The best time to gain experience in business management is when mistakes are made. But this shouldn’t be an excuse to keep repeating them. Once a mistake has occurred, managers and entrepreneurs must learn from it and thus become better business administrators and ensure proper business operations.
I think it is time for things to change in the way we run our businesses. Having a board of directors is a noble thing, but the sad part is that some members are not qualified to sit on such boards. I believe that a board of directors should be made up of highly qualified and Family Owned Company high-performing people. Furthermore, these members should have no inclination to certain names or fall prey to being influenced by particular people.
This way companies will avoid a situation where decisions are made due to the influence of certain individuals of high status. Corporate boards must be independent to make decisions even without meeting for the benefit of the company.
Most of the businesses that are affected are institutions run by family members. Sometimes it turns out to be difficult when it comes to managing change in management as family members may not be qualified enough to run the business.
The best business approach for family-owned organizations is to prepare early enough to deliver the ruins to the next generation. They need to create structures that ensure that the right people get the right position, whether they are family members or not. This is because in order to have a good business operation, you need the best.
Belsheba is a business management expert. He researches and studies organizational strategies of large and small businesses