Building Effective Boards

Kelvin Syms is the owner of a private investment company and a much sought-after business advisor and mentor. Here he shares what his years of success in the financial services realm, most recently the founding of K J Syms in 2008, have taught him about the importance of building effective boards.

Business owners often see the need to establish a board of directors once the scope of the company has grown to exceed the owner’s knowledge or skill set. Perhaps the company may be looking to expand into new markets. At times a more accountable business structure may be needed in order to attract new investors. Whatever the reason, this group of individuals who can objectively look at the big picture and strategically plan and guide the company’s future is fundamental to the success of any growing business.

The first step in building an effective board is to assess the current skills and needs of the company. Assembling a diverse knowledge base is important, as is ensuring that any gaps in the organization’s skill set are filled. Equally as vital is the inclusion of board members who possess a good understanding of the business world in general. Companies should also consider whether a particular candidate is a good fit for the culture of the organization. Ultimately, any selections should depend on the current state of the company as well as where it is headed.

About Kelvin Syms:

Mr. Syms himself sits on multiple boards. He has witnessed the successful growth of two companies that he was instrumental in launching.