Templates and Taking Inventory
Yes! We have a plan, we have a budget, and we know the route we want to take to get there. But are we equipped with the proper tools to get there quickly, efficiently, and with the fewest amount of last-minute adjustments? To reduce the latter, it’s important to know the tools you currently possess and the tools you’ll need.
The board that provides governance, guidance, and steers the leadership is also a wealth of knowledge beyond the job title of each professional, community role, or life experience. With this in mind, let's take inventory of the prominent skill sets each board member possesses and allow for a person to express their desires for personal and professional growth. Next, let’s identify the areas of the management, leadership team, and board that are lacking/blind spots in areas where we fall short.
In our previous article, we highlighted several key professions that enhance the executive governance of the board. As you remember, they include:
Honorable mentions went to:
An industry expert
A vendor that represents the large expense items in the industry.
These individuals also have an area of expertise in determining key performance indicators that shape and or lead to a successful model. While they may not voice all of their strengths, they are inherently embedded in their DNA. A good leader will know how to leverage the skills of each individual for the benefit of the management organization. Ask these members what performance measuring sticks can be used to track positive and negative movement, and use these key performance indicators in a monthly template to track your progress. Beyond the financial measurements of common size (a percentage of each line item to sales) and performance ratios (liquidity, leverage, efficiency, and profitability), consider the following:
Skillset Inventory
We've included a basic worksheet that highlights broad areas concerning skill sets that are beneficial to the management of any organization with the exception of fundraising and development. This will be the subject for our next read.
Please feel free to add to this list when defining areas of importance to your own organization.
As you take inventory of what skills your board has, also take note of what skills will be necessary to meet the goals of your annual goals and your longer-term strategic plan. I would also use this checklist as a means to learn what potential board members can bring to the table as far as primary skills, and skills they hope to acquire in the journey as a board member. Remember, if board members are contributing, learning, and growing in their personal and professional journey, their tenure with your organization will be more enjoyable and long-lasting.
SVP Non-Profit Banking and Business Development