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.
