Big picture thinking

The basic idea behind a board is to think about the big picture and seek answers to the big questions so that the future strategic vision of the company is clear and achievable.

A board fosters this type of thinking which requires time and space to take a step back and consider all the issues.

Focus on strategic issues

As the company grows, the board must focus on the strategic issues, such as:

  • competition
  • industry trends
  • new means to increase productivity
  • technology breakthroughs
  • new markets.

Working 'in' or working 'on' the business

Business owners often struggle to find the time to work ‘on’ the business, making the idea of a board to help deal with this area very attractive and a means to lessen the load. Having a board is first and foremost about understanding the big picture and should be filled with expert individuals who can read a map and plot a course while someone else drives.

Long-term view of the business

Keeping ahead of the day-to-day demands of a business often means making short-term decisions, rather than decisions that consider the future of the company. A board of directors takes a strategic, long-term view of the business.

Experienced directors will have lived through the life cycle of a company before, and will:

  • understand the trials and tribulations involved
  • know the potential growth paths for the company
  • foresee and avoid business pitfalls
  • give confidence to make good decisions.

Joining the dots and putting it all together

The essence of big picture thinking is the ability to synthesize data. This means:

  • identifying the overarching patterns and themes in the world outside the business
  • 'connect all the dots' to see strategic insights
  • develop the right responses to grow the company.