How to prepare for a Board Career

If becoming an independent board director or board member is something you aspire to, there are several areas you should be working on now to prepare for a board career. In a previous article, I discussed why and how to balance an executive and board career. Let’s take that a step further and explore what you should focus on now to become a more effective independent board director and a more appealing candidate for future board seats.

The actions to take in preparation for a board career

If you’re serious about pursuing a board career, I encourage you to start working toward your goals now. It is never too early to start. Success in the boardroom requires perseverance, a commitment to continuous learning, and both personal and professional growth. Be proactive by investing time to develop the knowledge, skills, and networks to position yourself as a meaningful contributor to any board and a solid candidate when roles arise.

Whether you aspire to serve on a corporate board or in a volunteer capacity, when preparing for a governance role, focus on these key areas.

1 – Develop and Practice Strategic Thinking

Board members are responsible for providing strategic guidance and oversight for the organization they represent. Strategic planning requires thinking about the future and developing plans to achieve goals. This involves understanding the current situation, identifying trends, and developing strategies to capitalize on opportunities and mitigate risks. Strategic thinkers can see the big picture and make decisions that will benefit their organization in the long run.

Consider developing and practising these core skills of strategic thinking:

• Critical thinking: analyzing information and identifying the most important factors. Identifying trends and patterns.
• Creativity: coming up with new ideas and solutions to problems. Do not be afraid to think outside the box.
• Communication: strategic thinkers can communicate their ideas effectively to others. They can explain complex concepts clearly and concisely.
• Collaboration: by working effectively with others to achieve common goals.

To develop your strategic thinking skills, there are many things you can put into practice across many scenarios:

• Look for opportunities to cultivate strategic thinking in your current executive role. Such as occasions to collaborate, analyze complex situations, identify potential risks and opportunities, and develop long-term visions for your organization.
• Practice strategic thinking in your everyday life. When you are faced with a challenge, take some time to think strategically about the best way to solve it.
• Read books and articles about strategic thinking or engage in courses to develop strategic thinking skills.

2 – Expand your Business Acumen

To make solid, responsible decisions, board members need a strong understanding of common business principles, including finance, accounting, and marketing. Actively seek learning opportunities and engage in professional development to expand your expertise in all areas of business, particularly those you are not exposed to in your executive career. A solid understanding of financial concepts and metrics is essential to be an effective board director. Financial literacy levels include understanding financial statements, budgeting, risk management, and key performance indicators. If you lack in any of these key aspects of business acumen, these skills can be learned, so consider taking short courses, reading texts and articles, and joining peer or industry groups.

3 – Develop Effective Communication Skills

Effective communication is essential in the boardroom. Board directors must be able to communicate with empathy and authenticity whilst being transparent and truthful. To be effective, you also need to be able to communicate with other board members and individuals within the organization with confidence and influence. Prepare now by practising and perfecting your ability to articulate your ideas clearly, listen actively, and ask relevant questions. Look for opportunities to develop your presentation skills, convey your views, and engage with others who have different ideas.

4 – Build and Nurture a Diverse Network

Build a board network that includes board members and industry leaders via your professional network, social networks, and board-related organizations. Networking with current and past board members is a great way to learn more about the board community, how boards work, and to get your name out there. I also encourage you to build diversity in your network so you can learn from those with different backgrounds and experiences.

One of the best ways to meet people involved in or connected to boards is to get involved in your community. Volunteer for local organizations, serve on committees, and attend community and sporting events. This will help you build your network with those all-important weak ties.

5 – Gain Board Experience

Seek opportunities to participate within your current employment, such as committees. Also consider external advisory boards, nonprofit boards, or governance committees. Also, consider seeking a board mentor. Mentor opportunities may be available within your current workplace or the local community.

Volunteer on the board or committee of a nonprofit organization. Nonprofit boards are always looking for volunteers with business and executive experience. It is a great way to give back to your community and gain board experience at the same time.

Any of these opportunities will allow you to gain valuable exposure to board dynamics, decision-making processes, budgeting, and governance principles. Plus, it demonstrates your commitment and readiness for a board role.

6 – Understand Governance Principles

Familiarize yourself with the governance principles and best practices related to the type of board roles you aspire to. Gain knowledge of board structures, board members’ duties and responsibilities, and legal obligations. Stay up to date with evolving governance trends and industry regulatory requirements.

Ideally, you should consider completing a governance course or certification. The National Association of Corporate Directors (NACD) offers a variety of programs and services for aspiring board members, including the NACD Directorship Certification. The NACD also publishes many resources on board governance and best practices.

If you are interested in a nonprofit board role, BoardSource has an extensive library of resources, studies, and guides related to the governance and leadership of nonprofit organizations.

7 – Start writing your board pitch and board CV

A board resume is not the same as an executive resume. An executive resume is crafted to gain a C-Suite role and will use the language, aspirations, and references required to do just that. It will not focus on the more strategic elements needed at the board level. Your board resume should not be a static document; it should continually evolve and be updated. It is inevitable that, regardless of which of the four ways you pursue to get a board seat, you will, at some stage, be asked to provide your board resume. So if you don’t have one, now is the time to start writing at least the first draft.

Conclusion

Serving on a board can be a challenging but rewarding experience. For some, it is the perfect way to use their skills and expertise to make a difference. For others, it allows them to network, learn from other business leaders, and consolidate their executive careers. Regardless of your aspirations, it is never too late or too early to prepare for a board career. My Board Appointment Coaching Program will help you through every step along the way.

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