Companies have them; why shouldn’t you? I have been using a personal board of directors for years and can’t imagine my life and career without it.
What’s a Board of Directors? First of all, let’s talk about what a board of directors is. A board of directors (BOD) is a group of people who guide a company. They can be asked to join if they have an area of expertise, or can be appointed if they (or their company) have enough shares in the company. Usually boards have an uneven amount of people in them to make voting work better, and there’s recently been a big push to have more women-appointed board members.
Elon Musk famously bought a seat on Twitter’s board (through buying 9% of the company), and then went on to buy a majority share of the company.
The company who produced oxycontin, Purdue Pharma, and is blamed for hundreds of thousands of deaths, had a notoriously ineffective board. It was a family business and most of the board meetings would fall apart within minutes – with finger pointing, family members asking for more money, and sometimes fights. It could be argued that with an effective board they could have been a vastly different company.
How a Personal Board Works. Much like finding mentors at your company, there needs to be a natural fit and they need to be willing to help you. A personal board of directors is usually made up of people outside of your company. You’ll schedule regular calls/meetings with them to help advise on your needs.
I have found that telling someone they’re on your personal board of directors actually helps – it gives them permission to speak more freely and pick up the phone when you call. For them it’s usually flattering and as long as you’re genuinely using their help they will get a sense of fulfillment.
Topics for Your Personal Board. I have found there are some topics a personal board can be good at, namely:
- Career progression
- Troubleshooting difficult work problems
- Salary benchmarking
- Training
Much like a good 1:1, you should always send an agenda (or at least the topic) ahead of meeting with them. If you don’t have a good topic, then just postpone until you have one!
Company board meetings often cover similar topics, such as financial performance and key strategic shifts. There’s usually debate and discussion, with the board looking out for the best interests of the company. So think of these people as filling a similar role with you as your own company.
Let’s Not Make this Weird. Don’t be weird about this. Find people who you naturally click with who are willing to mentor you, and then just formalize it. No need to hold a big meeting with all of them, make t-shirts (“Jason’s Board Member”), or have a 100-page board deck. Think of this more as a formal mentor.
There are so many benefits to building your own personal board of directors. One of the surprising ones for me has been gaining a better perspective about the business world around me so I’m not mired in just what’s happening at my company. You’ll gain helpful advocates for you and you’ll see your career progress with more intention.
