The ideal candidates for your board of directors should be those who are passionate about the mission of the company and willing to dedicate their time. Don’t choose someone because they are a relative or acquaintance. The process of selecting a board member must be thorough. You should research the background of your candidates, request for references and conduct a conflict-of-interest review.
Board members should have experience in their field and be are able to leverage their knowledge of the industry to assist the board in making informed decisions. They must be able think ahead and challenge the status that is in place. Boards must be balanced You don’t want a group with too many visionaries and not enough executioners.
It’s ideal for a new board member to have previous experience with a different board, however it’s not always possible. If they don’t have board experience, it’s important to consider the other boards they are on and what their duties are. Too many boards can result in burnout and a lack in focus.
Certain leaders make the mistake of surrounding themselves with “yes-people”. They select only those who are in agreement with their choices and do not challenge them. This is a risk to the capital of investors, their employees’ futures and the future of their business. To boost the success of your business, it’s important to encourage lively discussions and offer new perspectives.