I have been a CEO business coach for many years in addition to doing more than 75 turnaround engagements of distressed companies. Both functions are working with CEOs in a coaching and turnaround consulting role that genuinely improves the financial results of their businesses.
I strongly recommend CEOs to have an executive coach as a resource or a “sounding board” to discuss their thoughts and plans for their organization. Hiring a coach is a good idea, but participating in a CEO Mastermind Group is a great idea. It is the next step to improving a CEO’s professional skills and performance.
Recently, for more than five years, I chaired a “Mastermind Group” of CEOs called “The Board of Directors.” The Board of Directors is a group of 18 to 20 CEO’s, all from noncompeting industries, who meet once a month as a group from 8:00 AM to 1:30 PM. The chair also meets with each member of the group one-on-one to talk about issues that the members do not wish to discuss with the group.
The function of the meetings is to provide a forum for the group to work out their problems and issues using the rest of the group as their business advisors. The philosophy of the group is to have each CEO to act as they are on the Board of Directors for 19 other companies. Also, each member has 19 other CEOs on their company’s Board of Directors. There are a lot of good things happen when twenty very smart people meet to resolve problems.
The meetings always start with a subject matter expert guest speaker who talks about an extensive range of pertinent business topics. The topics emphasize essential facets of business to help the members grow and improve their businesses. During the balance of the meetings, the members discuss and attempt to resolve the problems of all the members.
It has been said by many that being a CEO is the loneliest job in the world. Unless you have a group like the Board of Directors, you do not have advisors when you are facing any significant problems.
For a business owner to be consistently successful in managing a business, that individual must continue to improve and grow his or her management and leadership skills. If you are a CEO, belonging to the Board of Directors means making better decisions, producing better results, and becoming a better executive.
Do something now to improve your and your company’s results. Join a Board of Director’s group of senior executives who are on your team. The members question each other, motivate the other members, and contribute to support each CEO to make better decisions, become stronger managers, and accomplish superior outcomes.
Complete the form below to find out if you qualify to join the group.