Create Your Own Personal Board Of Directors

Business & Financial

Create Your Own Personal Board Of Directors
by Joeann Fossland



Major corporations rely on their Boards of Directors to provide perspectives and ideas as well as valuable contacts to powerfully enhance the company’s own resources. As the CEO of “Your Real Estate Practice, Inc.”, you can enhance your effectiveness by giving up the lone ranger stance. In his classic book, “Think and Grow Rich”, Napoleon Hill endorses a mastermind group as a way to multiply your brain power. “When a group of individual brains are coordinated and function in harmony, the increased energy created through that alliance becomes available to each individual brain in the group.” Successful people often rely on mentors or mastermind groups to help them in their quest for excellence!  Let’s look at how you can incorporate this concept into your business to help you make GREAT decisions.

Choosing Your Personal Board:

Start with the obvious and make a list of categories AND of people who you respect. Invite a CPA or financial planner, an attorney, an health professional, and any other professional that would have some expertise in a field where you don’t. Perhaps, another sales professional in a different field (insurance, perhaps) or an entrepreneur who is facing some of the same out-there-alone challenges that you face.

Also, invite those who you feel would be a mentor you could learn from. Don’t hesitate to ask someone who you feel is very accomplished; most successful people like to share and help others. Think of these people as your personal “inner circle”. Choose them carefully, not just for business contacts, but people who are aligned with values similar to yours, who will be there good times and bad, who you can grow with over the years. Carefully consider if their style and integrity are a fit for how you do business and live your life.

How To Use Your Board:

Make a list for yourself of what your expectations and needs are from your Board. How do you want them to assist you in your success? Your Board will become a rich resource for you, if you openly and clearly communicate what your desires are. Do you want referrals, ideas for serving your clients better, ideas for marketing in different ways, or expertise in business areas you haven’t mastered? Speak candidly with them and be open to their suggestions and coaching. But remember, ultimately, each decision rests on your shoulders. While you must be open to advice that is outside your frame of reference, you have to live with the decisions you make. Carefully use the input your Board gives you to contemplate what is the very best action for you to take. If you aren’t taking advice given, communicate the reasons why not. Taking a deeper cut may uncover a perspective you weren’t seeing.

Structuring The Meetings:

There is no “right” way to do this. You may want to set up monthly, in person meetings with everyone or you may only want to meet a couple of times a year. You might set up a conference call or an email list. With today’s technology, many options are available which didn’t exist in years past, including having Board members in other cities!

Consider your need for feedback and the number of issues you are currently facing that could use this kind of brain power and support.

When you invite each member, your clarity of expectations, the structure and method of communicating should all be addressed. What’s in it for them?

Perhaps you’ll even want to offer compensation for their time. Can you barter or trade in some way? Will there be mutual referrals?  Or, perhaps, offering a small fee would be the most appropriate way to approach it. Don’t overlook the value of what they are providing and make sure they know you feel their time and input is a precious commodity.

Your personal Board of Directors is a step to your next level. Expand your perspectives in the coming year and expand your relationships. In the 21st Century, relationships are the strongest link to success in any business that involves people. Don’t be a Lone Ranger!


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Copyright© 2002, Joeann Fossland. All right reserved. For information contact Frog Pond at 800.704.FROG(3764) or email susie@frogpond.com.