Some might call it Non-Executive Chairman. Some might call it a mentoring role and recently in the US we hear it called an Accountability Coach. The title doesn’t matter but the role is important.
Why do private company CEOs need a Chairman? Consider these added value ideas:
- Ensures you are working on the right stuff to increase shareholder value (The CEO’s Inbox post). Aligning operational actions with strategy is game changer.
- Gives you honest feedback on your own performance (not for everyone)!
- Allows you to test new strategic initiatives safely, without involving the whole management team
- Because the chairman understands the business, you can dive deep on any operational issue from production, marketing, finance, sales to HR.
- Allows you to test your understanding of where the market is going.
- Enables better solutions to be shaped on shareholder issues.
- Introduces you to new ideas you may not have thought of (you don’t know what you don’t know).
- Allows you to access smart operational tips learned the hard way.
- Expands your digital Rolodex to find talent, increase business opportunities, and spread your story.
- Introduces you to bank and equity providers.
- And finally lends a sympathetic ear to your gripes, hopefully leading to positive energy!
Clients can engage The Portfolio Partnership to fulfill this role. Working as little as one hour per week or one day a month, we help entrepreneurs move their objectives forward. There are many challenges facing CEOs and their teams. It’s tough to keep focused on the right stuff.
In this capacity our role is to hold the CEO or specific members of the “C” suite accountable for their commitments. It requires the chairman to be credible, experienced and tough.
We believe the biggest value is to keep the CEO and the team’s activities focused on working on the right stuff. Working on projects aligned to the strategic goals of the business.
The Portfolio Partnership offers operational expertise to scale your business organically or by acquisition. We continue transform visions into remarkable businesses. Read about our approach in our complimentary white paper – Valuation Gaps & How To Close Them.
We always reply to emails -Ian@TPPBoston.com.