How love really does makes the business world go round
As much as business is about useful products or services or even, systems and processes, it is more about people. At the end of the day, business is all about relationships. Your ability to build and sustain relationships well is directly correlated to ultimate success.
Naturally, the most important relationships to build as a priority are client relationships. It is essential to listen to clients when they are unhappy as much as it is to appreciate praise. Not only does constructive criticism enable us to grow and learn, but it means that the client cared enough to tell you so that you can fix it, and that in itself is excellent!
Expectations…
In my view, expectations are where misalignment often happens. Whether it be in a business transaction, with our children, a relationship (whether romantic or not) or even in a partnership.
In no small degree as humans, we are driven by expectations that are fuelled by projections. The funny thing is, no matter how logical we are, very little of this is informed by fact. We allow ourselves to go on an “expectation rollercoasters”, and before we know it, we are disappointed. The minute we are disappointed, invariably we are well on the way to a definite outcome.
The link between board composition and financial performance
We have been hearing buzz words like board diversity and of course directors duties, but what is the true link between the board and ultimately the shareholders? Well, its all about performance. All about steering the ship in the right direction. The ability to steer is all about who you have at the wheel as well as how the team operates.
According to Parmi Natesan, CEO, Institute of Directors in Southern Africa:
“Research shows what most shareholders probably instinctively know: that the experience, expertise and ethics of board members directly affect the quality of their investment in the company.”
“The MTN case provides an example of how board changes can impact the market. Shareholders should bear this in mind, and ensure that boards not only have the right skills, but also that well-thought-out succession and rotation plans are in place.”
One research paper into the correlation between board composition and financial performance of listed companies concludes that “board structure does play an important role in influencing firm performance. There is practices a need to monitor and practice the different elements of a corporate board to ensure good corporate governance practices are upheld.