There are only 4 things a board really needs to consider
The world has The majority of 2020 is spent with ever-changing guidelines and restrictions (there is no end in sight even as vaccines begin to roll out). Board meetings are increasingly increasing in their importance as an organization to promote frequent and important interactions. It is essential for companies to capitalize on the required time together during these uncertain times.
Although we may look like Brady Bunch when sharing a zoom window, are you really communicating more like a family than “succession”?
Do you have meetings? Do people talk to each other? Do you usually move with time? Are you giving people time to digest information?
When we move into 2021 and Q1 meetings are put on the calendar, take some time to figure out how to conduct your board meetings.
Board meetings are increasingly increasing in their importance as an organization to promote frequent and important interactions.
Having served on public company boards, development-platform businesses, and Series A startups, an overview that I have made across boards, later stages are more about financial analysis and governance. Where the first-stage board discussed product strategy, key involvement more, shared best practices to help develop founders in the form of executives and key hiring decisions.
Since the nature of discussions is more, so we call it… creative in first-stage businesses, where the focus is that they were particularly impressed by the low bandwidth for collaboration while away Huh.
As the best said Mike Maple and Jeff Bonfort contrasted – There are only four things the board really needs to consider:
- Has the market changed since we last met? If so, has it affected us negatively or positively?
- Has the team changed? for better or for worse?
- Has our position in the market changed?
- Can we do what we said we would do?
Collecting data around those points is work. In the meeting, the team can add color.
Remember that the board works for you, so be sure to hire them. It is best to share the content with the participants three days ahead of time. Any later and may not get enough time to digest them, send first and the information may be out of your time. This is most common for formatting as a deck, but lately I’ve been looking at more written formats and even magazine-style.
The number one request I get from early-stage companies is “helping me find more customers.”
Other common requests are “help me find or land this type of talent, help me with the industry benchmark for this type of business deal or compensation structure, connect me to people who have experience with X so that I can learn the ways that we can structure our process. ”It is useful to say that you forward these materials because sometimes board members are not able to respond quickly and are now spontaneously in” homework “discussions Comes.
Another purpose of these meetings is to build working relationships so that when strategic decision making is required, board members are used to working together. Sometimes it is a platform to provide officers with an opportunity to get in touch with board members and for board members to provide evaluation and input of officers. For this reason execs are often invited to participate in certain discussions.
Like the product person who presents the roadmap or market analysis, the head of sales should color the pipeline and competitive deals, the marketing person can discuss the ABM or channel marketing strategy, the engineering lead can seek feedback on their metrics vs. Other companies, etc. Generally, CEOs also discuss to bring forward an interesting topic, such as channel strategy, market mapping / sizing, hiring planning and related issues.
As far as logistics are concerned, we reserve two hours in calendars but we try to hit 90 minutes. I suggest something like this for a 90-minute session: