What is the ANCHOR Method? ‘R’ is for Refresh and Return
Throughout my career, many have asked me, “What’s the most important thing you’ve learned as an investor?”
My answer is always the same: The value of a diverse board of directors.
In my book Build Your Board, Build Your Business, I teach the ANCHOR method as a resource to develop a board strategy.
The power of the board lies in its diversity. A diverse team brings a range of perspectives, knowledge, and relationship capital, which will build your business.
Why R is for Refresh & Return
The sixth and final letter in ANCHOR stands for Refresh & Return. This closing step is not the end of your journey but rather the beginning of a cycle: it involves cyclical reviewing of your business and board performance, and will continually strengthen your organization.
At this point, you’ve spent time Assessing your identity in leadership, Networking to establish your board of directors, Communicating with your team to stay prepared, Honoring your legal duties to keep your business protected, and improving functionality by getting yourself and your team Organized.
Now, with fresh eyes, you’re ready to revisit your progress because building a board is never a ‘one and done’ situation.
Watch me speak more on this:
This final part in ANCHOR is about learning to understand business and board-building as a cycle.
The reality of building a business is that you’re taking part in an ongoing journey.
Your business will go through many different phases. You will likely need to ask yourself this question multiple times: “Is this the best board for what we’re trying to accomplish right now?”
Revisit this question repeatedly — as board members come and go, you can ensure you’ll stick to your purpose and vision and renew your commitment to what your board is trying to accomplish. This is the purpose behind refresh and return.
As a developing leader it’s worthwhile to consider joining the board of another business. Joining a board can be a huge growth opportunity for you as a CEO and will help boost each of your ANCHOR skill-sets immensely. You’ve put in an incredible amount of work to get the board, and your business, where they are. The key is learning how to approach this step as a cycle, and renewing your perspective on the inevitable changes that will arrive over long periods of time.
In Build Your Board, Build Your Business you’ll find assessments and resources to refresh and revisit the principles of your board, thus continuing to strengthen both the board and business that you’ve already built.