Board service can be one of the most meaningful and influential ways to contribute your leadership, but only if you’re on the right board, and clear on how to drive value once you’re there.

On August 14, NationSwell hosted a virtual roundtable designed to explore the full board journey: how to identify and pursue the right opportunities, what various types of organizations truly need from their board members, and how to show up with strategic clarity and purpose.

Some of the key takeaways from the discussion appear below:

Key takeaways

Understand the differences between serving on a corporate and a nonprofit board. For corporate boards, you have a fiduciary responsibility to the shareholders of the company. The expectations for how you will engage are high, as you are being compensated and are expected to hold your service as your first priority. Nonprofit boards require a fiduciary responsibility to the organization, and more specifically, a commitment to raise funds and open doors.

Assess how the board landscape is adapting to pressing issues of the day. Boards are highly responsive to changes in policy and regulation for topics like cybersecurity, sustainability, diversity, etc. Knowing if and how you can leverage your expertise will indicate your fit and add value to your service.

Serve knowing that you are entering a mutual commitment, not just a resume-builder. Serving on a board requires you to contribute time, energy, resources, and a willingness to share your expertise. Understand that you bring distinct value to the role, while also respecting the unique mission and leadership of the organization.

Recognize that board service is both opportunity and risk. While board service offers visibility, influence, and professional growth, it also carries accountability. Public company directors may be targeted in activist campaigns or voted off by shareholders, while nonprofit directors carry fundraising expectations and reputational risks. Enter with eyes wide open.

Balance oversight with trust to enable strategic governance. The most successful boards know how to ask strategic questions and provide accountability without overstepping into day-to-day management. While access to the entire management team is an indicator of a highly functioning board, always remember, “noses in, fingers out.”

Evaluate the best time for you to serve. Factors that contribute to ideal timing include your capacity, your employer’s willingness to support your service, and your ability to weather the storms of a company or organization. Mutual readiness can also be evaluated by undergoing a financial and cultural assessment of the company/organization to determine fit.