10 Questions you should ask before serving on a board
I’m focusing in March on boards of directors and the high likelihood that you may choose to serve on one at some point.
Last week, we looked at the 'when’ of board service. Today, today, we are going to look at the ‘where.’ Specifically, how you can determine whether a board may be a good fit for you.
Here are a few questions that I have found to be helpful in your evaluation.
Is the company/organization/cause something you are actually interested in and do you have the time for it?
For a for-profit, the rule of thumb is 100 hours / year time commitment per board
You will be introduced to a community of others who do care about this organization / issue. You should actually be interested in it
How does the board, the term length, committee meetings fit within your overall bandwidth?
Is your spouse ‘on board’ with adding something else to your agenda? If they were not super enthusiastic at the outset, they will be downright hostile if something arises that takes even more of your time.
How is board organized? Committees? Where does work actually get done? For some boards, the real work happens in the executive committee. What actually are you signing up for and are you ok with that?
What gap in the board matrix are you filling? Do you want to fill that gap? Maybe you are a lawyer and then board needs a lawyer, so you will be expected to serve in that way. But maybe you are a lawyer and want to work on fundraising - get clear on where you want to fit and where you are expected to perform.
Who is the CEO? How are they doing? Supporting a high performer is different from triaging the weaknesses of someone struggling.
Who is the board chair and how effective are they? How do they run meetings? Are they supporting an effective board culture or is dissent not something that occurs?
Do you understand where the organization is in its lifecycle? A startup will ask different things from a board vs. a mature organization that needs re-invigoration.
What is the culture of the organization like? How do they make decisions? How much/little bureaucracy? what is their approach to risk taking and management.
What is the financial condition of the organization? I’d recommend seeing 3 years worth of audits, the current year’s budget, and actual to date financial reports at a bare minimum. You need to know what you are stepping into.
What are the big issues the board is wrestling with? Also, Are there any quasi-political issues/stances - are you ok with being affiliated with? In this day and age, everything seems to have political or PR risk.