The Ed Eppley Experience
The Ed Eppley Experience

Episode · 1 year ago

Manage Your Board Or They Will Manage You

ABOUT THIS EPISODE

Eveng if you are the boss, if you have a board of advisors or directors, then you have another set of people to manage. And like your employees, if you fail to establish clear mutual expectations and rules for behavior, your likely to waste an inordinate amount of time. In this minilog I share a simpe formula for how you can get in front of your board and stay there.

Welcome to the Ed Epley experience Mini log. Let professional management expert Ed Epley inspire you to take action on building a more sustainable, smart and healthy business. Hey, it's Ed Epley once more with today's mini log and what is it? It's manage your board or they will manage you. I'm a huge fan of boards of advisors and even boards of directors. If you know me, I'm very biased to the premise that you're that any downside of having a board is more than offset by the upside. So what are those benefits? The in no particular order? There's accountability for the president, CEO or owner that they otherwise would not have. It's awfully hard, no matter how successful. Er is an entrepreneur business owner to ignore a really high level, good quality board of advisors or a board of directors that if if you're gonna be...

...associate ID with each other, you know these air pretty high caliber people, and they're not going to be dismissed very easily. And it's not like the owner or president could just say, I'm not gonna listen to you and expect no consequence. Thea. Other thing that boards give you is this unbiased perspective that we so often need and frankly, so often want. And then there's expertise that we otherwise could not afford that that we get from our board. If we do a good job in the selection of the people that are on the board and then the last thing is, boards almost universally help business executives and their teams focus. Um, in fact, the best boards I know force ah, the the organization to focus in ways they otherwise would not. So what ends up happening if you don't do a good job managing your board? And what I mean by managing is helping them be prepared to have a good board meeting? So if the owner fails to run these good board meetings, then that it frees up...

...the board to somewhat become demanding, if you will, of the owner in a way they otherwise would not. It also allows board members because they have fears and doubts about how well the businesses being run. Because the meetings aren't run that well. They feel like they need toe, inspect mawr and snoop more around the way the business is actually being managed day to day. So The first challenge that the owner has to do is is probably avoid this. This failure to run great board meetings and then also I should say that executives are usually pretty poor initially at making clear to the board specifically what they want to hear from the board. The inputs They went from the board for any given board meeting. Um, if there's another failure second in that priority list, it's not getting the board the right information far enough in advance toe. Let the board help you get the decisions or input you need from that meeting. And, um, I just I know this to be even true...

...internally with organizations that CEOs and presidents sometimes do a very poor job of doing this with their own teams, let alone their boards. So let's fix the problem Number one right out, 2 to 3 things you want from the board the next time you meet, and you need to have that clear in your own mind. Probably 4 to 6 weeks in advance of the formal board meeting. The next thing is decide what info, the board or your team. If you're doing this internally to your organization needs in order to give their riel expertise or input to you in a really thoughtful way. And in fact, in some cases you might even wanna ask the board. What do you need from me in order to really thoughtfully consider what I'm asking of you in this next board meeting and then you're bored? Pack. It should be in their hands two weeks before that board meeting and preferably, you know, with the agenda locked down and and making it very clear, Here's what we're going to discuss. Here's the information you...

...need in order to be thoughtful and president an effective way. And here's the ask I'm gonna make for you when when we have this topic of discussion. So if you don't manage your board, they will manage you. And frankly, they should. That's today's mini log. Thanks for listening. Thanks for listening to the Ed Epley mini log Visit W W W the Epley group dot com for resource is tips, adds latest blog's and a free assessment on where to improve your professional management skills.

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