How do I deal with inexperienced board members?
Over 80% of the Middle East businesses are either family-run or family controlled (PWC). This means inexperienced board members who have inherited their business without much strategic understanding. All board members want maximum return on investment. Many of them are not comfortable with change or with taking risks. But these are not bad qualities. They are just constraints that require a careful balance between knowing how to master the art of persuasion and being the right person for the challenge. Easy? No. Doable? In most cases, yes. If you’re in it for the long term, learning meditation techniques can be quite helpful.
How can you empower employees when they have limited skills?
You don’t. But ask yourself: Do they lack skills or simply in positions that don’t fit their strengths? Many companies in Kuwait either don’t know how to choose the right talent or avoid paying the right package for the right talent. Companies that increase their number of talented managers and double the rate of engaged employees achieve, on average, 147% higher earnings per share than their competition (Gallup).
We’re not following all the rules, but we’re making money. We’re OK, right?
Only 30% of all family-owned businesses survive into the second generation. Hardly 12% will still be viable into the third generation (Family Business Alliance). Your financial success could be from doing the right things subconsciously. Or you are in a commodity business and your customers find your business good enough for now. Either way, customers needs and market conditions change. Your business will face serious difficulties and its longevity will be tested.