Boards of directors are the people responsible for keeping the interests of the shareholders keenly in view of the executive team. While the executives are performers, the directors are the beacons that guide a company. With a little vigilance and the experience to know a good course from a bad one, your board of directors can be a premium crew that keeps the company running like a well oiled machine without getting in the way of day to day operations.

Experience

Your board needs to be composed of people who have a great deal of experience in your business's area of operation. If they don't have this kind of experience, they might have little besides theory to contribute. Granted, it can be very beneficial to have people from different disciplines, but often a variety of experience is worth less than a good deal of focused experience is.

Eye for Detail

Some people say that God is in the details. Deities aside, any good board of directors needs to be keen on every important detail. This means making sure the books are rock solid, the operational strategy is highly detailed and that everything works out effectively together. The board of directors is the top level team for keeping a business running smoothly, and this takes eyes wide open.

Willingness to Help You

A board of directors should be around to help and guide an executive toward making the best possible decisions. Sometimes a little bit of help in the form of some small kernel of wisdom is an incredible boon to an executive who is otherwise overly burdened. You just never know when your board can be extraordinarily helpful to you in ways even they might not be able to imagine. You never know unless you ask. Even a little constructive criticism can be extraordinarily helpful.

Steadfast Determination

Executives are generally willful people who will gladly fight for what they want. Sometimes, however, an executive must be told no. When a board of directors stands steadfastly and demands that executives earn every bit of their compensation, the company will be enriched by the board's resolve. The board must drive the executives to put in exceptional performance to warrant truly exceptional compensation.

To summarize, your board of directors must comprise of experienced members who can read the fine print. They must be steadfast in exacting performance, at the same time be always there to guide you with their wisdom.