How to Build a Business-minded Board
They must be innovative, nimble and, generally, 'more like a business'
When it comes to trade association governance, Daniel A. Varroney has two seemingly contradictory recommendations. One, get bigger. Two, slim down.
First, about getting bigger. In his new book, Reimagining Industry Growth, Varroney, CEO of Potomac Core Association Consulting, explores how companies in a variety of industries have effectively responded to challenges brought on by COVID-19 and other headwinds. His observation is that those companies—in industries as diverse as recreational boating, baking, and frozen food—have succeeded by partnering with associations that are willing to be ambitious and collaborative.
“[Company] executives are more likely to engage with a trade association if they see it reflects their challenges, their outcomes, and their values,” Varroney said. “They need to see that a trade association has the same level of business acumen about the industry they represent that they have.”
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