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A Personal Board of Directors
Do You Have One?
by Ernest Oriente
Business is rapidly changing, and you are faced with more decisions
than ever before. Today’s fast-paced lifestyles create information overload.
During your lifetime, you will have 10 or 15 "major" decisions and another
25-30 semi-major decisions. Developing a Personal Board of Directors will
help you make GREAT decisions and this article will tell you exactly how
to implement this important idea. Once in place, you will never look back!
Developing your Board:
Let’s start with the obvious. Your Personal Board of Directors might
include: a Doctor as a health/medical resource, a CPA for tax advice, an
attorney for legal guidance, a banker for financial guidance and a priest/rabbi/deacon
for spiritual support. Here are some of the less obvious: a sales and marketing
professional, a public relations expert, a business coach, a child care
specialist, a human resource professional, a webmaster for Internet guidance,
an executive in your company three levels above you, an executive in a
dissimilar industry and/or a business owner in your same industry but not
a competitor, based on geography or your client profile.
Tip from The Coach:
Think of a Personal Board as your "inner circle", as each person on
your Board will share in very important information about your personal
and professional life.
Working with your Board:
Once you have formed your Personal Board of Directors, the next step
is to make a list of the ways your Board can assist and support your success.
Some examples of professional and personal topics to discuss with your
Board: a new career, the start of a new business, advancement in your current
company, the relocation of your family for professional or personal reasons,
how to handle a problem employee or supplier, life and legacy planning,
your children and their development, financial planning, and the health
of your marriage, just to name a few. You see, your Board will be a rich
resource to you in many ways, so long as you speak "truthfully" with them
and are open to their specific advice and feedback.
Tip from The Coach:
While your Board can give you powerful guidance and suggestions, the
final decision must always be yours. When making an important professional/personal
decision, take a blank sheet of paper and list all the pros and cons surrounding
the issue, then ask for and gather the feedback from your Board. Next,
write a brief summary statement to yourself explaining the reasons for
your decision and store this sheet in a special place. Lastly, mark your
calendar for some point in the future to evaluate the results of this important
decision. A review of each important decision you make during your lifetime
will help you evaluate your accuracy and clarity about the future. Remember,
"perfect practice" makes for perfect decisions!
Communicating with your Board:
The next step is to decide how often you will meet with your Board.
For some, monthly is perfect, for others twice a year is great and many
meet on a quarterly basis. The frequency is up to you and your Board members,
but the frequency should depend on the velocity of issues or decisions
you are making. Here are some examples of ways you can meet or communicate
with your Board: in person, by telephone, by teleconference as a group,
by E-mail, by fax, by letter, by video conference or during a nice meal.
With today’s menu of technology, the distance between you and your board
members is no longer an issue. Instead, invite only the "best" to be on
your Board and allow technology to facilitate communications. For a more
formal Board approach, consider C-12 (for Christian business owners), TAB
(The Alternative Board) or TEC (The Executive Committee).
Tip from The Coach:
As you invite each member to participate on your Board, be very clear
about your expectations for each Board member, the frequency you will meet
or be in touch, and your request for "pointed" and honest feedback. After
each person agrees to be on your Board, discuss how they would like to
be compensated for their time. In most cases, a trade or barter is done
for goods or services, in many cases a small gift or favor is enough. If
necessary, offer to pay a small fee to each Board member as the value of
their feedback will be returned many times over.
Ernest F. Oriente, The Coach,
is founder of PowerHour®, a professional business coaching service
delivering customized training, by telephone, in management, marketing
and sales for fast growing sales companies and entrepreneurial businesses
worldwide. Vsit our TeleForum website: http://www.coachingsuccess.com.
To receive a FREE success newsletter, send an E-mail to: subscribe@coachingsuccess.com.
Recent PowerHour® articles have appeared in 1000+ business/trade publications
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