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RBC Thought Leadership Skills and Post Secondary What to Look For in Your Board of Directors
Skills and Post Secondary
Skills and Post Secondary

What to Look For in Your Board of Directors

To successfully scale a business, you'll need guidance and oversight. That's where a board of directors comes in.

Read time 2 minutes
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Here are some key qualities to look for in potential board members:

  • Experience Identify seasoned professionals who can add value, insight, credibility and experience to guide your company.
  • A willingness to push you Look for individuals who are going to challenge your ideas and strategies to help you get to the next level.
  • Specialized knowledge Tap individuals with unique skills to create well-rounded thought leadership around the boardroom table.
  • An understanding of the big picture Your board members aren’t there to get in the weeds. You want them to have a broad vision, and to be in tune with what’s happening out there in the world.
  • A network The best directors know lots of people—contacts that are aware of pending changes to regulations, know talent outside your circle, or have the inside scoop on office space or suppliers.
  • An ability to raise your profileThere’s great value in board members who can open doors to public-speaking opportunities, introduce you to decision-makers, and promote your brand.
When hiring a director, there’s a lot to consider. This individual will be your partner, advocate, co-strategist and a key investor in your success.

Here are some key questions to ask when hiring a director:

  • What else have you invested in? Explore whether there are synergies that can be leveraged between their investments.
  • Can you introduce us to your network? Remember, this individual’s rolodex is one of his or her most valuable contributions to your company.
  • Have you operated a startup before? If you only look at the financials of a startup, they don’t always make sense. The market may not exist yet, the need may not be established, and everything is new. You need someone who has been there before, and has the ability to envision a new market.
When you’re running a business, relationships are key to your success. As you scale up and even look to go public, you’ll need a board that’s behind you every step of the way, and shares your vision for the company you’ve started. Select carefully, take your time, and hire outside help if you need a professional opinion throughout this important process.

This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. The reader is solely liable for any use of the information contained in this document and Royal Bank of Canada (“RBC”) nor any of its affiliates nor any of their respective directors, officers, employees or agents shall be held responsible for any direct or indirect damages arising from the use of this document by the reader. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates. This document may contain forward-looking statements within the meaning of certain securities laws, which are subject to RBC’s caution regarding forward-looking statements. ESG (including climate) metrics, data and other information contained on this website are or may be based on assumptions, estimates and judgements. For cautionary statements relating to the information on this website, refer to the “Caution regarding forward-looking statements” and the “Important notice regarding this document” sections in our latest climate report or sustainability report, available at: https://www.rbc.com/our-impact/sustainability-reporting/index.html. Except as required by law, none of RBC nor any of its affiliates undertake to update any information in this document.

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