Board members have a unique chance to observe the internal workings and procedures of other companies. Whether it’s learning how another company plans to manage their international expansion, or how they implement internal processes that create an extraordinary company culture watching companies from inside is a great opportunity. These lessons can help you grow your business.
Whatever the industry, boards must meet specific legal and fiduciary obligations. In general, this means overseeing the organization’s financial matters and ensuring that it is in compliance with the legal requirements.
Boards also need to ensure that their organizations treat people in a fair manner and allocate the funds they raise according to their missions. This can be done by asking (in respectable manner) executive and organizational leaders inquiring questions to ensure that they are acting in the company’s best interest.
Boards also need to advocate for policies in the public sphere that support their missions. Depending on the nature of the organization, this can include participating in the legislative process or writing letters to an editor, speaking and attending at public meetings or doing other tasks that help further the mission of the organization.
Being a member of a board will help you develop an array of professional abilities, which are beneficial to your professional career. Denton Tarver says that being part of the board can also provide an underlying sense of satisfaction to those who seek the “cachet” of being a part of a board.