As a business owner, you make investments in your company every day, but have you considered investing in an outside board? We’ve debunked five myths about outside boards and show you how this valuable resource can accelerate your growth.
Myth 1: Only large companies use a board of advisors.
No matter your size, boards are a great way to get perspective from individuals inside or outside your industry who can push your business to the next level.
Myth 2: Boards are a waste of time.
When you prepare for a board meeting, you’ll identify the 3-4 most pressing issues you’re facing; we often hear that that clarity alone is invaluable. As you meet with your board, you’ll get objective feedback on those priority issues so you can make more confident decisions.
Myth 3: My industry is too specialized. Outsiders wouldn’t understand.
While certain businesses have specific issues, every business owner faces similar challenges. You’ll likely find that a board member with expertise outside your industry helps you approach problems with a broader perspective and uncover solutions you wouldn’t have considered.
Myth 4: A strong leader doesn’t need help running their business.
A core tenet of strong leadership is knowing you’ll never have all the answers. As your board members ask challenging questions, share their experience, and offer support, they’ll make you a better, more capable leader
Myth 5: Boards are too expensive.
They don’t have to be. Often board members see their participation as a way to give back. Board members are typically compensated for their travel and paid a reasonable amount for their time in the board meetings ($300 to $500 per meeting). You can work with your board members to determine a win-win compensation agreement.
Kickstart your board journey
Learn a framework for creating a high performing board or turn your existing board into a valuable source of constructive feedback, accountability, and wisdom in Leading a High Performing Board.
