After a successful executive career, with each successive promotion charting your upward march to the C-suite, the early days of the portfolio stage of your career can leave you feeling like a solo circus performer spinning plates. Progress is intermittent, often coming in fits and starts. The path to success is tangled and poorly marked. You can become distracted by short-term activities and lose sight of long-term objectives. Sure, you’re keeping busy. But to what end?
Many of us have spent so long on the corporate ladder that reaching for that next rung has become instinctual. The portfolio stage of your career is a different beast entirely. The sooner you let go of old metaphors that are no longer productive, the better. That’s why I traded in my old ladder for a flywheel.
Nearly six years ago, I took the scary step of leaving the familiar full-time C-suite path to pursue corporate board service as my next career stage. I branded it my “Phase 3” because it followed a nearly perfect split between my first two careers as a McKinsey partner and a series of C-suite roles driving retail transformations (the latter, my “real jobs” phase). I now understand that the “board journey” to my first corporate board seat was not just about achieving a static goal but also starting a broader flywheel in motion that could help me build momentum and ensure the sustainability of my new career stage for the next 15+ years.
Why a flywheel?
As McKinsey gave us its 7S framework and Boston Consulting Group introduced us to its growth-share matrix, Jim Collins (who started at McKinsey) popularized the metaphor of “the flywheel effect” in business in his influential business bestseller, Good to Great. The central idea is that a company does not become exceptional due to any single action. Instead, it is the aggregate of many minor actions that, over the years, impart momentum to a giant metaphorical flywheel driving its success.
The same holds for an executive pursuing a career in board service. The flywheel effect happens when small wins or positive habits in your personal life build on each other incrementally until they propel you forward with little additional effort. While everyone’s flywheel will necessarily be bespoke, the five stages of cultivating your flywheel effect are similar, regardless of your personal goals or station.
- Stage 1: Setting your flywheel in motion
- Stage 2: Compounding gains by purposefully taking initiative
- Stage 3: Building momentum by broadening leadership skills
- Stage 4: Harvesting opportunities that fuel the “virtuous cycle”
- Stage 5: Achieving exponential personal growth
Stage 1: Setting your flywheel in motion
When launching a new career journey, it’s natural to want to start big right out of the gate. But remember that the inertia that makes a flywheel so effective is also why its acceleration is necessarily gradual. Start by establishing tiny habits that move the process in the right direction. Think singles, not home runs. In time, these will yield small wins that build on each other, leading to acceleration.
- Maximize board experience. Your apprenticeship starts with serving on a fiduciary board—there is no substitute for having a seat at the table. Look for learning opportunities inside and outside the boardroom. If your board culture allows, attend committees you are not part of to gain content exposure and observe how the board works. Get to know your fellow board members—they are accomplished individuals with valuable networks. And find a board “buddy” and advisor with whom you can discuss observations candidly and seek feedback. For additional tips, check out my article, A Seat at the Table: Surviving and Thriving on Your First Corporate Board.
- Join a relevant board association. Many public and private companies have full board memberships in NACD (National Association of Corporate Directors) or will subsidize individual director memberships. PDA (Private Directors Association) or IDC (Independent Directors Council) are other options for private company and mutual fund directors. If available, don’t pass up the opportunity to join groups with a strong local presence and in-person meetings; these are invaluable for peer director networking. Also, watch for other relevant affinity groups (e.g., women, POC) that can broaden your network and extend your geographic reach.
- Pursue fundamental board education. Six months before I landed my first board appointment, I attended Harvard Business School’s (HBS) “Women on Boards: Succeeding as a Corporate Director” program. When I joined my first public board, I jumped at the opportunity to complete coursework and testing to be among the first NACD Directorship Certified™. Many boards promote and fund ongoing director education; some even require first-time directors to attend a governance course. Take full advantage.
- Update (or create) your LinkedIn profile. LinkedIn is the primary tool professionals (search firms, board members, etc.) and networking contacts use to check you out stealthily. Ensure your profile features your board role and any other board-related credentials. Your LinkedIn “About” statement is a tremendous tool for directly sharing your career life stage and board value proposition with recruiters. Treat it as such and invest the effort to make your story shine.
- Network enthusiastically. Make organically building and tending to your network a regular habit. When I was appointed to my first two boards simultaneously, I reached out to share the news and thank everyone I “touched” in my journey. The official press release also triggered requests from others seeking advice on “how I did it.” Helping them land prestigious board spots was a great opportunity to pay it forward—and their successes elevated my network.
Stage 2: Compounding gains by purposefully taking initiative
Congratulations. You’ve overcome the initial inertia of setting your flywheel in motion. The good news is keeping an object moving requires far less energy than starting from a standstill. The same is true of making professional headway on your boards and related professional organizations. This is the stage where personal initiatives and participating in complementary activities will begin to pay off in the form of initial inbound requests and opportunities.
- Show initiative on your boards. While some directors are recruited directly into board leadership roles (e.g., CPA or CFO to Chair Audit), for most who are not, rest assured that an official title is not required to demonstrate leadership. In my first year of public board service, the Board Chair asked me to lead a strategy subcommittee based on my critique of the company strategy. Similarly, I was tapped to co-lead a board search after using my network to refer talented, diverse candidates. Actively look for opportunities that align with your “superpowers.”
- Engage energetically with your local board association. Don’t just be a name on the membership roster: show up regularly for programs, study up on the topic and speakers, and come prepared to ask insightful questions. Arrive early (or stay late) to talk with peer directors and get to know the chapter leadership.
- Participate in panels to build your network and expert reputation. Although you may not feel like an expert, you succeeded in your journey for a reason. Others are interested in how you did it—and the attributes that set you apart. Speaking opportunities are invaluable to enhance your reputation and publicly showcase your executive brand. LinkedIn posts are another great way to inform your network of your activities. My pay-it-forward mindset earned me an episode on the Boardroom Bound podcast. I was even more thrilled when Diligent’s Corporate Director Podcast featured me on strategy in the boardroom.
- Pursue focused board education/certifications. Boards increasingly face new issues that directors’ executive careers have not prepared them to govern (e.g., cybersecurity, climate transition). Such gaps present tremendous white space opportunities for newer directors. Board associations, often in conjunction with universities or other issue-specific organizations, offer in-depth study. I earned my NACD Climate Governance credential through a year-long program that combined interactive and self-study sessions.
- Network habitually. Your professional network has grown significantly–an organic byproduct of your groundwork in Stage 1 and capitalizing on early speaking opportunities. Many people pat themselves on the back and stop here. Set yourself apart by being disciplined in following best practices, like connecting with your co-panelists via LinkedIn while you are still top-of-mind. Add a personal note to show you listened. When others contact you, accept their invitations promptly.
Stage 3: Building momentum by broadening leadership skills
Your career flywheel is now in a spin. You have firmly established your reputation as a director. Your presence in a room or on a committee is no longer just noticed. It’s sought after. Over time, this reputation will open unexpected doors to new opportunities and expanded leadership roles.
- Start to take on formal board leadership roles. Most boards prefer that you have served on a committee for at least a few years before chairing it. As with any succession process, timing often involves an element of luck. While you can’t control fortune, you can build your profile with initiatives and be proactive in making your interest and willingness to serve known. My first committee chair role (N&G) happened as a byproduct of my volunteering for several special assignments and the concurrent retirement of a female director who advocated to elevate me to an official leadership role.
- Assume board association leadership roles. Such roles can provide broader visibility and an apprenticeship in leading peer directors. Early in my NACD Chapter Board tenure, I was asked to step into a succession gap as chapter president, putting me on stage alongside prestigious speakers like Bank of America’s CEO and a nationally renowned geopolitical expert. The chapter’s upward trajectory caught the attention of NACD’s national leadership, who tapped me for subsequent chapter network-related task forces.
- Pursue advanced board education. Just as associations and universities offer fundamental courses for early directors, board associations and universities cater to experienced directors with more advanced programs. These are typically more integrative in scope than issue-specific certifications, like Cyber. Having attended an HBS course for aspiring directors when I started my board journey, I recently returned for the first step in its three-program Corporate Director Certificate, which I’m pacing over three years.
- Elevate your digital executive brand presence. While many of us would like to think that our work speaks for itself, for better or worse, most others will form their first impressions of us based on a haphazard mix of LinkedIn and Google Search—with a dash of rumor mill or word-of-mouth. Leave a clear trail of digital signposts and breadcrumbs to help share your story how you want it shared. I am very purposeful in the posts and articles I write. Be sure to set a Google alert on yourself to monitor what others are seeing.
- Network purposefully. Now that proactively following up with connections has become an automatic habit, it won’t feel so burdensome as your network expands to include what will likely be more seasoned and geographically dispersed directors. As you take on more visible leadership roles, you will receive more LinkedIn connection requests (and local invitations to meet for lunch or coffee). Whereas I once limited myself to accepting invitations from those I met or knew personally, I now scan profiles, seeking mutual connections and affiliations as a basis for accepting invitations from unknown peer directors while avoiding the sales pitches of solicitors.
Stage 4: Harvesting opportunities that fuel the “virtuous cycle”
After working so hard laying the groundwork, compounding small gains, and building momentum in your personal flywheel, it’s time to let the flywheel effect start working for you. Stage 4 is that highly anticipated tipping point where opportunities find their way to your doorstep without you having to seek them out. To outsiders, the virtuous cycle often seems like luck, manifestation, or magic. It’s the product of years of consistent, purposeful, self-reinforcing habits and hard work. Although your flywheel is helping open doors, it’s still up to you to step through them.
- Respond to inbound board search referrals. Seeing increased “deal flow” (new board opportunities) from search firms and your network indicates that you’ve hit an inflection point in your growing board career and budding reputation. Even better, new opportunities may be for larger companies or adjacent businesses to your current board portfolio. When I decided to seek a fourth board, I reprised the Magic Matrix approach that served me well at the start of my board journey to seek something different from my three retail-related boards. Before I started my “campaign,” I received a serendipitous search call about an interesting healthcare-related board. Three referral sources had recommended me, which jumped me to the top of the candidate list. I joined the board last fall. Anticipating free personal capacity later this year, I began responding to several potential board options that rapidly converged on an attractive opportunity. Although it came via a search firm, I met the most senior director at an NACD event last year, providing greater familiarity. Never underestimate the power of the flywheel effect, nor pass up an opportunity to give it a nudge to keep it spinning! Even when I know I am not a candidate for a board (e.g., date conflicts, interest mismatch), I always suggest two or three quality referrals.
- Lead in the boardroom regardless of your seat. As your combined “board years” of experience grow (the number of boards multiplied by the number of years served on each), you better understand the director role and meeting cadence and can ramp up quickly in a new context. Serving on multiple boards gives you a broader experience base, enabling you to speak with greater authority sooner. My newest board asked me to join an ad hoc committee to re-envision its governance structure as the enterprise diversifies. As a known quantity on your existing boards, you can also be relied on to step into a range of formal and informal leadership roles as needed. I stepped in to lead an important negotiation when the board chair recused himself due to a potential conflict.
- Elevate association work. Depending on which organizations you’ve been involved with and the nature of your roles, this could mean expanding from a primarily local role to one with national exposure or taking on an upstream content development role. In my fourth and final year of NACD Carolinas Chapter leadership, I was surprised and delighted to be invited to participate as a member of this year’s Blue Ribbon Commission, a group of 24 tenured directors charting new content territory on technology governance.
- Solidify your personal brand. If your executive brand presence focuses mainly on your capabilities and your accomplishments, your personal brand speaks loudly to who you are and what you value. What drives you? Family, fitness, arts/architecture, and travel are all important facets of my life. For the past four years, I have managed the care of two parents in their nineties and shared on LinkedIn the lessons learned from “parenting my parents.” When I was appointed to the Blue Cross NC Board this spring, the search committee cited my articles as an indicator of my healthcare understanding.
- Network strategically. Now is the time to consider specific individuals you aspire to add to your network. You have the right balance of demonstrated success and credibility to reach out on a peer basis, including access to some previously beyond your reach. The first time I reached out to a big-name co-panelist, I was delighted when they responded personally—and I get an extra boost when they react to my articles or posts. I am still building my confidence in this area. The Blue Ribbon Commission offers ample opportunities to practice.
Stage 5: Achieving exponential personal growth
A flywheel is not a perpetual motion machine. But, in this stage, the balance of power has shifted in your favor, so it takes minimal effort to keep it spinning. You can choose where to devote your time and talents to play a broader industry-shaping role in board governance. While most of us will never receive an NACD Lifetime Achievement or Director of the Year award, that shouldn’t stop us from using that level of achievement as the North Star to guide the trajectory of our later careers. Stage 5 is that final stretch of your board journey, where your focus shifts from building an impressive career to living your ideal career and establishing the legacy that goes with it.
- Create your ideal deal flow. As a result of your growing reputation and network, you will be presented with more board opportunities than you can pursue. You have the luxury of deciding when to add or trade an existing board for a new board that is more prestigious, better leverages your value add, or offers a fresh challenge. Think through your criteria to quickly triage board opportunities presented to you—while being open to the serendipitous ones.
- Leverage your brand. You will also be presented with more board-related “extracurricular” opportunities (e.g., keynote speaker or panelist, special commissions, high-profile community or non-profit leadership roles). Now that your flywheel is humming, why not leverage the momentum that has served you so well to serve others? Decide where you most want to make your mark or give back, knowing that your involvement can substantially elevate a cause or personal passion. A highly respected local director (a recent NACD Lifetime Achievement Award winner) boosted 50/50 Women on Board by hosting its annual event on the same day as his prestigious director conference.
- Share opportunities with other board members. Those whose cups are overflowing have a unique ability to sponsor (not just mentor) high-potential board members. Their referral can boost the awareness and reputation of another director—helping them build momentum even if they are not a match for the immediate referral. I benefitted from McKinsey colleagues who were established directors recommending me to the top search firms’ board practice leaders.
- Network graciously. While sought-after directors could quickly fill their calendars with one-on-one coffees or Zoom meetings with individuals seeking career guidance, handling each request thoughtfully is crucial. Every interaction is a chance to leave a lasting, positive impression. If you need to decline, do so with grace. Consider suggesting helpful resources, such as articles you’ve found enlightening, or introduce them to a director who might be more available to assist.
While the corporate ladder tends to be more linear, life is not. Look at the portfolio phase of your career as a series of experiences compounding over time to build momentum—like the revolutions of a flywheel. Don’t succumb to inertia. Harness it by giving your flywheel a firm push. You might be surprised just how far it can carry you.