Power to the people: Who are your personal board of directors?

July 25, 2018 | TS Bank

In a time when achieving goals in business competes with an ever-growing list of demands on our time and given the blurring of boundaries between work time, personal time, and family time; we need to identify and focus on our priorities, our decisions, and how we govern our life and business to thrive in this increasingly fast paced world of business and life that YOU exist in. The last months Wellness Wednesday session centered around TS Bank’s CEO, Joshua M. Guttau’s, presentation on Power to the People. Read notes from the event below.

Have you ever thought of your life as a business?
Do you have a formal network of trusted advisors that you receive counsel from when it comes to decisions you make in your business or your financials? Do you have a board of directors, or advisors, or group of trusted individuals to help in governance of your life and business? These may seem like questions that would be asked of someone who is running a corporation or a large business, not necessarily a small business or in personal life. However, each of us benefits from the advice of others throughout our professional lives, as governance and decision making are very important aspects of a business, no matter the size. 

Why you need a personal board of directors
Our culture emphasizes friends, family and co-workers as essential parts of our personal and professional support system. Friends can offer distraction or encouragement; family members provide love and co-workers may provide a sense of camaraderie and professional advice. However, there are times when we need a fourth type of support, a personal board of directors. The people on your board of directors should know more than you about some specific thing, be better than you are at something or offer different points of view.

How to establish a personal board of directors
Your personal board of directors does not refer to a few intellectual individuals advising you on important matters. It refers to the group of people who inspire you, motivate you and challenge you to think creatively, it is the people with whom you surround yourself, whose advice you seek on important personal and professional matters, and who always keep you focused. The creation of a personal board of advisors who assist you in thinking through personal challenges is a foundation that will keep us all grounded.

 While it’s useful to build an extensive database of contacts, developing a small inner-circle, your personal board of directors of individuals who fulfill a specific role, is even more beneficial. The people you choose should have unique ways to contribute to your life. Your personal board of directors includes people who are invested in the advancement of your career. 

Attributes to think about when assembling your board
Create a diverse board. Consider age, gender, race, nationality, geography, industry, expertise and skills when selecting your board. It’s a good idea to have an odd number of board members because there's a high probability of a tie occurring if you have an even number of people helping you make a decision.

Select someone you work with currently, who inspires you, who has professional insight, someone you can trust, who will be honest with you, someone you aspire to be, who has a unique perspective than yours, an entrepreneur, an artist, a mentor from a previous stage of life or a person who is not senior to you. You want to draw upon the wisdom of people with diverse perspectives who think differently than you do.

Invest in your board
Schedule meetings with each of your board members regularly. Invest in yourself by buying lunch and make sure you show up prepared. Your board can meet quarterly, monthly or weekly with your agenda for the meeting. Consider meeting with each person individually or as a group. This board of directors is for you and isn’t permanent. Members will come and go with time. The key is to identify the folks you trust when it comes to your money and your life, and to seek their advice when you have important decisions to make.

At TS Bank, we IGNITE PROSPERITY® by helping our clients do more with their money. Whether it’s saving a little extra cash each month or accomplishing a long-term strategy, our goal is to help you transform your financial life. Call and schedule an appointment today, one of our team members would love to help you do more with your money at TS Bank. TS Bank has eight locations in central and southwest Iowa. For more information visit tsbank.com or call 844-487-3030. #igniteprosperity