Becoming a Board Member: A Roadmap for the Emerging Director Part 4 By: Tracy Houston
Step Three: Create a Board-Level Value Proposition
A board-level value proposition is four to six sentences or bullet points that summarize your highest level experience into a succinct statement for board service. To create your value proposition, think about the following:
•Highest level experience; and
Follow the development of your value proposition with a comprehensive networking plan that includes learning about boards and how directors bring value to their role; list key individuals such as directors, C-suite executives and corporate governance organizations to join for network development. Consider beginning the process by conducting key conversation with directors, C-suite executives, executive search firms, venture capitalist, attorneys and others just to explore what board service might mean for you, what leadership competencies you might bring to the boardroom and what types of boards might find those competencies attractive. These conversations may lead to opportunities but the goal of the meeting is to gain as much information as possible about the world of boards.
From these interviews you should have some concrete direction on the type of boards that would be the best fit for you. This could include industry, company size (micro, small, medium and larger cap) and any adjacent markets. The insights you gained from the interviews can also provide the information you will want to include in a board resume and bio.
You can now begin a list of potential companies to gain a board seat. Review and prioritize the list by looking at the current board of directors and their skills base. If you have a solid understanding of the company's future challenges, you can formulate how you will add value to the board in the gaps existing in the current board.
Key Point: This is a significant career stepping stone – be vigilant.