BoardOutlook update | New CEO feedback module
This is an update on our progress at BoardOutlook we published to our customers and partners this week. We do this every few months to make sure we're keeping everyone informed.
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August update
We are thankful to be one of the few businesses that will come through 2020 in a stronger position than at the start of the year. There are a few areas I wanted to cover in this regular update:
- Growth in market with both ASX100 boards as well as working alongside multiple consultants
- Additional product releases as well as content updates
- Upcoming product launches where we’re seeking beta testers
- Introducing a comprehensive training manual and workshop program
- Over $500k donated through the NFP program
1. Traction in market
Over the past few months we’ve delivered meaningful insights to a number of Australia’s largest businesses by leveraging the BoardOutlook platform. We’ve also worked alongside a number of consultants who advise these organisations in the areas of board review and performance.
We’re in this position because of how generous our users have been in introducing and recommending us to other boards and consultants. Thank you so much to those individuals who continue to introduce and speak for the power of the BoardOutlook platform.
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2. New product releases and content updates
The BoardOutlook product has come a long way over the past few months. Over the past six months we’ve:
- Added a new Director 360 module that is getting strong feedback.
- Added standalone Committee Evaluations, with detailed modules available for audit, risk, noms and rem/people committees.
- Added a number of additional features and functionality to the board evaluation and skills matrix modules, including new visualisations, tagging and prioritisation components.
If you haven’t seen the product for a while, we have recently refreshed introductory product videos that step through each of the modules in c.90 seconds:
- Introduction and overview - https://youtu.be/gZV5U4dQI8M
- Board Evaluation - https://youtu.be/43MEeECoPCA
- Skills Matrix - https://youtu.be/EvlE32fTGgg
- Director 360 - https://youtu.be/a8gahyaEeco
- Board Approach Psychometric - https://youtu.be/pY3LnlSRgn0
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3. Upcoming product launches where we need beta testers
We have two upcoming product launches that are both quite exciting. For both of these we are actively looking for boards and directors to test and provide feedback ahead of market launch. Your feedback will be critical in refining the product. It’s also just a lot of fun seeing new products come to life. If you’re interested in testing either of these products, please reach out.
3.1 A brand new CEO performance feedback/360 module
The new CEO 360 is designed to provide holistic feedback on the recent performance of the CEO and their leadership of the business. It is designed to integrate input from the CEO, directors and members of the executive team. It covers a range of areas, including some unique components designed to ensure the CEO and board are aligned on priorities moving forward. Areas covered include:
- Overall leadership
- Leadership on strategy
- Delivering results
- Leading the executive team
- Leadership style
- Leading the culture
- Driving change and transformation
- Building talent and capability
- Stakeholder communications
- Partnering with the board
We think boards are going to find this tool particularly valuable in their annual performance/feedback workflow. We’re excited to show this to you over the next few months. Please reach out if you’re interested in testing this module.
3.2 Additions to the Board Approach Psychometric
The BoardApproach psychometric is already a great module (you can see the video of the existing functionality here), but we’re planning some improvements that will allow directors to dive deeper into some specific questions, including:
- Does this board challenge appropriately?
- Is this board prone to excessive risk aversion / risk seeking?
- Is this board likely to be prone to groupthink?
- In which areas am I most likely to be misinterpreted or perceived on this board?
- How can I best challenge or collaborate with a given individual, given their approach?
We think these insights are going to be particularly useful for chairs in getting the most from their board, and new directors in accelerating their impact. We are excited to start showing this off. Again, please let us know if you’re interested in testing this module.
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4. Introducing a comprehensive training workshop/manual
Our new training workshop and manual is now live. This is a c.200 page resource that can be accessed on demand or through a half-day online workshop.
Whilst the BoardOutlook product remains simple and self-explanatory to use for the board, there’s a lot more that company secretarial teams and consultants can do beneath the surface to get the most from the platform. This program covers all of the functionality (as well as tips and tricks for board performance).
It’s a great resource we’re looking forward to taking people through.
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5. $500k donated through the BoardOutlook NFP program
In 2019 we announced a target to give away $1m in in-kind support to not-for-profits. This program allows eligible NFP boards with <$50m revenue to use the full BoardOutlook platform without incurring any out of pocket costs. We’re particularly proud of this program in improving governance through the not-for-profit sector.
We’ve just ticked over the $500k mark in support provided through this program to date. If you are on the board of a not-for profit and you’d like to find out more about this grant program, you can find the application form here.
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There’s plenty going on at BoardOutlook. If there’s anything here that’s caught your interest, or you’d just like to say hello, please reach out.