As executives climb the corporate ladder, they often reach a pivotal point where the next logical step isn’t immediately clear. Many find themselves wondering how to leverage their extensive experience and continue to drive impact at a higher level. Securing a board seat is often seen as the natural progression for seasoned leaders, offering a new avenue to influence and guide organizations while applying their strategic expertise.
However, breaking into the boardroom is no small feat. It requires a nuanced understanding of the selection process, the ability to network effectively, and the skills to position oneself as an invaluable asset to any board. On July 18, 2024, we were thrilled to host a highly engaging and informative webinar, “Breaking into The Boardroom.” Camille Fetter, our founder and CEO, welcomed participants to this session, part of our Powerful Conversation series. The event featured the dynamic Gayle Myers, an accomplished entrepreneur, investor, and strategic advisor, who generously shared her insights on securing a board seat and transitioning into board work.
Read on for a recap of the event’s highlights, key takeaways, and biggest questions as we help to demystify the board journey and provide actionable steps for executives aspiring to take this significant career leap.
Watch “How to Secure Your First Board Seat”
Key Takeaways on Securing Your First Board Seat
1. Understanding the Board Selection Process
Gayle’s journey to board work was anything but traditional, and that’s what made her insights so valuable. She emphasized the importance of self-awareness and leveraging one’s core strengths. “When I think about the value of what I bring to board work, it starts from the core of who I am,” she shared. Gayle’s background in sales and revenue growth laid a strong foundation for her board roles.
Actionable Advice:
- Self-Reflection: Take time to understand your core strengths and attributes. What unique value do you bring to a board?
- Build on Your Experience: Leverage your career background to position yourself for board roles. Highlight specific experiences that showcase your strategic thinking and problem-solving skills.
2. The Value of Networking and Mentorship
Networking emerged as a crucial element in Gayle’s success. She stressed, “A lot of the work that I’ve gotten is because I really care about helping people grow, providing opportunities, and making connections.” Gayle encouraged everyone to make time for networking, even amidst busy schedules, and to be proactive in offering support and advice.
Actionable Advice:
- Set Networking Goals: Aim to attend a certain number of industry events, dinners, or networking sessions each month.
- Be a Giver: Offer help and advice to others without expecting anything in return. Building strong, genuine relationships can open unexpected doors.
- Use Downtime Wisely: Allocate specific times in your schedule for networking activities, even if it’s just a few hours a week.
3. Packaging Yourself for Board Roles
Camille and Gayle had a riveting discussion on the importance of effectively packaging oneself. Gayle advised, “You have to be able to be super tight with your messaging, communicate clearly, and understand the market trends.” Camille added, “Quantifiable, measurable results are crucial in showcasing one’s impact and capabilities.”
Actionable Advice:
- Create a Board Resume: Develop a resume specifically tailored for board opportunities, highlighting your strategic contributions and leadership roles.
- Quantify Your Success: Use specific metrics to demonstrate your impact in previous roles. For example, “Increased revenue by 20% over two years” or “Implemented a new strategy that reduced costs by 15%.”
- Know the Market: Stay informed about trends in your industry. This knowledge will help you position yourself as a valuable asset to potential boards.
4. Starting with Advisory Roles
For those new to board work, Gayle recommended starting with advisory roles. “Advisory work is a great way to build your board credentials,” she said. Camille reinforced this, noting that advisory roles provide valuable experience and networking opportunities.
Actionable Advice:
- Seek Advisory Positions: Look for opportunities to serve as a strategic advisor to startups or smaller companies. This can provide a stepping stone to more formal board roles.
- Leverage Existing Networks: Use your professional network to find advisory roles. Reach out to entrepreneurs and executives who might need your expertise.
- Document Your Contributions: Keep a record of your advisory work and the impact you’ve made. This can be invaluable when applying for board positions later.
5. Investment in Board Work
Gayle shared her approach to investing in companies she advises or serves on the board. She stressed the importance of investing only in areas where one has expertise and can provide value. “I only invest in my category that I know intimately and understand,” she explained.
Actionable Advice:
- Focus on Familiar Territories: Invest your time and resources in industries and sectors you understand well. This increases your chances of making meaningful contributions and seeing a return on investment.
- Evaluate Teams Carefully: When considering investment opportunities, assess the strength and commitment of the management team. A strong team is crucial for a company’s success.
- Be Prepared for Risk: Only invest what you can afford to lose. This mindset helps manage expectations and reduces financial stress.
Board Seat Questions and Answers
Our audience came prepared with fantastic questions, and Gayle’s responses were as insightful as they were candid.
Q: How do you stay current in the industry you’re consulting in as a full-time board member?
Gayle: “I stay current by blending management consulting with my board work. I take on new board seats once a year and continue to educate myself through industry events, networking, and staying connected with market trends.”
Q: Is serving on a nonprofit board a good start for pursuing compensated board positions?
Gayle: “Yes, nonprofit board work is impactful and purpose-driven. It provides access to networks, industry communities, and valuable experience, which can be beneficial when transitioning to compensated board roles.”
Q: What are some potential red flags in board agreements?
Gayle: “Hire a lawyer to review board agreements, ensuring there is adequate protection, insurance, and clarity on liabilities. It’s essential to understand the terms and ensure they align with your interests and capabilities.”
Q: Should executives pay organizations to identify board opportunities?
Gayle: “I know Boardsy, and they brought me one or two good opportunities. While I haven’t paid for such services myself, these platforms might bring unique opportunities for those looking to break into board work.”
Q: What is the best way to find board position opportunities and secure those board interviews?
Gayle: “Recruiters are a great resource. The investor community is another avenue, as they often look for board members. Lastly, networking with entrepreneurs and industry leaders is crucial.”
Next Steps
For those of you who are expanding your team, connect with us for a complimentary talent strategy mapping session. This no-obligation session will help you ensure you have the right people in the right seats to drive growth, innovation, and profitability. If you’re interested in this offer, email us at [email protected].
Stay connected with Gayle Myers on LinkedIn for more insights and updates on her journey in board work and strategic advisory roles.
Thank you to everyone who joined us, and we look forward to seeing you at our next Powerful Conversation event!
