Archive for the Business Intelligence Category
Scenario:
You are on the advisory board of a company that has not weathered the recession well. While competitors are rebounding the company continues to experience declining revenue and customer loss.
Questions the Advisory Board Should Ask the CEO:
- When was the last time the company did a full review of operations?
- What telling signs have appeared but been ignored?
- When was the last SWOT analysis completed?
What & Why a SWOT Analysis?
An honest appraisal of the company and staff is needed…time to conduct a company-wide SWOT analysis. Click here to see an overview of a SWOT analysis.
The Process:
- Involve key management and staff in examining what internal factors are supporting or hurting growth and what external factors can be maximized to support growth or minimized to not impact potential growth. Many times those serving on the front-lines know more than you think. If you’ve never asked them, now is the time to involve them.
- Talk to customers that have been loyal and those that have left. There is information to be shared…your customers just weren’t sure you were open to hearing it.
- Brainstorm what success looks like. You would be surprised how often people don’t recognize success.
- Scenario plan. If success is 100% what does 50%, 75% or 90% achieving the optimum look like and can the company thrive? You are trying to determine the range of options so you can be prepared.
- Report out the key metrics on a regular basis to front-line staff and advisors.
To learn more about establishing an advisory board in 90-120 days: Advisory Board Kit: A Comprehensive Guide to Establishing an Advisory Board. Do you serve on a nonprofit board of directors? Then see my blog posts on governance over on the Nonprofit Toolbox site.
As a small business owner are you periodically stymied in your technological endeavors? Then check out Tools for Online Success the new partnership announced earlier this month between Google and the Small Business Administration. The new offering provides online resources and training for small business owners around the technology they need to grow their businesses.
Women continue to be woefully under-represented on corporate boards and in the executive suite. It’s that time of year when anyone holding stock in a public company and mutual funds receives an annual report and proxy ballot. ION an organization formed to advance women to the boardroom has conducted studies that show increased diversity on a board correlates to improved governance and financial success
I just received my proxy ballot for EMC. Once again there is only one woman being put up for director. If you own shares of a public company and want to make a point about the dearth of women on their board follow the ION guidelines below:
- If there are too few women on the board, write “Where Are the Women” on the proxy ballot.
- Vote no on all the nominees if all are male or vote yes for the one or two women.
- On the proxy ballot, write a message about your concern. See the ION website for sample language.
- Write or email the language used in #3 to non-management directors or the lead director, chair of the board, chair of the governance or nominating committee and the corporate secretary. Their contact information is contained in proxy and on the company website.
- Attend the annual stockholders meeting and raise the question as to why there are so few women. While you have the floor remind all present that more women directors are good for governance and good for business. Also comment on the dearth of women in executive positions if also true.
- Follow the procedures in the proxy statement to nominate women directors for next year’s slate of board candidates.
- If this is a company whose products you buy, make sure to tell them you are reconsidering whether you can continue to purchase from them.
I encourage you to take action now and every year until the issue is resolved. This is the third year I have done some version of this post. Let’s create a ground swell for change.
