A solid board of directors is vital to running a successful business or nonprofit. A board member must bring a variety of skills, perspectives and experience to the table in order to make strategic decisions and formulate a plan. They must be able communicate effectively, keep in touch with each other between meetings and be proactive when it comes time to fundraising and networking.
When selecting the right board member for your company take into consideration a range of independent candidates who are familiar with your industry and who are able to support your goals and vision. They could include experienced mentors, attorneys, CPAs, fellow entrepreneurs, venture capitalists, marketing professionals, educators, and financial experts. It is also beneficial to have board members with prior experience on the board.
During the vetting process, be sure that the candidate is truly interested and willing to commit to being an active board member. It’s a significant commitment and it may not be a good choice for everyone.
You should also find out what other commitments they have in their lives, and be realistic about how much time they have available to the board. It’s not productive to have a board that is too busy or underperforming.
It is more beneficial to have an even number of board members than a disproportionate one to prevent ties. It is essential to have sufficient board members to guarantee quorum, but also to be able to receive good advice without being overwhelmed by the number of voices.