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It Gets Lonely at the Top
| Guest post by: Dr. Rick Johnson |
Article Overview: Being a President, CEO or the owner of a company can get lonely at times. This is true even if you are an excellent leader and have developed a top notch executive staff. Often times you face decisions, challenges or just thoughts that you can't even divulge to your most trusted employee. Some CEOs use executive coaches to help them during these times. I personally do some executive coaching. Often times coaching is just affirmation and validation of one's own thinking but it is important to have that outlet.
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It Gets Lonely at the Top
Being a President, CEO or the owner of a company can get lonely at times. This is true even if you are an excellent leader and have developed a top notch executive staff. Often times you face decisions, challenges or just thoughts that you can't even divulge to your most trusted employee. Some CEOs use executive coaches to help them during these times. I personally do some executive coaching. Often times coaching is just affirmation and validation of one's own thinking but it is important to have that outlet.
Other leaders, owners and Presidents use a Board of Directors (BOD) for guidance and consultation. A BOD, elected by ownership, can provide the kind of support necessary to take the company to the next level. No man is an island and it can become very lonely at the top especially when you are facing economic turbulence and the potential for contingency planning or restructuring. Growing an organization is hard work. Maintaining profitability in tough economic times is hard work. The president of the corporation not only has to surround himself with an excellent team but he must be able to rely on another power to challenge him and his team. The BOD, in exercising its business judgment, acts as an advisor and counselor to the President and his executive team. The Board can help define and enforce standards of accountability. A Board can challenge and help the management team execute their responsibilities to the fullest extent in the best interest of the shareholders.
A Sounding Board
A BOD can have differing types of responsibilities based on its written charter and by laws. However, the typical responsibilities that a BOD for a privately held corporation must live up to are generally aligned with ownership/shareholder objectives. Overseeing the way the company conducts its business to ensure that it is managed effectively is one primary responsibility. Selecting, compensating and evaluating the CEO is another key responsibility. Someone has to have the power to take the CEO to the woodshed when it becomes necessary. No one person has all the answers and the Board can provide the kind of advice and insight that may circumvent mistakes or validate the direction the CEO is taking the company in.
A director's character is extremely important. A character that embraces the following:
• Honesty
• Integrity
• Enthusiasm
• Open mindedness
• Competence
• Trustworthiness
• Analytical thinking
• Being a team player
• A sense of humor
A BOD should not perform an adversarial role but a supportive role to the CEO and the management team of the organization. The right board members can be significant part of the success of the organization. The power the board has is dependent upon its charter and its bylaws. Remember, the board is elected by the shareholders. In a privately held corporation, this means that ownership determines the makeup and type of board they want to govern the organization. Successful owners, true leaders understand the value a board of directors can provide.
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Article Tags: Board fo Directors, executive coaches, executive coaching, president ceo
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About the Author: Dr. Rick Johnson RSS for Dr. Rick's articles - Visit Dr. Rick's website www.ceostrategist.com - Sign up to receive "The Howl" a free monthly newsletter that addresses real world industry issues. - Straight talk about today's issues. Rick Johnson, expert speaker, wholesale distribution's "Leadership Strategist", founder of CEO Strategist, LLC a firm that helps clients create and maintain competitive advantage. Need a speaker for your next event, E-mail rick@ceostrategist.com. Dr. Rick Johnson has over 35 years of experience in distribution sales and operations. Rick�s career can be broken down by decades. The first ten years of his distribution career were spent with the largest steel-processing distributor in the world (Joseph T. Ryerson). The second ten years began with Rick starting his own processing distribution center from scratch. In the first year, sales reached $1 million dollars and had grown to $25 million in its tenth year when Rick sold the business to one of the major national chains. The third ten years of Rick�s career dealing with financially troubled Turn-A-Round companies. After completing ten years of TAR work, Rick decided a decade of acting like Darth Vader was enough and became a consultant to the Wholesale Distribution Industry in 1999. Rick received an MBA from Keller Graduate School in Chicago and a Bachelor's degree from Capital University, Columbus Ohio. He also served six years in the United States Air Force as a survival instructor. Rick completed his dissertation on Strategic Leadership and received his Ph.D. in 2005. Rick is frequently published in numerous magazines including a column in Supply House Times, with over 250 different articles published to date. He�s also a published author with eight books to his credit. Click here to visit Dr. Rick's website   Panic Response Management Truck Drivers Some of our Best Sales People Has Your Sales Force Lost Their Passion Recovery or Double Dip Recession Targeting The Most Critical Tool for Growth during Tough Economic Times |
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