketplace. Identify where the Company can improve, where the shortcomings are, and where there is potential unrealized competitive advantage. Be open and prepared to adapt or challenge the current business model or test new technologies to keep the company viable and profitable long into the future.
Be Proactive. If we have learned anything from this pandemic, it is to not wait for change to impact your company. Deal with potential disruptions early enough that they don’t become disasters. If you see an opportunity to influence change, do it. If you know your Board needs to add a new member, make a list of the skill sets that are needed at the table and adjust your Board accordingly – then search for the right candidate(s). If you know you need to cut your headcount, don’t wait. Take action.
Get Some Outside Perspective. Outside perspective from a knowledgeable, experienced and trusted firm is invaluable. This broadens your reservoir of ideas and helps the Board confirm the CEO/President is prepared for expected and unexpected situations that regularly present themselves to be solved.
Moss Adams’ “West ethos” attitude embodies the spirit of the West: innovation, optimism and authenticity. The Moss Adams team believes in constantly scanning the horizon for new opportunities for their clients, delivering sound advice and making their clients more profitable, while helping their clients embrace the spirit of adventure and optimism in their businesses.