Using a real Board of Directors from outside the business takes some real courage!
Let’s be honest here—none of us run a perfect business. We all have business warts and bald spots that we would rather not show outsiders.
We, more than likely, will be embarrassed by how much money our company does NOT make. We may be embarrassed about problems we know need repair but have not had the time or energy to make those repairs. We may even be embarrassed by some of our family members working in the business.
For me personally, when I started considering an Outside Board, I was nervous about all the weaknesses I perceived in our company. I felt like our profit margins were poor. I felt like our process control was poor. I was even embarrassed by the layout of our equipment on the plant floor. Frankly, I was even embarrassed by our company name.
I can tell you from experience that these emotions are real. Fear of not being good enough is one of the great universal stumbling blocks to nearly any improvement, change or success story.
I can also tell you from experience that these specific fears, when it comes to assembling an Outside Board of Directors, are almost always misplaced.
Nearly every experience I have encountered with Outside Boards is almost one hundred percent the opposite.
These people have been in your shoes; these people have felt your pains and know the burdens of your workload.
These people, in general, want to help, particularly when they understand that your goal in retaining them is to learn from their experience, work hard in your own business to incorporate what you learn and get better every day.
What most family business owners will find is that instead of being afraid or embarrassed by showing their business, they become excited to meet with their board whereby they can get the emotional and intellectual support needed to make the tough decisions and incorporate real improvements.
When done right, the Outside Board will be an emotional strength to business owners.
Improvements don’t happen overnight, but you and your company will start to gain momentum—slowly at first, but then the ball will start to roll.
You will find that your profit margins start to increase; you will start solving tough problems that have been nagging at you for, in some cases, many years; you will begin to enjoy your work more. Finally, you will start building unity in your family and business leadership (often the same).
One truth I know for sure is that fear will keep you where you are. Having the courage to leap forward with an Outside Board will transform your business—that is a promise I can guarantee!