Written by Elrida Oberholzer
Inspired and edited by Michael Judin*
A recent article in the Chief Executive written by president and CEO of Rutland, Alberto Aguilar, provided insight into how he uses a Personal Board of Directors (PBD) to advance his already established career.
The concept of a Personal Board of Directors is not new. A Personal Board of Directors is defined as a group of people which serve as a council of experts and advisers in either a personal, professional or even financial capacity in your life, but as Alberto Aguilar cautions, the members of your PBD should be diverse and continually challenge your comfort zone.
A PBD reflects or mirrors situations, decisions and outcomes back to you from their perspectives informed by their own sets of expertise, qualifications and experiences. The advice given by your PBD should allow for deeper insight and reasoning.
In contrast to a conventional Board of Directors who operate within a strict regulatory framework and are often financially incentivized, a PBD has the freedom to make suggestions or pose challenges that are not made under the fear of either regulatory repercussion or personal financial loss.
A PBD should be considered by both younger individuals who have just entered the job market and experienced C-suite individuals. For the less experienced professionals, having a “council of mentors” will bear an impact on your career, whereas, for the already established professionals, a PBD could ensure they stay relevant whilst pushing them to be better leaders.
So, what should this Board look like? The answer is not linear and is dependent on each person’s purpose of their PBD. If you would like to improve your relationships with others, your requirements might be little different. If your purpose is to aid your career, your PBD members will be chosen based on the impact their advice and support could have in a professional capacity.
No matter what your purpose, the following types of advisers should be considered as a general rule of thumb for inclusion as members on your Personal Board of Directors:
- An expert: Experts have years of experience and the right qualifications in a particular field, industry, or skillset.
- A critic: To avoid groupthink or herd mentality, it is crucial to surround yourself with an adviser who will bring opposing views to the table and who isn’t afraid to challenge the status quo constructively.
- A cheerleader: As much as we all need brutal honesty, cheerleaders are the supporters who help you make brave and often challenging decisions.
- A big- and/or detail-picture person: If you often look at the big picture, you need a detail-orientated adviser. Don’t sweat the small stuff, but also, don’t miss the small stuff. If you are more likely to obsess about the detail, get someone who will help you gain some perspective and see the bigger picture.
- A networker: Our view is that this is probably one of the most important advisers to add to your PBD. A networker will most likely be able to put you in contact with the right people at the right time. These advisers are crucial in your professional career and personal life, and if you’re lucky, they’ll probably teach you some networking and personal communication skills.
Asking advisers to join your Board can be daunting, and this does not necessarily have to be a formal process. Make sure to explain why you have chosen them and what your expectations are. Will you need to ask them for their input monthly or only quarterly? Discuss how the relationship could be mutually beneficial and manage expectations on financial incentives. Once you have selected your Board, be gracious, don’t overburden them and allow them the space to step down if the nature of the relationship changes.
The long and short of it all? Consider appointing a Personal Board of Directors.
*Michael Judin is a Partner at Judin Combrinck Inc. Attorneys. For more information visit their website, www.elawnet.co.za or Michael’s LinkedIn profile.
Stretto Strategies 