What Do You Offer a Board?

Know your value proposition

Being clear about your strong, unique value proposition is essential. Study the boards you might imagine yourself joining to see if you can identify gaps in their skills and capabilities. By getting a clear idea of what board directorship brings to the table by putting yourself in the shoes of others on the board, you’ll be able to highlight what you can contribute to its success.

 

To start off, your career trajectory as a board member then director may begin in the private sector, the social sector, or at an early entrepreneurial venture. You’ll likely already be aware of what a board’s function is: governing body that is responsible for ensuring the corporation follows its mission, in line with delivery to shareholders of profit. In this way, strategy is the primary focus and the board is there to oversee its development and execution.

 

Can you make the right decisions?

As a board member, you will have to weigh the pros and cons of actions carried out by the company and are responsible for managing risk. Decisions you may face may be: is it the right time to sell the company to the highest bidder? Or, should you fire the CEO?

There are no objectively correct answers to these questions, but you must be working in the best interests of the company. The primary responsibilities of a member of the board include strategy and risk management. Whilst interviewing, you will need to display advanced critical thinking abilities.

 

Focus on which of your skills are most relevant

In a search for potential board members, shareholders and partners seek ironclad integrity, professionalism, superior communication skills and the ability to work collegiately with other board members. You will want to be mindful of these attributes and demonstrate them when discussing your value proposition with board members. Focus on being specific about your value addition.

 

Your skills may range from accounting expertise, marketing, human resources or IT. Based on the market, you should highlight specific qualifications that will make you stand out from the competition. These could include a solid understanding of the digital paradigm, specialising in intellectual property and cyber-security, future business trends and innovation as well as emerging areas such as customer experience and customer loyalty.

 

What is your positioning statement?

Create a value proposition highlighting your knowledge base and then combine this with a few unique perspectives that distinguish you from your competition. Boards want to know what drives you and what you are passionate about. Prepare to address questions such as: Who am I? What is your positioning statement? What do you offer a board?

 

Remember to talk about your values, not just your capabilities and functional expertise gained over the years. Your answers can showcase your suitability for the role as a sophisticated and well-rounded candidate.

 

Requirements vary from board to board, but it’s important to understand that an industry track record is not sufficient to qualify for a directorship. Refine the marketing of your skill-set so the nominations committee members can easily identify how your attributes will contribute to their specific board. For instance, you may highlight knowledge of fundraising, having raised capital for early-stage businesses and understanding essential facets of mergers and acquisitions and getting a business ready for IPO.

Director Institute Next Generation Directors is a private enterprise that is focused on developing and connecting the next generation of board directors with Australian and International organisations and boards. Our members have access to one-on-one advice, mentoring, peer-to-peer education and business networking opportunities as well as exclusive board opportunities available nowhere else in the market.

 

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