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Stagnation or Evolution – Mindset Shifts of Boards when Company sees Stagnated Growth

Stagnation or Evolution – Mindset Shifts of Boards when Company sees Stagnated Growth

By MMB Admin
Calendar

Jul 25 th 2022

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Most successful companies at some point in time face predictable crisis, a sudden drop in the revenue and profits, collapse in shareholders returns and consequently a stagnated growth. These situations usually occur when the growth engine of the company and innovative thought process of the Board stops working. For example, losing touch with the exact customer needs, following processes only on power point presentations, slow or delayed decision making by the management, unresponsive controls, lack of enthusiasm etc. The roots of success or failure increasingly lie in the ability of companies to remain fast, perceptive, innovative and adaptable. Internally companies can respond to such shifts in their competitive environments by identifying and executing strategies that sustain their dominance. However, when we talk about the ‘change’ required to reignite the growth engine of the Company, it must begin with a positive and constructive shift in the mindset of Boards, who are the ultimate drivers or decision makers for the business operations. And certainly, these changes or shifts may have been birthed of necessity, but they carry a great potential which is beyond any crisis.

Interestingly, researches provide that crisis is the best situation that gives birth to best leaders who are open to embrace new learnings in new ways and seize opportunities to consciously evolve themselves as well as the stakeholders of the Company. The determined Boards and leadership at the time of crisis or stagnation will always decide to restart its growth engine by removing junk and complexities that has built up over the years thereby inhibiting clean execution of the strategy as well as new ideas to conquer the market. Therefore, let us understand what these mindset shifts could be that can help companies to evolve and move beyond stagnation:

  • Rediscovering the vision and mission of the Company

Over the years the Board and the management have been working in the same monotonous style for conducting business operations. Of course, these styles were unique and fresh at the start however, with the passage of time it is quite possible that the practices adopted by the Board becomes mundane, with no interest left to provide something new. Here is the time when the leadership must try to redefine their vision and mission statements, set new goals for themselves as well as for the Company, adopt simpler strategies, revisit core processes and reduce high costs incurred by the Company. Taking baby steps in these forms will certainly boost the leadership and getting rid of past complexities will help them to think afresh.

  • Inculcate an owner’s mindset

It is said that the owner’s mindset has a strong bias towards speed and action. When we talk about the change and plan to implement a mindset shift in the leadership, this bias towards speed and action must take backseat for a while. This does not mean that the processes and decisions are delayed. Yet, considering the long-term stability of the Company, giving reasonable time to understand employees’ and stakeholders’ perspective will make a lot of difference in working.

  • Bring connection and motivation to the workforce

The most notable feature of how the Boards and leadership are showing up differently is that they are showing more of their humanity. Boards must remember that their workforce have big expectations from them and in the competition to become perfect, leaders themselves forget their humanitarian sides. At the time of crisis when the Company wants to reignite its growth, Boards must step into a ministerial role by extending support, showing empathy, listening, relating and connecting to the workforce. This will help boards to enormously strengthen the loyalties and bonds with the workforce which will further make them more productive as well as motivated to work towards the pre-determined objectives of the Company.

  • Boards must decide what they really believe in   

As a leader, you will get multiple factors influencing your decisions. But a true leadership will only be showcased when the decisions taken by Boards are unbiased and are taken on the basis of their true beliefs. Tough decisions with profound human consequences are confronting Boards every day. Therefore, making the right choices for the greater good of the stakeholders will always help Boards to regenerate trust and loyalty for the long-term stability.

  • Focus on quality over quantity

Quality has more to do with depth, such as ensuring a task or goal is entirely completed, which usually leads to better results. By being thoughtful about what projects to undertake and focusing on the areas of expertise will naturally help the Company to thrive and excel. Thus, there is a better chance of not only standing out for the exceptional work but also building reputation and continuing to propel business as a whole.

Using the aforementioned mindset shifts, Boards can certainly turn the stagnated growth of the Company to its evolution and reignite the powerful engine of success.

How Can MentorMyBoard help you adapt mindset shifts if your Company sees stagnated growth?

MentorMyBoard is on a mission to set up effective and efficient Boards in India with great Board members. With an expert team of mentors and a capability to handhold Boards and leadership, MentorMyBoard shall guide how to rediscover roles and innovate processes to achieve desired results in case if the Company’s growth has stagnated.


For more details connect with us on info@mentormyboard.com.


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Category

  • All
  • Boardrooms
  • BOARDROOMS
  • Independent Directors
  • Role of Board
  • Mindset Shifts of Boards
  • Independent Directors and Promoters
  • Sustainability / ESG
  • business implication
  • employee exits
  • COMMITTEE MEETINGS
  • Union Budget
  • Independent Director
  • Grow with Governance
  • Grow with Governance
  • INDEPENDENT DIRECTOR
  • Entrepreneurial Board
  • ESG & ITS IMPORTANCE
  • leadership coaching
  • Change Management
  • Advisory Boards
  • Boards
  • Boardroom
  • Brand Yourself as a Leader of the Company
  • Kindness
  • Are you hesitant to speak in the Boardroom!
  • Governance & ESG
  • Directors
  • Independent Directors
  • Corporate Governance
  • Leader development
  • Gratitude, Purpose
  • decision making
  • Systematic Investment Plans in Emotional Intelligence
  • Corporate Governance
  • The Board’s Role in ESG!
  • Balance Boards
  • Agility and Compassion
  • Governance and Board
  • Diversity and Inclusion
  • Directors,Promoter Directors
  • Board Members, Directors and Independent Directors
  • Board and Senior Management
  • New Directors
  • Cyber Insurance
  • Salary Increment
  • Economy Growth
  • Human Resources
  • Generating Wealth Beyond Money
  • Agile Mindset for Leadership
  • Aspiring Independent Directors
  • Board Leadership
  • Corporate Governance & Women on Boards
  • BOARD MEMBER
  • SME
  • WOMEN DIRECTOR
  • BOARD MEMBERS

Archive

  • 2021
    • April (3)
      • Will you drive your vehicle without a dashboard?
      • Are you making SIPs to improve your Emotional Intelligence
      • Corporate Governance needs a Moral Compass – Ethics in Indian Boardrooms!
    • August (9)
      • Grow with Governance: ESG is the umbrella for CSR, says Vedanta's Roma Balwani
      • Grow with Governance: PadUp Ventures' Rajat Jain Demystifies Correlation of Governance and Economic Growth
      • Grow with Governance: Family governance impacts the culture of a family-run business, says Equations Advisors' Mita Dixit
      • Entrepreneurial Board
      • NEW REGULATORY PROVISIONS RELATED TO INDEPENDENT DIRECTORS
      • ESG & ITS IMPORTANCE FROM THE POINT OF VIEW OF BOARD MEETING
      • Start early, don't wait till retirement to become an Independent Director, says Increate Value Advisors' Milind Sarwate
      • The winding road of leadership coaching in the post-pandemic era
      • Challenges of Organizational Culture Change
    • February (4)
      • Re-examination of Purpose by the Boards in Post -Pandemic Era
      • What Makes Great Boards Great! Performance Evaluation by Boards and Role of Independent Directors
      • Promoter Director – Time to become Custodian of Governance!
      • Diversity and Inclusion – The Board Perspective!
    • January (2)
      • New Directors - Have you done your due diligence
      • Cyber Security Insurance and Boards
    • July (7)
      • Why Advisory Boards Are Important for Indian Business Corporates?
      • Grow with Governance: ESG essential to repair the damage economic activities caused to the earth, says CA Shailesh Haribhakti
      • Top 10 areas to contribute in Boards as Independent Directors
      • Top 10 Questions to Ask in Boardrooms!
      • Essential HOWs of Boardroom!
      • Kindness is key
      • How to Brand Yourself as a Leader of the Company?
    • June (6)
      • Leading from the Boardroom
      • Are you hesitant to speak in the Boardroom!
      • The Neem Project a Leadership case study
      • Directors Liability in India
      • Why do promoters need Independent Directors?
      • Corporate Governance Deviation – Infosys Case Study
    • March (4)
      • Board Refreshment: Finding the Right Balance for your Board!
      • HR Governance and Board – How Important Is It?
      • Agility and Compassion: Two Pillars for Boards in the Post Pandemic Era!
      • Modernizing Governance: The Board’s Role in ESG!
    • May (3)
      • Restructuring appraisals in 2021 – Gratitude, Purpose & Meritocracy
      • How do you make your personal Brand?
      • Leadership Coaching: How does it help Leaders
    • October (2)
      • Are Independent Director’s required on the Board?
      • 'Ethics & Governance' lesson should start from school, says Federal Bank's Independent Director, Sankarshan Basu
    • September (3)
      • Grow with Governance: As an Independent Director ensure your voice is heard, says Apurva Purohit
      • Grow with Governance: Push for ESG agenda; pool CSR funds to maximise impact, says Ranganath NK, former MD of Grundfos Pumps
      • Grow with Governance: Boards should prepare companies for different risks, says National Insurance Academy's G Srinivasan
  • 2020
    • August (4)
      • WOMEN DIRECTOR-An Emerge
      • ARE YOUR BOARD MEMBERS SAVVY WITH FINANCIAL TERMS AND EXCEL IN FINANCIAL LITERACY QUOTIENT AS PER COMPANIES ACT 2013 MANDATES.
      • BOARD MEMBER SELECTION- A TASK OF PERFECTION
      • SME IPO – AN OPPORTUNITY TO CAPITALIZE YOUR BUSINESS
    • December (3)
      • Good or bad, Salary Increments always cause a heartburn among employees
      • Is Economic Progress Enough?
      • Emotional Intelligence
    • November (3)
      • Generating Wealth Beyond Money
      • "Agile Mindset for Leadership"
      • Tips for Aspiring Independent Directors
    • September (3)
      • Independent Director
      • Lean Thinking Boards
      • Corporate Governance & Women on Boards
  • 2022
    • August (1)
      • Liability of Independent Directors – An Important Aspect of Corporate Governance
    • February (4)
      • A Hero's Farewell: How to handle employee exits with dignity
      • Green Bonds: An Instrument for Financing a Sustainable Future
      • Tool for effectiveness of Board Committees - Ask Right Questions
      • Russia-Ukraine war and India’s Business Implication
    • July (2)
      • Stagnation or Evolution – Mindset Shifts of Boards when Company sees Stagnated Growth
      • Risk Assessment and Minimization Procedures – Role of Board
    • March (2)
      • A study on Sustainability Report of Container Shipping Companies.
      • India and The ESG impact of Crypto Currencies
    • May (1)
      • Independent Directors liability under GST
    • November (1)
      • Workplace Sexual Harassment and the Role of Board
    • October (2)
      • How many Boards are too many?
      • Women in Indian Boardrooms Vs Diversity = Inversely Proportionate
    • September (2)
      • Organizing for the Future – Important keys to becoming future ready
      • Are you ready to serve on the Board?