Purpose and objective of the Board Partners
The purpose of the Board Partners, Hallituspartnerit in Finnish, (registered association) is to ensure the continuous improvement of the competitive edge of Northern part of Finland -region’s economic life by enhancing the working methods of the executive boards in local companies.
Our objectives are:
- To emphasize the importance of an effective Board in running a successful business
- Further develop good, professional and ethical working methods of a Board
- Provide the Boards of companies with educated and experienced business professionals
Running a board
The leading challenge for an entrepreneur in a small and medium size company
The main objective for an entrepreneur is to increase the value of the business as effectively as possible. With this in mind, the entrepreneur has to predict the future using only the information that is currently available to him.
Without a Board of experts, the entrepreneur will have to decide upon important strategic moves by himself. Such moves include getting possible new owners in, organizing finance, transferring the business to the next generation or selling the company.
These are some of the questions which will feature in the entrepreneurs mind when deciding upon moves and decisions affecting the future of the company:
- When making decisions, have we received a sufficient amount of information of all possible alternatives and risks involved?
- Can the opinions and suggestions of external experts and consultants be trusted, and do they bear any responsibility in regards to the decision made?
- Is it possible to get sufficient knowhow outside the company in circumstances requiring fast decision making?
- Is there a way to ensure a degree of loyalty and bearing of responsibility when it comes to external experts?
- Would it be worthwhile to get some professionals into the board: Experts who’s experience and knowhow will give better background for leading the company?
The meaning of an effective Board for small and medium sized companies
At its best, the effective Board will be able to provide the following:
- Support the management in strategic decision-making and give guidance in setting targets and strategy for ownership policy.
- Take responsibility in directing the company towards the chosen strategy
- Offer expertise at times of crucial changes, such as with the enlargement of operations, internationalization, changes in ownership, generation change, acquisitions and in making alliances
- There is a safer background for the company when the Board is comprised of individuals with the relevant expertise and know how in different key areas. Thus the company will be better equipped to predict the future changes and the threats associated with these changes and new opportunities as well as limitations.
An efficiently functioning Board is a huge asset to the company and will greatly improve its competitive edge in an increasingly competitive marketplace
The Board Partners:
- Organizes discussions and trainings together with all the interest groups in business life
- Takes part in public discussions of the board work
- Develops common working methods and regulations in order to improve the board work (for example corporate governance)
- Conducts and further improves research and publication activities in the area
- Provides expertise to the board: professionals whose business background ensures best decision making for company owners. For this purpose Board Partner are updating records of managers who have a versatile experience and who are willing to get involved in boards.
The Board Partners offer extensive experience, insight, and know-how. Our members are comprised of experienced managers who operate as independent experts.