Four Steps to Building a Better Board at Growing Middle-Market Companies
March 21, 2022
This article was first published in Middle Market Growth Magazine.
The board of directors at lower middle-market businesses has the power to play a crucial role in driving a company's growth.
Forming a board of directors can serve as a key differentiator that complements and elevates the leadership team's ability to operate and grow the business with a variety of perspectives that can include emerging market trends and customer insights. Board members are best leveraged for their market insights, vision, advice, leadership perspectives and industry connections. The right individuals can open doors, provide guidance based on their own business experience, offer a unique view on the competitive landscape and provide a diverse perspective on growth opportunities.
To unlock this potential value, CEOs and founders of middle-market businesses should think about key personnel and business gaps, and fill their boards with individuals who can enhance those specific areas. Instead of emulating boards at Fortune 500 companies, CEOs are better served putting in the time and effort required to identify key characteristics and match those to individuals to meet the unique needs of their business. At NewSpring, we serve on countless boards at growing middle-market companies. We've spent the last 20 years helping to build boards that leverage the eminence of our board members and differentiate each of our businesses to fuel growth.
CEOs seeking to create boards that will move the needle for their business should consider the following four steps when making selections: Read more...