Wisdom. Constructive accountability. Professional resources. A business owner should expect to receive these benefits, and more, from their outside board. Being a CEO or President can feel lonely and heavy with responsibility—but the support and feedback from a high performing board enables a business to reach its goals and grow sustainably.
What Do Outside Boards Do for Private Businesses?
An outside board is a group of professionals with whom business owners partner for the benefit of the company. Ideally, they utilize both wisdom and curiosity to consider how the business owner can lead in an impactful way, and how the organization can thrive with their guidance. They are not employees of the business, and they don’t play a role in everyday operations.
A few examples of what high performing boards can offer include:
- Constructive feedback and accountability to the business owner that supports their performance and growth
- Guidance and input regarding strategy, people development, business structure, organizational performance, and culture
- Resources and relationships from their own professional network
- Insights from their experience that can help with problem solving, vision setting, and mindset shifts
- Opportunities for the business owner to think broadly about their company and plan for the future
Why Does my Company Need a Board?
It’s worth reiterating: If you’re a private business owner, CEO or president, the experience can feel lonely. As the leader of a company, all responsibility ultimately falls to you. That can be a heavy weight to carry. You might feel drained of energy, which can impact organizational performance, culture, and operations. As individuals outside of the organization, board members provide invaluable feedback and perspective.
Without an outside board, an organization relies solely on the internal team members who make operations happen on a daily basis. Leadership, too, doesn’t get the chance to focus on their business in the big picture, which is the key to sustainable growth.
What private businesses may experience without an outside board:
- More employee burnout
- Challenges with recruiting and retention
- Lack of direction
- Little or no accountability among leadership, management, and teams
- Unclear expectations from team members
- Unresolved conflicts and problems without solutions
- Lack of resources that can influence progress
- Inability to scale and reach full organizational potential
Investing time and energy into forming an outside board is one of the most strategically sound decisions a business owner can make.
Aileron helps you maximize that potential through Leading a High Performing Board. Learn more about this service, and make a plan to register for one of our workshops in 2023.