During the implementation of the project with the board members, significant efforts are aimed at completing it on time. This is aided by schedules indicating the start and end times of the work envisaged by the project.
The Main Reasons to Build a Strong Board of Directors
The board of directors works with top management through the approval of decisions that fall within its area of responsibility, the development of policies and procedures, and the creation of reporting systems. Separate work or communication with shareholders in the work of the Board of Directors is minimal, rather it is expressed in the appointment of the members of the Board themselves, the provision of reports, and the process of evaluating the work of independent directors.
There are several reasons why companies need Boards of Directors. Needs are case-specific and can be grouped in several ways. One way is to analyze enterprises according to their shareholder structure, as well as:
- Full implementation of the developed board system.
- Organization of work.
- Operational planning of works.
- Organization and management of material and technical support of works (stocks, purchases).
- Execution of works envisaged by the project.
- Coordination of works, monitoring of project progress (actual deadlines, resources, costs, quality, etc.), analysis of deviations, and corrective actions.
- Solving problematic issues.
The completion phase for board members is characterized by the completion of works, evaluation of the results obtained, audit, comparison with the planned objectives, final reporting, rewarding, and disbanding the team. It is clear that at the end of the project the relevant conclusions are made, the positive and negative results are summarized, their reasons in order to make appropriate decisions and gain experience.
The Important Information for Board Members to Know
The board office management implies not only recording and retrieving documents from the repository, but also various kinds of actions on documents – reviewing, working on documents, various processes that generate and use these documents in their activities. It is impossible to create a software package that automates office work and is suitable for the office work processes of all enterprises.
The board of directors can be useful for several reasons:
- Raising financing, both debt, and equity. The better the management, the higher the chances of attracting funding, and the funding will be cheaper.
- Increase company productivity. Often the energy of shareholders dries up, and the lack of experience and information does not allow the company to move to a new stage. The board of directors can bring new information, experience, and energy to the company.
- Continuity and sustainability. The biggest problem with family businesses is that these companies are dependent on a key shareholder. A board of directors can increase the resilience of a business and soften leadership succession.
The system-forming idea of the concept of a board team and, accordingly, the information society is the use of knowledge information to produce a new product that is competitive in the world market. Modern criteria for the implementation of project actions encourage board members to the continuous professional development of their abilities:
- turn the project mission into specific tasks, processes, types of work, ways and methods of their implementation;
- to ensure the creation of the project product under specific constraints using all groups of management processes;
- to guarantee the maximum satisfaction of the interested parties with the results of the project, reconciling possible conflicts of their interests.