I’ve been approached to join a board.
It’s a non-profit 501(c)3 I already give money to on a monthly basis.
We share similar values and I strongly believe in its mission.
I’ve also known the founder for 5 years and believe in the company’s regional presence in the San Francisco Bay area.
But before I jump in and say yes I must consider whether it’s the right fit at the right time for me. In fact it may pose a danger to the health of my business.
I must be aware of my motivation for saying yes. Time and money are two of the most precious assets I have and I must gauge whether I should be investing them into building my business. There’s no doubt I can do more good by having my business running on all cylinders.
How could I benefit as a board member?
How does the non-profit benefit from its board?
A great board is like rocket fuel — a bad board will hold you back.
Lots to think through.
Here are more details about boards…
Recruitment of a board member can take 6-12 months.
The responsibilities of a governing board include:
Structure and size:
They may vary depending on the size of the company. A good start up board will have 7-9 members as is common at a for-profit company.
As the company’s size increases so can the size of the board and the number of board committees, which include the audit committee, the compensation committee, etc.
The time commitment of a board member is typically around 3 hours per month
The board is made up of all subject matter experts – medical/clinical, strategy/scale, finance, marketing/communications, general non-profit management, etc.
Meetings will be held once every 2-2 ½ months. In person, meetings are best at cultivating a team. Frequently board retreats will be held once per year for 1-2 days.
Here are links to websites that can help you find non-profit board positions:
Starting with the #1 Key book is the best way to get your feet wet , and get expert strategies to help build a solid financial foundation.