Here are Seven Key Reasons You Need to Develop The Role of the Chairman
1. Investors are demanding it
Your bank is concerned that you are overworked and your staff are not providing you with support at the right level for the next phase of the business – or family members are wanting you to be better supported.
2. The company is growing fast
You need to appoint more directors – but who and when? A Chair will facilitate this process.
3. Your business is increasingly complex to run and you need the support of an external mentor.
There are a host of issues which you need to address, and you need to do so in a way that works for everyone involved – shareholders, customers, employees and fellow directors.
4. There is a generational issue in a family business
You want to retire – but you are not sure if you are willing to let go of the reins immediately. The Chair can support you in providing unbiased advice.
5. Existing directors are pulling in different directions
You and your fellow directors have a difference of opinion as to how to move forward – a Chair should have the skills to resolve such issues dispassionately.
6. An existing director is about to resign
You are parting company with someone who has played a major part in the business. Now you need to think about how to replace them – or at least how to get the energy of bouncing ideas around that they gave you – even when you disagreed!
7. There is a looming problem.
For example the market for your products is changing and there are some key decisions you need to make – you probably have the answers but they need serious thought and discussion. You need a Chair to support the necessary changes in direction.