how to choose the right board member for your small business
The ideal candidates for your board of directors are those who are committed to the mission of the company and willing to invest time. The selection process should be thorough. Don’t pick anyone based on their family member or friend. You should investigate their background, ask for references and conduct an investigation into conflicts of interest to ensure you’re picking the right people to help your company develop and succeed.
Board members should have previous experience in the industry, and be able to apply their knowledge to assist the board in making informed decisions. They should be able to think ahead and challenge the status of the art. Boards must be balanced – you don’t want a team that’s too heavy on visionaries and doesn’t have enough execution specialists.
It’s best for the new board member to have previous experience on a different board, but it’s not always feasible. If the person does not have experience on boards, think about how many boards they are on and their role. A lot of boards can result in burnout and a lack in focus.
Certain leaders make the mistake of surrounded by “yes-people”. They choose only those who agree with their decisions and do not challenge them. This can be dangerous for investors’ capital, employee livelihoods, and the future of your company. To increase the chances of success for your business, it’s important to encourage lively discussions and bring in new perspectives.
