The opportunity to serve on a board of directors is not only a rewarding experience, but also allows you to work alongside other smart and experienced professionals, build professional networks and skills, and learn about the company's culture, decision-making processes, and and governance oversight. But being a successful board member requires more than just a seat at the table. It requires a unique skill set, a clear understanding of governance, and the confidence to make your voice heard.
Here are some insightful tips to help you succeed as a board member.
1. prepare like a pro
One of the most important things you can do as a board member is familiarize yourself with the bylaws. These aren't just documents to skim through. They are the blueprint for governance. These bylaws should be thought of as a business manual that establishes the company's management structure and procedures. This manual will help you and other board members remain consistent in providing proper governance and oversight for the company and resolve internal disputes and conflicts. Preparation is not just about knowing the rules. It's about being prepared to contribute meaningfully to any discussion.
2. Invest in relationships.
The boardroom is a place where big decisions are made, and big decisions require trust. Building strong relationships with other board members is essential. Before official business begins, most meetings begin with a dinner or mixer, a great opportunity to connect on a personal level. Get to know your fellow directors. Ask questions about their family, interests, company, and find out what they think about the company now. It's also a great opportunity to network. This isn't just small talk. It is the basis for effective collaboration. Boards that know each other well are better able to work together, especially when difficult topics arise.
3. speak up
In the boardroom, your voice is your most powerful tool. It is important to remember that you are there because of your unique perspective and expertise. So feel free to speak up if you have value to add, especially if you see a potential problem. At the same time, pay attention to the dynamics of the room. Camaraderie is important. You don't want to be negative all the time, but when something doesn't sit well with you, it's your responsibility to voice your concerns. Balance confidence with open-mindedness, and remember that healthy dissent can lead to better decisions.
4. Embracing diversity and inclusion
As a board member, you have the power to influence the culture and direction of your organization. We advocate for diversity and inclusion not just because it's the right thing to do, but because it leads to better decisions and stronger business outcomes. Encourage diverse perspectives and ensure all voices are heard. Your support for an inclusive environment will resonate throughout your organization.
5. Become a board member instead of the CEO
You're in a room with smart, accomplished people as colleagues. Although there is a lead director and a chair of the board, no other form of hierarchy exists and everyone's business positions are irrelevant. This fact can be part of the exhilarating intellectual and communication challenge that makes board service so appealing to many. Remember, your job is to oversee and guide management's decisions, not to carry out the work yourself. Accept this role as a guide and help guide the company toward its long-term goals while respecting governance and management boundaries.
Serving on a board of directors is not just a prestigious title, but also an opportunity to have a significant impact on a company's future. To do this effectively, you need to be well prepared, build strong relationships, use your voice wisely, and stay focused on your role as a guide. These strategies will not only help you navigate the complexities of the boardroom, but also leave a lasting legacy of leadership and insight.
