Board Briefings

Board Briefings

During the current pandemic you as a board may well be facing a range of problems and issues you have not had to deal with before.

For guidance, we as investment partners have written a series of briefing papers specifically aimed at helping boards of directors.

Covid-19 has brought about uncertainty and Boards need to not only ensure their companies survive in the short term by managing tactically, but must also prepare and position their company for the long term by thinking and resourcing strategically.

The furlough scheme has justified putting off dealing with the cost of employing staff but now it is due to be phased out boards need to make decisions about how many staff they can afford to keep on the payroll.

There is no shame for a board of directors to admit it is in unfamiliar territory facing a financial and operational crisis. The board that had been well composed to thrive in normal market conditions is now likely to  be feeling unsure about the business’ future and possibly experiencing personal anxiety.

Given the uncertain economic environment facing many businesses as a result of the Covid-19, maintaining the support of the company’s bankers is likely to be more important than ever. Boards need to ensure that they understand how their lenders view the company and actively manage their banking relationship.

Learning to live with uncertainty means continually gathering information and reassessing the changing situation.

Directors instead need to be adaptable by developing an ability to assess complex situations and make simple decisions in the face of uncertainty.