Since succeeding the sacked Sam Allardyce last December, the Scot has lost 15 out of 32 games as Rovers boss and on Saturday his team were thrashed 4-0 at home by Manchester City.
Angry Blackburn fans protested against the manager during the defeat to City and held 'Kean out' banners to display their dissatisfaction at events over the past 10 months.
And Venkatesh Rao, who co-owns the club with brother Balaji Rao and sister Anuradha Desai via the Venky's company, recognises it is time to plan the best way forward.
He told Sky Sports News: "I have spoken with Steve and we are working on our weak points.
"We are going to sit down over the next week and have a very big discussion over this.
"And I am sure we are going into the depth of it. Believe me, myself, my sister, my brother, all of us, are going to sit and have long chat and come out with some plan of action."
Rao also welcomed the protests from Blackburn fans because he believes it provides the club with an interactive relationship.
Asked if it is important for Rovers supporters to have a voice, he said: "Absolutely, because we also know where we stand.
"If the fans are happy, we are happy. As I have been telling, it is like a family and we should know what the fans totally feel about it.
"Especially, we like to have their voice. Also, it is very important for the club and the feel of the club.
"And also I think it is an open interaction, so we know exactly where we are going wrong, where we are doing good and where we can improve ourselves."