The best candidates for your board of directors should be people who are committed to the mission of the company and willing to invest time. Don’t choose someone because they’re a family member or acquaintance. The process of selecting a board member must be thorough. You should verify the background of your candidates, ask for references and conduct a conflict of interest review.
Board members must be experienced in the industry and capable of leveraging their knowledge of the industry to help the board make informed decisions. They must also be innovative and able of challenging the status established. Boards should be balanced – you do not want a board too heavy on visionaries and doesn’t have enough execution people.
Ideally, the new board member will have experience on other boards, but that’s not always practical. If the person does not have previous experience on boards, it is important to consider the number of boards they’re on and what their role. Too many boards could cause burnout or lack of focus.
Certain leaders make the mistake of surrounded by “yes-people”. They choose only those who agree with their decisions, and never question them. This is a risk to the capital of investors, employees’ futures and the future of their companies. It is important to encourage lively debate and introduce new perspectives to increase your company’s chances of success.
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