What is the ANCHOR Method? ‘A’ is for Assess
Over my many years of business building, analyzing, and investing, I’ve seen first hand how an effective board of directors can bring a business to new levels. For my book Build Your Board, Build Your Business, I developed the ANCHOR method, which you can use as a resource to develop a board strategy. The power of the board lies in its diversity. A diverse team brings a range of perspectives, experiences, knowledge, and relationship capital.
Why A is for Assess
The first letter in ANCHOR stands for Assess. It’s really important to focus on this particular part of the ANCHOR method first, at the outset of building your board.
You can watch me speak more about this here:
This part in ANCHOR is all about assessing who you are as the leader of your business.
You need to think about your specific skills and superpowers that you bring to the table, as well as your specific personality. You can then begin to think about the different kinds of people, experiences, backgrounds, and perspectives your business might require on its leadership team.
For example, one of the questions I ask in the assessment test I’ve developed in my book Build Your Board, Build Your Business is: “Do you characterize yourself as a ponderer OR a quick decision maker?”
Not only does this tell you about your leadership style, it also tells you what type of people to surround yourself with to achieve balance. A ponderer’s leadership style may cause tension with people who want to make snap decisions. This creative friction can be incredibly helpful if managed properly. Imagine a leadership team comprised solely of ponderers OR a leadership team comprised solely of quick decision makers. Neither is ideal.
As you continue to add complementary members to your board, you’re simultaneously adding strength and depth in your current team.
Strengthening your board with diverse perspectives allows you to make better decisions as a company.
To cycle back to our “ponderer vs. quick decision maker” example, that is just one of many ways you can begin assessing your leadership style in relation to your board. In Build Your Board, Build Your Business you’ll find interesting assessments and resources that you can begin using to build an effective board.
Visit our website to learn more, and purchase your copy of Build Your Board, Build Your Business to start assessing your superpower!