This article cover some aspects of forming your Board of Directors/Advisors, pitfalls to avoid and tips on who to choose.
In business, entrepreneurs have to understand that to make it to the “next level” it can never be a solo journey. All too often we attempt to do everything on our own and fail to do what we’re supposed to do, and that is stick to our strengths. Playing to your strengths and surrounding yourself with those who are stronger and smarter then you in other areas doesn’t make you obsolete, it makes you incredible.
Meriwether Lewis and William Clark were visionaries. They had a vision of blazing a trail to the western coast of what we now call the United States of America. These two men didn’t decide one day to do something new all by themselves, but they surrounded themselves with experts, and lay persons. They also enlisted the assistance of the local Native Americans because of their expert knowledge of the land. This led to a successful expedition, and the immortalization of these two men. The same goes on in business, one visionary (or two) arise with a magnificent idea, but they must surround themselves with the expertise of others to accomplish the task at hand, Lewis and Clark called them guides, we call them a Board.
There are generally two different kinds of Boards. You have your Board of Directors, those placed in charge of the financial responsibilities who oversee the executive management team, and you have Advisory Boards, simply of sounding board for ideas with no responsibilities. Some Boards are ‘hands-on” taking an active approach to the management of a company, while others are strictly oversees, meeting quarterly to be sure everything is in order.
No matter which it is, when selecting Board members, you have to be sure you are equipping yourself with those who can help catapult your company instead of those just looking for something else to place on their resume. This Board and the direction they chose for your company can determine the difference between success and failure. Discovering the Pacific Ocean or perishing in the Rocky Mountains. What are the criteria? What makes separate a great Board member, from an average member? Let’s explore those together.
When selecting member take heed to more then their resumes and experiences. You want to explore their passion, drive, knowledge of your company, and their vision or lack there of. Can they see where your company is headed next year? Five years? Or can they not see past their own nose? Even though you are the visionary of the company, you need people who can see long-term, who can think strategically, and who help navigate you through the wildernesses you may encounter. What are their strengths? You need a diverse Board of individuals, both in skill as well as gender, ethnicity, race, background, experience, and knowledge. It’s more then just industry experience; it’s also a willingness to be vested in the future of the company. Some potential members could be the smartest people you will ever meet, but if they’re somewhere else when you need them to be where you are you have a problem; knowledge never makes up for absence.
So to all the entrepreneurs, Executive Directors, CEO’s and anyone looking to reach that “next level” in their business, be thorough in deciding who will help direct your company, take inventory of who you have, and never be timid about surrounding yourself with genius, it’ll just make you look even better.
