Getting on a Board: The Network Economy
Decisions about you are being made in rooms you’re not in.
That quote from Joanna Bloor has been proven true to me time and time again.
In the Board game, who you know is trumped only by who knows you. Boards are recruiting all the time, and people are being asked “who do you know who fits our candidate brief?” Are you part of someone’s consideration mix when this question is being asked?
This likely feels uncomfortable to most people: shouldn’t boards appoint the best candidate based on merit and expertise? Well, yes. And if you’re not part of the known individuals who have the right stuff that a board’s looking for, it’s going to be hard to end up on a Board. I’m not saying that you’ll never end up on a Board, rather, your board journey is going to be slower and more difficult without a solid network who know you and think about you for the right Board opportunities.
This part of the Board game is what I call the Network Economy. And as much as it can keep some Boards mediocre (by only appointing the same type of people over and over again), it’s a thriving aspect of most parts of business. You still have to be the right person for the job, but it’s going to exponentially help your Board goals to engage with and leverage the network economy.
What is the Network Economy?
The network economy refers to the connections and networks that Board Members and Board recruiters draw from to match up potential candidates with Board opportunities. It’s the direct connections and networks of current Board Members and Board recruiters, and it spans out to the connections of connections (the who do you know’s).
Most times aspiring Board Members are in the network economy intentionally, and sometimes people are in it without even knowing they’re in it (because they have established a strong reputation that a Board has identified as being of value to them).
Either way, it’s important for you to recognise the network economy and for you to leverage it for your benefit.
Why it will help your board career.
Consciously recognising and using the network economy will help you to achieve your board goals.
If you’ve built a genuine and authentic network of the right individuals, they will put your name forward for aligned Board opportunities. You will be the answer when they are asked the question “who do you know who fits our candidate profile?”.
Your network will be able to vouch for you, either formally (as a stated reference) or informally (when a Board is doing their own due diligence).
They will forward you Board opportunities they become aware of that they see will suit your expertise and capabilities.
Your network can connect you with the right people; those individuals who you need to know who may be able to support you to further your board goals.
And it will give you a community of experts who you can engage with when you need help with board and organisation matters (such as recruiting new Board Members) once you’re on a Board.
How can you best leverage the Network Economy?
The best way for you to participate in the network economy is to have a strong personal brand that is built from a great professional and personal reputation. Your profession reputation is being built right now. It’s your work performance and your current and previous board performance. Everything you do in a professional setting is creating and leaving a ‘reputation wake’. Like the wake created on a lake by a boat, your actions, attitude, and performance are creating and leaving an effect on its surrounding environment. What type of wake are you leaving around and behind you?
A network is only as strong as its connections. Make genuine, authentic connections with people. Some of these people will be people who can help you to achieve your board goals. They themselves are in a position of influence or they can provide with introductions to those who are in a position of influence. Always keep in mind that you must have the right stuff and the right motivation for the Board you’re aiming to join. Connections alone won’t get you the job.
Part of maintaining a strong network requires staying in touch and connected regularly. Don’t only reach out to people when you need to ask for something. Use LinkedIn to send a personal note (not just a thumbs-up) when someone achieves a career milestone, or send them a hand-written card at Christmas. These are two simple ideas to meaningfully and genuinely connect with your network.
When it does come time to seek help from your network, tell the right people about your board ambitions in the right way.
What is the right way? This is a handy formula to follow:
Tell them the type of board you’re wanting to join (e.g. the board of a Not-For-Profit organisation in the Adult Education space), why you want to join that type of board (e.g. adult education is a strong interest of mine and I have spent nearly 20-years in the industry), and why you make a great candidate for that board (e.g. I have a proven track record of helping adult education organisations increase profitability without a reduction in workforce and I’d like to do that for a NFP organisation).
This information will help your network help you move towards your board goals, and it’s something that Board recruiters will want to know about you so they can match you to suitable opportunities.
How do you start building a genuine and authentic network?
In the book Never Eat Alone, Keith Ferrazzi asks ‘Are you making the most of the connections you already have?’
Your existing network is a great place to start building genuine and authentic connections with. Start with:
- Previous board colleagues
- Current and previous work colleagues and bosses
- People you’ve met through your professional work
- Family and friends
These people offer you the biggest potential for connection and expanding your network. Start here and expand outwards.