For senior executives transitioning into a board career, the idea of landing a high-profile ASX board role right away may seem appealing. However, the reality is that most successful board careers are built incrementally, starting with modest roles and growing in prestige and remuneration over time. If you want to fast-track your board career, understanding the power of incremental appointments is essential.
1. Start with Advisory or Not-for-Profit Roles Many aspiring board directors make the mistake of aiming too high too soon. High-profile public company boards are highly competitive and often seek candidates with extensive governance experience. Instead of waiting for the perfect opportunity, consider starting with:
- Advisory board roles where you can provide strategic advice without the full fiduciary responsibility of a formal board position.
- Not-for-profit boards, which offer valuable governance experience and help build your reputation in the board community.
- Smaller private companies or family businesses, which may be more open to candidates who are new to formal board governance.
These initial roles may not come with significant remuneration, but they provide invaluable experience and help establish your credibility as a board director.
2. Build on Each Success Every board appointment you secure adds to your portfolio, strengthening your resume and positioning you for more prestigious roles in the future. Success in one role often leads to recommendations for others, as board members talk and share insights about capable directors. As you build experience, you will be able to:
- Move from smaller boards to larger, more complex organisations.
- Transition from unpaid or modestly paid roles to well-compensated board positions.
- Build a network of board contacts who can vouch for your skills and recommend you for future roles.
The key is to approach each role, no matter how small, as a valuable opportunity to learn, contribute, and build your governance expertise.
3. Focus on Networking and Relationship Building Networking plays a crucial role in securing board positions, particularly those that are not advertised. Boards often rely on personal recommendations and referrals to fill vacancies, making it essential to build strong relationships with current board directors, CEOs, and search firms. To maximise your networking efforts:
- Attend events specifically targeted at board directors and governance professionals, such as corporate governance seminars or AICD events.
- Seek out mentorship opportunities with experienced board directors who can guide you through the process and provide valuable introductions.
- Join professional associations and participate in their activities to expand your network and increase your visibility in the board community.
Building a strong network of trusted advisors and influencers can significantly accelerate your board career and open doors to unadvertised opportunities.
4. Incremental Growth, Exponential Returns The concept of incremental growth applies not only to the size and scope of the boards you serve on but also to your personal development as a director. Each role you take on allows you to:
- Refine your understanding of governance, risk management, and strategic oversight.
- Develop the soft skills necessary to navigate board dynamics, such as consensus-building and managing diverse viewpoints.
- Strengthen your personal brand as a capable, experienced director who adds value to every boardroom you enter.
By approaching your board career with a mindset of incremental growth, you will build a portfolio that is both diverse and prestigious, positioning you for high-profile roles in the future.
Building a successful board career is not a sprint—it’s a marathon. By starting with advisory or not-for-profit roles, building on each success, and focusing on networking, you can fast-track your career and achieve exponential growth in both experience and opportunities.