Do you and your co-directors spend 33 days per year on board work? A recent survey by McKinsey found that the average across the 1,000 firms they asked was now up to that level, from 28 days two years ago. Of that, they spend 9 days on Strategy alone. How does that sound compared to your company?
Well that’s the part where we come in. Wellmeadow doesn’t have a magic time machine which can create this extra time for you, but we do manage the board meetings and strategy process at the SME clients that we work with. We at least make sure that 12 times per year, the board is in a properly structured meeting, talking about the right things, making decisions and ensuring that progress is made. Now that may not quite be 33 days per year, but it’s a good start for an SME. It will also agree the priorities on what needs doing so if you do put some time aside in between meetings, then at least you know what you should be doing.
Lots of companies manage this well on their own, and that’s great. A surprising number though benefit from a bit of outside help. If you think that sounds like your company then give us a call, or send a link to this article to your MD.