Building a Board – 101

Sourcing and Structuring a Board.

Building a Board of DirectorsFew companies grow to any significant scale without the power and insight of an outside board. No matter how great a product or business may seem, outside advice is imperative to growing and scaling a business. Board members add subject matter expertise, experience in handling adversity, as well as, multiple stages of growth, and frankly add a broader sphere of people and influence.

Subject Matter Experience

Board members should be sourced and selected with care. It is imperative to find experts that both know your industry and complement your team’s expertise. Industry expertise can successfully come from an adjacent industry and add deep go-to market know-how, along with a fresh perspective. Some companies think that adding influential names to their board will add PR cache or customer interest, but that sort of notoriety is short-lived and smart customers and potential investors see through it quickly.

Board of Directors vs. Advisors – Which Do You Need? 

Directors are indeed paid roles and involve fiscal oversight to the company and legal accountabilities. Most companies can go a long distance and gain extensive value from working with an interested and committed Board of Advisors.   In any case these boards provide professionalism, objectivity, and strategic thinking that any company would be remiss for not having.

Communicating Expectations

Board members expect clarity around roles, process, and accountabity. They also want to know that they are appreciated and that their ideas and suggestions are taken seriously. Feedback loops and regular report backs are required and de rigour for executives with their backgrounds. It is important to know what board members expect to gain from their time/effort.  Many board members gleam intrinsic value from the significant relationships that they form with other board members, so such synergies should be understood and taken into account when forming a board.

Organization and Structure

Pre-scheduled meetings and reporting are the hallmarks of a good boards and board member relationships. Many social collaboration workspaces are available today to make digital and in person connections and information exchanges more – accessible, frequent, secure, and meaningful for all parties.

For another perspective on board building:





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