An influential board leader can steer a business to greater heights by effectively guiding the company's strategy and direction. This can include setting clear goals and objectives for the company, aligning the management team's efforts, and making important decisions that help the business grow and succeed.
In addition to technical skills like effective communication, the ability to identify and mitigate potential risks and opportunities, and leadership skills, an effective board leader should also possess a strong moral and ethical compass to act in favor of the company and its stakeholders.
Significant Qualities of a Good Board Member
The key qualities that are essential for a board member include:
- Knowledge and expertise: An efficient member should have a strong understanding of the industry and the company, relevant experience, and knowledge that can help guide the company's strategy and decision-making.
- Strategic thinking: A great board member should be able to think strategically and have a long-term perspective to help guide the company's direction and identify potential opportunities and risks.
- Independent thinking: A good board member should be able to think independently, ask critical questions, and provide constructive feedback and oversight to management.
- Strong communication skills: A competent board member should communicate their thoughts and ideas effectively to other board members, management, and stakeholders.
- Commitment and dedication: Good board members should be committed to the company and its mission and be willing to invest the energy and time required to carry out their responsibilities.
- Ethical conduct: A proficient board member should conduct themselves ethically and professionally and act in the company's and its stakeholders' best interests.
- Diversity: An excellent board member should bring a variety of experience, skills, and perspectives providing a well-rounded approach to decision-making and strategy.
- Willingness to be a team player: Great board members should work well with others, recognize the value of collective decision-making, and bring different perspectives to the table to form a comprehensive solution.
- Willingness to learn: A good board member should continuously learn and improve, be open to new ideas, adapt to changes and technologies, and be informed about the industry and company trends.
Having a good combination of these qualities allows the board member to be better equipped to make sound strategic decisions, oversee the organization's management, and be able to represent the interests of the stakeholders.
Should a Business Leader be Influential?
A business leader should be influential in guiding and leading the organization effectively. Influence allows a leader to inspire and motivate others, set a clear direction for the organization, and unite people to achieve common goals.
An influential leader can help to build a solid and committed team, foster a positive corporate culture, and create a sense of shared purpose among employees. For example, Bruce Buchanan, Rokt CEO, was nominated as one of the Business Insider's Top Retail Tech Power Players for 2022. He has achieved this by collaborating with the organization's team members to oversee the company's vision, mission, and values to internal and external stakeholders.
Being influential also allows a business leader to effectively build relationships, manage risks and leverage opportunities, and create a positive reputation for the organization in the market. This power can be vital in today's rapidly changing and highly competitive business environment, where organizations must be agile and responsive to stay ahead of the curve.
However, being influential does not mean a leader should be authoritarian. They should balance it with good listening, empathy, and responsiveness to the team and stakeholders' feedback and concerns. Finally, a leader's influence should be based on respect, trust, and integrity.