Entrepreneurs seek a solid board that can guide their business
SMEs value trust and loyalty above all else from their ideal company board according to a new SME study out by specialist business insurer Hiscox*. Nearly half of the SME owners polled cited trust and loyalty combined (48%) as the most important attributes of a perfect board team, followed by direction and advice (20%) and business growth/financial management (17%).
Psychologist Aric Sigman commented: "The fact that trust and loyalty were cited as the most important qualities of an organisation's board over business growth, really taps into the zeitgeist, symbolising a significant shift in social priorities and values. We've witnessed a move away from instant gratification towards a more sensible, measured, ethical way of planning business. British small businesses clearly got burned in the recent recession and have come out with a different set of priorities now."
Behind the boardroom doors
In a qualitative assessment of leadership attributes, the Hiscox study also found that:
* The perfect board leadership team consists of a mix of expertise (44%), followed by a mix of experience (29%) and personalities (12%)
* Creativity and decisiveness are two key attributes that can turn an ordinary employee into a board member
* 56% of SME respondents said they brought positivity to the boardroom, while just 5% admitted to bringing aggression
The gender agenda
When asked about the ‘gender agenda,' 44% of those surveyed said the ability to "do the job" was more important than the gender of their board team. The research also shows that only 5% of SME owners rate a mix of gender as key to a successful leadership team.
Hiscox SME expert, Joanne Musselle, commented: "Now more than ever employees have to earn their position at the top table by demonstrating their expertise and leadership skills. In today's complex business environment, male and female respondents both agreed, having trust and loyalty are the key attributes to successful boardroom leadership."
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