Strengthen your executive board - put a woman on it

It is an absolute truth that the success or failure of a company is ultimately down to its people, especially at times like this. The skills and influence of every person have some bearing on company performance. But without the right leadership team, even a company filled to bursting point with dedicated, loyal, intelligent and hard-working people can struggle to remain competitive.

So, what does the right leadership team do? It formulates winning business strategies, makes informed decisions, inspires its management teams and more junior staff alike and leads by example. But how do you assemble it and achieve the right balance?

It’s a curious situation that we in the construction industry find ourselves in. Ours is a sector that is driven by innovation and ingenuity and yet it’s an industry that’s historically male-dominated and often perceived as old-fashioned. Lots of companies assemble executive boards based on longevity of service. At first glance that seems sensible. Why wouldn’t a firm of engineers be best run by experienced engineers?

But business success isn’t just a question of being good at your core business. It’s about understanding risk, forecasting, marketing, people management, empathy, financial balancing, legal insight and exploiting advancing technology. Decision-making at the highest level is stronger and more informed if there is a breadth of knowledge and skills. The current economic climate, the intense competition, the need to drive efficiency, sustain business and achieve growth make a balance more important than ever.

A board full of experienced directors - and experience doesn’t always equate to the ability to add value - doing the same things they’ve always done won’t cut it

This isn’t that debate about greater representation of women in the boardroom, although that’s the likely result of a balanced board. It’s about recognising the importance of functions like HR, legal, finance, marketing, PR and IT. By having a variety of skillsets and complementary mindsets, you’ll make more broadly considered and better informed decisions.

A board full of experienced directors - and experience doesn’t always equate to the ability