At a time when businesses around the world are wrestling with an unending list of challenges, leaders and boards might benefit from taking a long hard look at the structure of the C-suite and how it operates.

An effective, well-run board is one of the most potent forces driving an organization to success. No doubt, getting it right does not come easy but no matter how challenging the task may be, building the right board can genuinely shape a company’s growth and take it to the next level.

The tenure of the CFO of a start-up we consult for was due to get over after three years with his contract renewal in February 2021. Given his stellar performance so far and assuming a three-year leeway to work with, the founders had plans for the finance second-in-command to seamlessly fill in the position when the time arrived – at least 3 years later. Everything looked well planned and on track for the next round of funding.