The value of board members from outside your industry cannot be understated – here’s why.
ew individuals are experts in everything. Even the cumulative expertise in most businesses could use input from more experts in diverse areas. This is why we have boards — a panel of experts in areas that fill in the gaps in our existing company knowledge base.
But even once we find the right group of experts from our industry to take a seat on our board, we would still stand to benefit from the wisdom of more diverse perspectives and experiences. Their range of successes and failures becomes additional resources to put together more tried and tested strategies in the face of new challenges.
Outside board members can bring a lot to a company, but to find the right ones for the job, we need to know what to look for:
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