There’s a lot of well-intentioned advice floating around for executives looking to commence their board careers, but unfortunately, much of it is based on myths. One of the most persistent myths I hear is that the best way to start your board career is by serving on multiple not-for-profit boards, often unpaid, with the belief that this will eventually lead to a commercial, paid board portfolio. Let me tell you: this advice is fundamentally flawed and, in my experience, it trips up a lot of aspiring board directors—particularly women.
The Pitfall of Multiple Not-for-Profit Board Positions
Many female executives are advised to serve on a range of not-for-profit boards as a way to build experience. What often happens is they end up with multiple unpaid board positions, pouring large amounts of personal time into these roles. After two to three years, they come to me ready to transition into commercial board work, only to realise that their experience on these small not-for-profits doesn’t hold much weight in the commercial board space.
When we review the organisations they’ve been serving, we often find they are very modest, with revenue figures as low as $100,000 or less. These organisations often struggle to pay the bills and have limited impact, leaving these directors feeling like they’ve dedicated significant time to boards that don’t contribute meaningfully to their career aspirations.
Not-for-Profit Board Work Can Be Valuable, But Only Under the Right Conditions
Let me be clear—I’m not saying that not-for-profit board work doesn’t have value. It absolutely can, especially if it aligns with your personal values and desire to give back to the community. But you need to be strategic about the boards you choose. If you’re considering not-for-profit work, make sure the organisation is of a certain size, with sufficient revenue and complexity.
Smaller boards, particularly those with revenue under $1 million, can become incredibly challenging to manage, often requiring a significant amount of time spent on fundraising and basic operations. This type of experience may not help you progress to a commercial board in the future.
The Right Mix of Board Experience is Key
My advice to those aspiring to build a commercial board portfolio is to aim for a balanced mix of experiences. Rather than spreading yourself thin across multiple unpaid boards, consider taking one strategic not-for-profit position and combining it with a role on a small commercial board, such as a startup or a private company.
Alternatively, government boards or statutory bodies can offer excellent experience and valuable insights. It’s important to note that not-for-profit boards don’t always have to be in the charity space—industry boards, arts boards, and sports boards can offer rich, meaningful experiences that may help you build a commercial board career down the line.
Quality Over Quantity
When it comes to building your board portfolio, quality is far more important than quantity. It’s better to have one quality strategic board role on your CV than to list multiple small, insignificant boards that won’t help you in achieving your career goals. The earlier you can start to commercialise your board experience and be paid for your contributions, the better positioned you’ll be for future opportunities.
Recognise Your Self-Worth
I recently spoke with a highly successful executive who made it clear that he only accepts paid board roles and expects compensation that reflects his expertise and contribution. Board work is hard work, and your time, skills, and input should be recognised accordingly. The idea that you need to ‘pay your dues’ with unpaid board work is outdated and often counterproductive.
There’s a lot of advice out there, and while it’s often well-meaning, it’s important to calibrate it and recognise your own self-worth. Taking the time to make strategic decisions early on will pave the way for a successful board career, one that is both commercially viable and personally fulfilling.